境外上市矿业公司投资退出机制研究——基于典型案例的研究分析  

Research on Exit Mechanism for the Investment of Overseas Listed Mining Companies——Based on the Analysis of the Typical Case

作　　者：王寿涛[1] 狄让丽[1] 杨洋[1] 

机构地区：[1]江苏省有色金属华东地质勘查局,南京210008

出　　处：《中国国土资源经济》2012年第12期48-50,53,共3页Natural Resource Economics of China

基　　金：中国地质调查局发展研究中心资助(中地调研合同[2012]第163号)

摘　　要：武钢借CNR要约收购CLM公司全部股份之机成功退出,决策的主要影响因素有:退出机会,退出收益,战略投资定位的目标保障。中色地科境外上市公司投资的部分退出是在Canaco为项目勘探再次融资时,借助包销商实现退出的,其退出决策主要考虑:投资收益,对被投资公司股票市场的综合考虑,为自身提供更多的现金流,部分退出不会对企业造成大影响。武钢和中色地科两个成功案例对中国境外矿业上市公司的启示:综合考虑每种退出形式的条件要求和时机性,关注外部环境和标的公司动态,把握最佳机遇,选择最佳退出方式;投资主体偏向于选择在特定情境下的最合理的收益,退出获得的投资收益高低主要取决于完成投资后,对被投资企业价值提升的程度。Wuhan Iron & Steel exited successfully by taking the opportunity of CNR's tender offer for all shares of CLM,and its major influences on the decision include: exit opportunity,the withdrawal income,and target security of strategic investment orientation.And the realization of the partial exit of Sinotech was with the aid of underwriters,and its considerations for exit are mainly investment income,the overall consideration of the stock market of investee companies,providing more cash flow for their own.This paper focuses on the inspiration gained from these two companies,these are to take into account the requirements and timing of each kind of exit form,focus on the external environment and the trends of target company,grasp the opportunity and choose the best way of exit.The investment subject tends to the most reasonable income in selective given situation.The investment income level of obtained from exit largely depends upon the completion of the investment,and the degree of value increase of investee companies.

关 键 词：矿业 退出机制 上市公司 中色地科 武汉钢铁(集团)公司 

分 类 号：F407.1[经济管理—产业经济] F272.3