矿产资源储量论文：矿产资源储量资产证 券化融资研究.docVIP

矿产资源储量论文：矿产资源储量资产证券化融资研究 【中文摘要】贵州虽然是矿产资源大省，矿产资源优势显著，但同时也存在着资源优势难以向资金优势、经济优势转化的问题。为了有效解决这一问题，本文从矿产资源储量的资产属性出发，运用资产证券化原理进行矿产资源储量资产证券化设计，拓宽矿山生产企业的有效融资渠道，推动矿业经济有序发展，从而助力黔中经济区建设和“工业强省”战略。本文的主体研究结构如下：首先，详细研究了矿产资源储量的资产属性，并从融资者、投资者及信息不对称等角度对矿产资源储量资产实施证券化的动力进行了分析；其次，依据资产证券化原理，从现金流、资产同质性、资产抵押变现等方面论证了矿产资源储量资产适合证券化；再次，创新设计了矿产资源储量资产证券化SPV模式，提出了四种可供矿产资源储量资产证券化运用的SPV模式，其中分析得出国内SPT模式应是现阶段的最佳选择；最后，根据矿产资源储量的勘探程度把矿产资源储量划分为四类，并通过对矿产资源储量资产证券化的风险隔离机制和信用增级机制进行分析，选用从属参与模式实现风险隔离。依据矿产资源储量可信度的高低发行最优、次优和垃圾债券。通过特殊载体对矿产资源储量可信度高的债券全部向投资者发行，对可信度低的采用余额包销方式向投资者发行。随后，通过对矿产资源储量资产证券化过程中所涉及的重要因素的分析，提出了评价证券化融资效率的矿山建设和开发的经济评价模型及资产支持债券定价模型。实施矿产资源储量资产证券化，能为像贵州这样的既有丰富的矿产资源又存在“资金瓶颈”问题的地区找到一条有效的解决“资金瓶颈”问题的途径，也能为今后研究其他资源资产的证券化树立一个范例。 【英文摘要】Guizhou province is rich with mineral resources, and has a significant advantagein mineral resources field. Meanwhile, there are a difficult issue in the resourceadvantages turn to the capital advantage and economic advantages aspect. Therefore,in order to effectively resolve this issue, this paper proceeded from the properties ofmineral reserves assets, uses the principle of asset securitization to implement thesecuritization of mineral reserves assets, and broaden the effective financing channelsfor enterprises of mining production, and promote the orderly development of themining economy, which will help the construction of Central Guizhou EconomicZone and “the Big Industrial Province” strategy.In this paper, the main structure is as follows: first, we study the properties ofmineral reserves assets in detail, and analysis the power of implementing thesecuritization of mineral reserves assets from the perspective of the financiers,investors and information asymmetry; second, based on the principle of assetsecuritization , we demonstrate that mineral reserves assets suit for securitization fromthe perspective of cash flow, asset homogeneity and asset collateral realization; third,we design the innovative SPV modes for the securitization of mineral reserves assets,and put for