本文關(guān)鍵詞： 私募股權(quán) 投資策略 礦產(chǎn)資源勘查 資本市場 礦業(yè)投資　出處：《中國地質(zhì)大學(xué)(北京)》2012年博士論文　論文類型：學(xué)位論文

【摘要】：本課題研究從私募股權(quán)機構(gòu)投資礦產(chǎn)資源勘探與開發(fā)的角度出發(fā)，在私募股權(quán)和礦業(yè)資本市場相關(guān)理論和實踐的基礎(chǔ)上分析私募股權(quán)機構(gòu)投資礦產(chǎn)勘查行業(yè)的策略問題。研究包含兩個方面的內(nèi)容，在宏觀層面，中國的投資礦產(chǎn)勘查的私募股權(quán)機構(gòu)在發(fā)展中遇到的問題和解決方法；在微觀層面，，私募股權(quán)機構(gòu)在自身投資礦產(chǎn)勘查行業(yè)的活動中需要考慮哪些因素、制定什么樣的投資策略、采取那些對策。本文主要的研究方法為案例研究方法，作者對兩家國外資本市場上的初級勘查公司進(jìn)行了分析和研究，并編寫了原創(chuàng)性的案例。 案例的主要的啟示包括：與高科技行業(yè)一樣，地質(zhì)學(xué)專家和相關(guān)專業(yè)的優(yōu)秀人才依托于資本市場，也可以將自己的知識轉(zhuǎn)變?yōu)樨敻�。地勘行業(yè)的專業(yè)技術(shù)人員和團(tuán)隊能夠?qū)⒅R轉(zhuǎn)化為財富的過程中，需要具備四個因素：勘查項目、管理團(tuán)隊、機構(gòu)投資者和初級勘查公司證券市場�？辈楣拘枰獙W(xué)會風(fēng)險管理，建立投資組合的觀點。礦產(chǎn)勘查與金融的結(jié)合具體體現(xiàn)在“管理團(tuán)隊+礦產(chǎn)項目+勘探與開發(fā)的商業(yè)計劃”的結(jié)合。從微觀操作角度回答了礦產(chǎn)資源的勘探與開發(fā)如何與資本市場相結(jié)合的問題。 在案例分析的基礎(chǔ)上，本文進(jìn)一步提出了我國的私募股權(quán)機構(gòu)在投資礦產(chǎn)勘查與開發(fā)的過程中策略方面需要轉(zhuǎn)變觀念和注意的地方：私募股權(quán)在投資礦產(chǎn)勘查過程中，投資的是“勘查公司（礦+管理團(tuán)隊）”，不是“礦”，要轉(zhuǎn)變觀點重視“知識”和“人力資本”；私募股權(quán)投資機構(gòu)需要了解“礦業(yè)和金融是如何結(jié)合的”，才能制定出合理的策略；私募股權(quán)在投資礦產(chǎn)勘查行業(yè)過程中，要熟悉和學(xué)會使用國外成熟的各種金融工具和證券市場；私募股權(quán)投資機構(gòu)要從以資源為導(dǎo)向轉(zhuǎn)變?yōu)橐再Y本市場為導(dǎo)向。 最后，本文提出了從宏觀管理角度發(fā)展我國私募股權(quán)投資礦產(chǎn)資源勘探和開發(fā)行業(yè)的五點對策和建議：設(shè)立交叉學(xué)科培養(yǎng)跨學(xué)科人才；盡快建立市場化的地質(zhì)師制度；進(jìn)一步完善我國的礦業(yè)資本市場；設(shè)立政府引導(dǎo)基金支持私募股權(quán)投資礦業(yè)；鼓勵國有礦業(yè)企業(yè)與私募股權(quán)投資機構(gòu)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.

【學(xué)位授予單位】：中國地質(zhì)大學(xué)(北京)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F426.1;F832.51

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