Study on the Development Problems of Mining Capital Market in China

【摘要 (中文/英文)】 矿业是关系到国家经济安全的资源性行业,矿业资本市场是矿业资本经营的必由途径。我国矿业资本市场已经起步并经过了几年的初步发展,许多方面还不够成熟。深入发展我国矿业资本市场对我国矿业资源整合、壮大矿业企业并做强矿业、参与国际竞争等方面都具有十分重要的意义,对我国矿业资本市场发展有关问题的研究显得尤为必要。 本文结合定性和定量分析,在对矿业资本市场有关原理和背景论述的基础上,对我国矿业资本市场的现状和特征、存在问题和原因、发展机遇和方向进行了详细讨论,并根据以上分析结论,尝试提出了我国矿业资本市场发展的具体对策和建议。 论文首先在文献综述中回顾了矿业和矿业资本市场有关理论,对近期国内外矿业发展的形势和趋势作了简要阐述,并对发展矿业资本市场重要现实意义作了说明。然后论文开展了对矿业资本市场现状和特征的归纳和分析。现状分析讨论了矿业资本市场构成和分布以及矿业并购交易概况。市场特征从基础特征分析和市场指标分析等方面展开。文章重点进行了我国矿业资本市场风险和波动性的实证分析。在风险分析中应用了振幅分析、CAPM模型进行了分析,在波动性分析中,论文应用了GARCH模型族等方法进行了建模,得出了矿业资本...更多市场的风险和波动性的特征。在现状特征结论以及实证分析的基础上,论文指出了我国矿业资本市场发展过程中存在的突出问题,并就这些问题的存在探讨了主要原因。在问题和原因后,本文指出了我国矿业资本市场未来发展的机遇和发展方向。最后就我国矿业资本市场后续发展进行了论述,结合存在的问题和发展方向给出了矿业资本市场发展的具体的对策建议。 本文研究的基本结论是我国矿业资本市场还处在较为初级的发展阶段,还存在资本配置偏向性、市场效率低、风险和波动性大、并购交易不发达等问题,这些问题主要来自于矿业对资本市场的认识、资本市场自身质量以及资本市场对矿业的认识等。矿业资本市场今后的发展的策略包括改进和优化上市规则、优化信息披露和监管机制、发展专业投资机构等。

 Mining is related to national economic security of the resources sector, mining capital market is the mining capital will be by way of operating. China's mining capital market has started and, after several years of initial development, many areas were not enough mature. In-depth development of China's mining capital market on China's mineral resource integration, growth and stronger mining and mining enterprises, to participate in international competition, and other aspects of great significance for China's mining capital market development on issues relevant to it is particularly necessary. This paper qualitative and quantitative analysis, the mining industry in the capital market on the relevant principles and background on the basis of China's mining capital market and characteristics of the current situation, problems and causes of opportunities for development and direction of a detailed discussion and conclusions based on the above analysis, Tried to put forward China's mining capital market development in specific measures and recommendations. Summary of the first papers in the literature reviewed the mining and mining related capital market theory, the recent development of the domestic and international mining situation and trends briefly described, mining and the development of capital markets gave an explanation of important practical significance. Then launched a paper on mining capital market situation and characteristics of summed up and analyzed, Discussed the status of mining capital markets and distribution and mining deals. Overview features from basic characteristics of the market analysis and market indicators, and other aspects of analysis. The article was focused on China's mining capital market risk and volatility of the empirical analysis. In the application of risk analysis in the amplitude analysis, CAPM model for analysis, analysis of the fluctuations in the papers of the GARCH model family, and other methods for modeling, that the mining capital market risk and volatility of the characteristics. Characteristics of the status quo in the empirical analysis and conclusions based on the thesis that China's mining capital market development in the course of the outstanding problems that exist, and on these issues on the existence of the main reasons. And the reasons for the problem, the paper pointed out that China's mining capital market development opportunities and future development direction. Finally on the follow-up of China's mining capital market development were discussed in light of the problems and development direction is given mining capital market development of specific policy proposals. In this paper, the basic conclusion that China's mining capital market is still in the initial stage of development, there are still biased allocation of capital, low efficiency of the market, risk and volatility, M & A transactions underdevelopment and other issues, these problems mainly come from mining On the capital market awareness of the quality of their own capital markets and capital market awareness of the mining industry. Mining capital market's future development strategy including the improvement and optimization of the Listing Rules, optimize information disclosure and monitoring mechanisms, development of professional investment institutions.

【关键词 (中文/英文)】 矿业资本市场; 上市公司; 并购; 风险; 波动性