海外矿业投资退出影响因素和方式选择分析

Analysis on the Influences and Ways for Overseas Mining Investment Exit

经历了多年的海外矿业投资实践,我国企业海外矿业投资如何选择适当的时机、适当的方式实现投资顺利退出,成为企业面临的重要问题。影响投资退出的因素主要有宏观经济因素、被投资国的法律、政策变动因素、资本市场环境、地缘政治因素、被投资企业或项目因素等。一般说来,企业投资退出方式主要有公开上市、资产整体出售、股权转让、股份回购、管理层收购、托管、破产清算。有关退出投资的影响因素和退出方式并非相互独立,而是紧密联系的,我国矿业企业应当综合运用这些方式进行投资退出的部署。此外,企业在投资海外矿业时,应在投资实施前确立未来退出战略,处理好进和退的辩证关系。

After years of overseas mining investment practice,China's enterprises are facing important problems that how we can realize smooth retreat the capital at the appropriate time and in the appropriate way.This paper introduces the influence factors,these include: macro-economic factors,the laws of investor countries,policy change,capital market environment,geopolitical issues,and the invested enterprise or project factors.And then this paper also introduces the way for retreat: public offering,whole sale of assets,share transfer,share repurchase,management buy-out,trusteeship and bankruptcy liquidation.On this basis,this paper proposes that China's mining enterprises should use a combination of these ways to deploy the investment exit.In addition,the enterprises should establish the future exit strategy before the implementation of investment when they invest in overseas mining industry.They must deal with the dialectical relationship between investment and exit of the capital.