资源与产业 ›› 2016, Vol. 18 ›› Issue (1): 118-125.DOI: 10.13776/j.cnki.resourcesindustries.20151230.016

• 资源经济 • 上一篇    下一篇

矿业企业矿业权资产证券化研究

赵勇   

  1. (中国地质大学 地球科学与资源学院,北京 100083)
  • 出版日期:2016-02-18 发布日期:2016-02-18

SECURITIZATION OF MINING COMPANIES MINING RIGHTS

Zhao Yong   

  1. (School of Earth Science and Resources, China University of Geosciences, Beijing 100083, China)
  • Online:2016-02-18 Published:2016-02-18

摘要: 分析矿业企业实施矿业权资产证券化的重要意义,并研究矿业权资产证券化的交易结构,以期对完善我国资本市场结构,促进矿业资本的优化配置起到积极作用。矿业权资产证券化能有效拓宽矿业企业的融资渠道,加速矿业权资产流动性,将资源与资本有效对接,实现潜在资源优势向现实资本优势转化。矿业权资产证券化的交易结构为由资产证券化的参与者以及能够表现证券化运作特征的主要环节组成的有机体。矿业企业矿业权资产证券化的交易组织结构由资源层、核心层、支持层组成,交易过程结构包括构建矿业权资产池、矿业权资产转让、信用评级与信用増级、发行资产支持证券。在我国现行资产证券化运作制度下,为矿业企业设计了银行间债券市场发行资产支持票据和证券交易所发行资产支持证券这2种交易结构形式。

关键词: 矿业企业, 矿业权, 资产证券化, 交易结构

Abstract: Securitization of mining rights is of significance for mining companies. This paper analyzes its trading structure aimed at optimizing Chinas capital structure and allocating mining capital. Securitization of mining rights can diversify mining companies financing path, speed up the fluidity of mining right assets, link resource to capital, and convert resource advantages to capital advantages. Its trading structure is composed of securitization participants and operation. Its trading organization structure includes resource level, core level and supportive level. Its trading process structure includes constructing mining asset pool, mining asset transfer, credit assessment and issuing assets. Under Chinas current securitization operation system, this paper designs two trading structures, ABN issued by interbank bond market and ABS issued by stock exchange.

Key words: mining company, mining rights, capital securitization, trading structure

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