Research On China's Capital Mechanism Reform In Mining Industry

Mining Capital Market is of vital importance to the development of the mining industry.Though China has already furnished the basis of economy,the value of stock exchange market,and natural resources reserve for the development of mining capital market,the performance of mining companies in capital market is not as good as those in main western countries.Exploring factors hindering the development of mining capital and actively improving them are the key to promote the healthy development of mining industry.Comprehensive analysis and comparative analysis,together with literature review and case study,are employed in the essay.Through the comparative analysis of the domestic and foreign mining capital market basis and regulatory system,it points out that there are institutional problems within the country,and puts forward suggestions for reform and improvement.As for the system of the mining capital market,the sponsor system is adopted in the issuance of securities.The Securities Regulatory Commission carries out substantive review,affecting the market mechanism,and recommends the gradual promotion of the registration system.National Equities Exchange and Quotations and Shanghai or Shenzhen Stock Exchange should take full account of the resource attributes of mining companies,set up special listing standard,and realize the smooth transfer fromthe National Equities Exchange and Quotationsto Shanghai or Shenzhen stock exchange.Clarifyinformation disclosure requirements and standards of mineral company during its initial public offer,strengthen information disclosure system,and achieve information symmetry between investors and issuers.As for the regulatory institution of the mining industry,the irrational regulatory system affects the clarity of property rights,the standard operation and the sustainable management ability of the mining enterprises,which are not in conformity with the requirements of the securities market.It is proposed to improve the system of mineral rights issuance,establish an open,fair and just mechanism for issuing mineral rights,and cancel the time division of mineral rights;to optimize the income distribution system,and set up an excess profit distribution system,taking into account of the differences in the natural endowments of different mineral resources;to improve the system of mine land use,and endorse the validity of the land lease agreement between mining enterprises and collective economic organizations within the overall land planning.Through the reform and improvement of the securities market system and the regulatory system of mining industry,we can promote the healthy development of mining capital market and mining industry.