Study On The Financial Model Innovation Of Mineral Resource In Our Country

Used positive and normative analysis method, this dissertation reviewed the great change of financing model of home and abroad's mining enterprises since 1950s, and analyzed the theory and practice of mining enterprises'debt financing and equity finance combined with the actual conditions of mining industry in our country. This dissertation pointed out that though our country has been primarily established modern mining industry investment and financing capital market system, the mining industry capital market of our country still existed structural defects, and the financing structure of mining industry capital market was also unreasonable, and also existed agency shortage and financing method singleness.In view of the development status and the existed question of our country's mining industry traditonal financing, based on the discussion of capital market concept and funcation, this dissertation summarized the development course and status of capital market and mining capital market of China, and analyzed the existing questions of China capital market, and then discussed and dissected the financing of China capital market and mining industry capital market.Aimed at using the advanced international mining industry financing model for reference to the innovation of our mining industry financing, this dissertation discussed the development course of international mining industry capital market, analyzed its financing conditions change and development tendency, and pointed out its financing status and development prospective, viz., financing amount, the number of listed mining companies, the proporation of listed mining companies increased continuously and financing model's diversification. And then put forward its reference to China.Finally, this dissertation discussed the innovation financing models such as project financing, small and medium mining enterprises bond financing, second-board market innovation financing, and sumarrized some models or ways of mining industry finanacing through case and feasibility analysis. This dissertation pointed out: as an innovation financing model, project financing could avoid and share risk, and could bring many benfits to the project participant. And in special conditon, especially in the condition that the project sponsor was also the project buyer, this project financing model could avoid high financing cost for the contract could be easily made. Financing innovation measures must be adopted to enlarge the financing channel of small and medium enterprises. So, under the conditon that financing difficulty was the bottle neck to limit the spanning development, and in the background of small and medium enterprises bond has been successfully issued, to issue enterprises bond, conbined the local characters and adjusted measure to local conditions, was a wise choise for the small and medium mining enterprises. China second-board in the ture sense was just begainning, the market structure was sill definitely unfeasible, and special mining industry section would not be formed very soon, so, in order to broaden the financing innovation channels of small and medium enterprises, especially of small and medium mining enterprises, it would be very important to constitute the listing condition, which adapted to the small and medium mining enterprises, according to the characters of mining industry. As an agile financing innovation method, private equity has much more applicability to the mining industry financing of our counry. And the experience and lessons of the success and go pubilc of Western Mining expressed that in order to restrain speculation, develop private equity investment benignly and achieve mining industry financing dimensional innovation, our country should strengthen supervision of the risk which brought by the information dissymmetry during the course of private equity financing, and prolong the term of stock right before going public and the term of trade limitation after going public.