China has recently issued a policy “new 36 articles” encouraging private capital to enter energy industry. Under the setting of the Belt and Road, this paper selects panel data of China's listed energy enterprises during 2014 to 2018 and uses DEA model to estimate their operating efficiency. Tobi model and panel threshold model are built upon proportion of private capital to analyze the impacts of private capital entry into China's energy enterprises on operating efficiency, and to explore if this impact will change structurally as energy enterprises size changes. It is concluded that their operating efficiency is generally low and there is a prominently positive impact of proportion of private capital. A threshold effect exists in enterprise size, 80,544 million RMB, that a little impact if it is lower than the threshold, greatly positive impact over than that. Their operating efficiency is also outstandingly positively impacted by human capital and total asset turnover, negatively by enterprise size.

Macroeconomic risks are a direct and basic risk when developing overseas aluminum ore resources,and have a direct impact on targeting countries for Chinese companies.This paper identifies the macroeconomic risks,establishes risk evaluation index system and uses Delphi to give weight to each index.It also determines the evaluation objects and classifies their indexes.A mode is setup based on GRA and TOPSIS to assess and rank their macroeconomic risks of major aluminum countries,with results showing small risks in the UnitedStates,Australia,and Kazakhstan,but big in Venezuela,Guinea and Suriname.

Mining equity transfer during mining investment is always with competition. How to maximize the investors benefits is a good study topic. This paper analyzes the gaming of beneficiaries of mining equity transfer, establishes a dynamic gaming model of mining equity transfer based on incomplete information, discusses the strategic combinations under a balanced model and gives formulas for their expected benefits. Based on a case study of molybdenum project invested by a mining development company (joint venture) in Jiangxi Province, this paper draws a conclusion for investors reference that it should pay 30 million Yuan at most to acquire 45% equity from the geological survey. 