CAJ | 학술논문

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。
근거광산자원저량적감탐정도파광산자원저량화분위사류,통과대광산자원저량자산증권화적풍험격리궤제화신용증급궤제진행분석,선용종속삼여적신탁모식실현풍험격리。의거광산자원저량가신도적고저발행최우、차우화랄급채권。통과특수목적재체대광산자원저량가신도고적채권전부향투자자발행,대가신도저적채용여액포소방식향투자자발행,병유차제출증권화융자효솔평개적광산건설화개발적경제평개모형급자산지지채권정개모형。
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.