摘要
本课题研究从私募股权机构投资矿产资源勘探与开发的角度出发，在私募股权和矿业资本市场相关理论和实践的基础上分析私募股权机构投资矿产勘查行业的策略问题。研究包含两个方面的内容，在宏观层面，中国的投资矿产勘查的私募股权机构在发展中遇到的问题和解决方法；在微观层面，私募股权机构在自身投资矿产勘查行业的活动中需要考虑哪些因素、制定什么样的投资策略、采取那些对策。本文主要的研究方法为案例研究方法，作者对两家国外资本市场上的初级勘查公司进行了分析和研究，并编写了原创性的案例。
案例的主要的启示包括：与高科技行业一样，地质学专家和相关专业的优秀人才依托于资本市场，也可以将自己的知识转变为财富。地勘行业的专业技术人员和团队能够将知识转化为财富的过程中，需要具备四个因素：勘查项目、管理团队、机构投资者和初级勘查公司证券市场。勘查公司需要学会风险管理，建立投资组合的观点。矿产勘查与金融的结合具体体现在“管理团队+矿产项目+勘探与开发的商业计划”的结合。从微观操作角度回答了矿产资源的勘探与开发如何与资本市场相结合的问题。
在案例分析的基础上，本文进一步提出了我国的私募股权机构在投资矿产勘查与开发的过程中策略方面需要转变观念和注意的地方：私募股权在投资矿产勘查过程中，投资的是“勘查公司（矿+管理团队）”，不是“矿”，要转变观点重视“知识”和“人力资本”；私募股权投资机构需要了解“矿业和金融是如何结合的”，才能制定出合理的策略；私募股权在投资矿产勘查行业过程中，要熟悉和学会使用国外成熟的各种金融工具和证券市场；私募股权投资机构要从以资源为导向转变为以资本市场为导向。
最后，本文提出了从宏观管理角度发展我国私募股权投资矿产资源勘探和开发行业的五点对策和建议：设立交叉学科培养跨学科人才；尽快建立市场化的地质师制度；进一步完善我国的矿业资本市场；设立政府引导基金支持私募股权投资矿业；鼓励国有矿业企业与私募股权投资机构合作。
Base on related theories and practices of private equity and capital market in mining sector, thisresearch analyzed the investment strategies and countermeasures of private equity investmentfrom the angles of exploration and exploitation. Two aspects are included in this paper: on themacroscopic level, author considered the problems in Chinese mining private equity developmentand how to solve these issues; on the other hand, this study pointed out that what factors should beconsidered, what strategies should be made and what countermeasures should be adopted byinvestors in the private equity investment activities. In this paper, author used case study as themajor research method to research and analyze two overseas primary exploration companiesdeeply and wrote the original cases.
These original cases bring the reader three major enlightenments, 1) same as the senior employs inhigh-tech industry, geologists and relevant professionals could relay on capital market totransform their knowledge to wealth, but they need change their original senses; 2) in the processof knowledge to wealth, successes need four basic important factors: appropriate explorationprojects, experienced management team, institutional investors and primary exploration companystock market; 3) the primary exploration companies and their management teams should learnhow to manage risks and establish the investment portfolios.
Base on the analysis of cases, this study advised private equity investors in mining sector shouldchange their concepts and pay attention on four points when they are investing on mineralsprospecting and development. 1) in the invest activities, the investees is“exploration company”(project+ management team), not“mine”, investors should pay more attention on“knowledge”and“human capital”.2) when private equity investors in mining sector make the reasonable investstrategy, they should understand the combination of finance and mining prospecting which isproject + management team + exploration and development business plan. 3) Private equity investors should have a good knowledge on domestic and overseas mining capital and stockmarket and understand how to use them.4) during the private equity investment process in miningsector, should change the idea from resources-oriented to capital market-oriented.
In the end, this study from the macro management angle, pointed out five countermeasures andsuggestions on how to develop Chinese private equity investment in mineral resources explorationand exploitation industry. Establish interdiscipline to educate the interdisciplinary talents; set upgeologist system as soon as possible; set up the government guide fund to support private equity toinvest mining; further perfect Chinese mining capital market; encourage mining state-ownedenterprises cooperate with private equity investment institutions.
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