私募股权基金投资矿产资源勘查行业的策略研究

发布时间：2018-02-08 10:14

本文关键词： 私募股权投资策略矿产资源勘查资本市场矿业投资　出处：《中国地质大学(北京)》2012年博士论文　论文类型：学位论文

【摘要】：本课题研究从私募股权机构投资矿产资源勘探与开发的角度出发，在私募股权和矿业资本市场相关理论和实践的基础上分析私募股权机构投资矿产勘查行业的策略问题。研究包含两个方面的内容，在宏观层面，中国的投资矿产勘查的私募股权机构在发展中遇到的问题和解决方法；在微观层面，，私募股权机构在自身投资矿产勘查行业的活动中需要考虑哪些因素、制定什么样的投资策略、采取那些对策。本文主要的研究方法为案例研究方法，作者对两家国外资本市场上的初级勘查公司进行了分析和研究，并编写了原创性的案例。案例的主要的启示包括：与高科技行业一样，地质学专家和相关专业的优秀人才依托于资本市场，也可以将自己的知识转变为财富。地勘行业的专业技术人员和团队能够将知识转化为财富的过程中，需要具备四个因素：勘查项目、管理团队、机构投资者和初级勘查公司证券市场。勘查公司需要学会风险管理，建立投资组合的观点。矿产勘查与金融的结合具体体现在“管理团队+矿产项目+勘探与开发的商业计划”的结合。从微观操作角度回答了矿产资源的勘探与开发如何与资本市场相结合的问题。在案例分析的基础上，本文进一步提出了我国的私募股权机构在投资矿产勘查与开发的过程中策略方面需要转变观念和注意的地方：私募股权在投资矿产勘查过程中，投资的是“勘查公司（矿+管理团队）”，不是“矿”，要转变观点重视“知识”和“人力资本”；私募股权投资机构需要了解“矿业和金融是如何结合的”，才能制定出合理的策略；私募股权在投资矿产勘查行业过程中，要熟悉和学会使用国外成熟的各种金融工具和证券市场；私募股权投资机构要从以资源为导向转变为以资本市场为导向。最后，本文提出了从宏观管理角度发展我国私募股权投资矿产资源勘探和开发行业的五点对策和建议：设立交叉学科培养跨学科人才；尽快建立市场化的地质师制度；进一步完善我国的矿业资本市场；设立政府引导基金支持私募股权投资矿业；鼓励国有矿业企业与私募股权投资机构合作。
[Abstract]:The research of exploration and development of mineral resources from private equity investment institutions in the perspective of private equity investment institutions, analysis of mineral exploration strategy based on private equity industry and the related theory and practice of mining capital market. The research includes two aspects, at the macro level, private equity investment institutions China mineral exploration in the development of the problems encountered and solutions; at the micro level, private equity investment institutions need to consider what factors of mineral exploration activities in their own industry, to develop what kind of investment strategy, take the countermeasures. The main research methods of this paper is the method of case study, the author of two foreign capital markets. The primary exploration company the analysis and research, and the preparation of the original case.
The main conclusions are as follows: the case and the high-tech industry, talent specialists in geology and related professional relying on the capital market, also can change their knowledge into wealth. The geological prospecting industry professional and technical personnel team will be able to process knowledge into wealth, should have four factors: exploration project management the primary exploration team, institutional investors and securities market. Prospecting companies need to learn the risk management, establish a portfolio view. Mineral exploration and financial combination embodied in the "combined with the exploration and development of mineral resources management team + Project + business plan". From the perspective of micro exploration and development of mineral resources to combined with the capital markets.
Based on case analysis, this paper further puts forward strategies of private equity institutions in China in the exploration and development of mineral investment in the need to change the concept and pay attention to the local private equity investment in mineral exploration in the process of investment "(ore prospecting company + management team)", not "mine". To change the view of the emphasis on "knowledge" and "human capital"; private equity investment institutions need to understand the "mining and finance is how to combine", to develop a reasonable strategy; private equity investment in the mineral exploration industry in the process, be familiar with and learn to use the foreign mature financial instruments and securities market; private equity investment institutions should from the resource oriented to capital market oriented.
Finally, this paper puts forward five countermeasures and suggestions from the angle of the macro management, development of the industry of private equity investment in exploration and development of mineral resources in China: the establishment of cross disciplinary training interdisciplinary talents; establishing the market of geological division system as soon as possible; to further improve China's mining capital market; to guide the establishment of the government fund to support private equity investment in mining; cooperation to encourage state-owned mining enterprises and private equity investment institutions.

【学位授予单位】：中国地质大学(北京)
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F426.1;F832.51

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