矿产资源储量资产证券化融资研究

根据矿产资源储量的勘探程度把矿产资源储量划分为四类，通过对矿产资源储量资产证券化的风险隔离机制和信用增级机制进行分析，选用从属参与的信托模式实现风险隔离。依据矿产资源储量可信度的高低发行最优、次优和垃圾债券。通过特殊目的载体对矿产资源储量可信度高的债券全部向投资者发行，对可信度低的采用余额包销方式向投资者发行，并由此提出证券化融资效率评价的矿山建设和开发的经济评价模型及资产支持债券定价模型。

Research on the Asset Securitization of Mineral Reserves

Mineral reserves are divided into 4 types according to exploration degree of mineral reserves.The paper analyzes risk isolation mechanism and credit enhancement mechanism of mineral reserves asset securitization.Subordinate trust model should be selected to achieve risk isolation.The optimal,superior and junk bonds are issued according to credibility of mineral reserves.The bonds with high credibility will be issued to investors through a special purpose vehicle,while those with low credibility to investors through surplus selling.Finally,the paper advances the economic evaluation model based on securitization financing efficiency evaluation,mineral construction and exploration,and asset-backed bonds pricing model.