矿资产评估在矿业资本市场中的应用问题研究

发布时间：2018-02-15 03:20

本文关键词： 矿资产评估矿资产评估准则股权资本市场矿业资本市场　出处：《中国地质大学(北京)》2016年博士论文　论文类型：学位论文

【摘要】：矿业是典型的资本密集型行业,需要大力依靠矿业资本市场为其发展提供资本保障。矿业资本市场是指给矿业公司提供资本的市场,主要包括股权资本和债权资本。矿资产评估是对矿产资源货币价值量的确定,也是矿企业在矿业资本市场融资和交易时不可或缺的重要组成部分。本次研究通过对矿业股权资本市场和矿资产评估现状和发展方向的剖析,探索矿资产评估在股权资本市场中的重要作用,分析矿资产评估在矿业股权资本市场中应用的相关问题,并参考国外矿资产评估及其在股权资本市场的发展道路,为国内矿资产评估在股权资本市场中的应用提出着实有效的借鉴作用和完善建议。本次研究取得如下主要研究成果和认识:1、深入剖析了我国矿资产评估和矿业股权资本市场所存在的问题。包括:矿资产评估理论与方法问题;矿资产评估准则规范问题;矿资产评估在矿业资本市场应用问题;矿资产评估监管和风险控制问题。这些问题不仅限制了国内矿业资本市场的发展,也使得矿资产评估的发展失去了市场支撑。2、总结归纳了矿资产评估在矿业资本市场中的重要作用。包括:协助矿业企业管理层决策;保护股东权益;维护股权市场的稳定和完整性;促进完成矿资产相关的交易;完善矿业企业的公司管制;促进矿业企业融资;执行法律法规等。3、研究认为目前制定国际统一的矿资产评估准则的条件尚不成熟,也不具备可操作性。各国应当互相借鉴,博采众长,结合本国矿业资本市场现状,制定适合国情的矿资产评估准则,并建立以矿资产评估工作为核心的沟通机制与合作平台。积极探索矿资产评估准则和普通资产评估准则之间的有机接轨,促使矿资产评估更好地融入现代资本市场运营,为矿资产评估的应用提供更大的发展空间。4、借鉴国外矿业资本市场中矿资产评估应用的经验,研究提出了健全和完善我国矿资产评估的对策与建议。包括:出台措施开放矿业资本市场,促进与国际矿业资本市场的接轨;改善国内矿业资本市场的投资环境,形成多元化的投资结构,发展多层次的交易体系;强化矿业资本市场服务体系建设;加强投资者对矿资产评估理论知识的普及教育,充分发挥投资者和市场参与者的作用等。5、针对现有矿资产评估方法,研究提出了具体的改进方案。包括:改进评估方法的选取原则,适当放宽评估途径区分,在遵循矿资产评估原则的基础上,加强混合评估法的理论研究和方法实践;调整对可比交易法和现金流贴现法的适用范围,确保其科学合理性;明确区分“技术价值”和“市场价值”两个概念之间的异同,用折溢价法在二者之间进行调整和转换。
[Abstract]:Mining industry is a typical capital-intensive industry, which needs to rely heavily on mining capital market to provide capital guarantee for its development. Mining capital market refers to the market that provides capital to mining companies. Mainly including equity capital and creditor's rights capital. The evaluation of mineral assets is the determination of the monetary value of mineral resources. It is also an indispensable part of mining enterprises in the financing and trading of mining capital market. This study analyzes the present situation and development direction of mining equity capital market and mining assets evaluation. This paper explores the important role of mineral assets assessment in equity capital market, analyzes the related problems in the application of mineral assets assessment in mining equity capital market, and refers to the development of foreign mineral assets assessment and its development in equity capital market. For the application of domestic mineral assets evaluation in the equity capital market, the paper puts forward some practical and effective reference functions and suggestions for perfection. This study has obtained the following main research results and understanding: 1, and has deeply analyzed the mineral assets evaluation and mining stocks in our country. The problems existing in the right capital market, including: the theory and method of mining assets evaluation; These problems not only restrict the development of domestic mining capital market, but also limit the development of domestic mining capital market. It also makes the development of mineral assets evaluation lose market support. It summarizes and summarizes the important role of mineral assets assessment in mining capital market, including: assisting the management decision-making of mining enterprises; protecting the rights and interests of shareholders; To maintain the stability and integrity of the equity market; to promote the completion of mining asset-related transactions; to improve the corporate regulation of mining enterprises; to promote the financing of mining enterprises; Implementing laws and regulations, etc., the study concluded that the conditions for formulating international unified mining assets evaluation standards are not yet mature and operable. All countries should learn from each other, learn from all kinds of people, and combine the current situation of their mining capital markets. To establish appropriate guidelines for mineral assets assessment, and to establish a communication mechanism and cooperation platform with mineral assets assessment as the core, and actively explore the organic link between mining assets assessment criteria and ordinary assets evaluation criteria, In order to improve the integration of mineral assets assessment into the operation of modern capital market, and to provide more development space for the application of mineral assets assessment, the paper draws lessons from the experience of mining assets assessment application in foreign mining capital markets. The paper puts forward the countermeasures and suggestions for perfecting and perfecting the evaluation of mining assets in China, including: making measures to open the mining capital market, promoting the integration with the international mining capital market, improving the investment environment of the domestic mining capital market, and improving the investment environment of the domestic mining capital market. To form a diversified investment structure, to develop a multi-level trading system, to strengthen the construction of a service system for mining capital markets, to strengthen the popularization and education of investors' theoretical knowledge of mineral assets assessment, Give full play to the role of investors and market participants, etc., in view of the existing mining assets evaluation methods, the paper puts forward specific improvement schemes, including: the selection principle of improved evaluation methods, the appropriate relaxation of the evaluation approach distinction, On the basis of following the principle of mineral assets evaluation, we should strengthen the theoretical research and practice of mixed evaluation method, adjust the applicable scope of comparable transaction law and cash flow discount method, and ensure its scientific rationality. The differences and similarities between the concepts of "technical value" and "market value" are clearly distinguished, and the two concepts are adjusted and transformed by the method of discount premium.
【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】：2016
【分类号】：F832.51;F426.1

【参考文献】