| In the 21st century, the economy in China is developing at the rapid speed, and inevitably the energy growth must be requested as the basic safeguard of industrialized advancement, the demand of energy in large scale at present has been created as the highest in the history, which will grows at a rapid speed in a few years. Analyzing from the development of the future, limited with insufficient natural resource and unceasingly enlargement of economic developing demand, the conventional energy resources will appear to be insufficient, which will seriously influence the economy development in China. Therefore, the government has declared that "humanist and concept of coordinate sustainable development all-sided", it takes the utilization of regenerated energy as the new action to enhancing energy supply, adjusting energy structure, protecting environment, eliminating poverty, expanding employment and promoting the cycle development of economy. Under this circumstance, the reasonable development and utilization of regenerated energy is of significant and strategic sense. The geothermal resource, inferior in the biomass energy, is taken as the clean environmental and renewable resources to be studied, developed and used. However, in the process of exploiting geothermal resource, there still exists the problem of low investment fund, difficult to reducing the cost and low recovery rate; therefore, at the principle of prospecting scientifically, reasonable, developing and using effectively, each link needs the professional to carry on the operation, which would realize to guarantee the highly effective use of resources and overall planning from the market demand, the geochemical survey, the technological innovation, the project construction management as well as the industry funds investment. But the investment fund of geothermal industry, as a way of management, has great significance to develop and manage precious geothermal resource effectively and to realize the sustainable development of geothermal resource.I. The Financing Characteristic of Investment Fund of Geothermal IndustryThe unique industry attributes of geothermal resource development has decided its financing characteristic. As the emerging energy product, it could substitutes numerous products such as energy products, nuclear power, thermal power, water and electricity, solar energy, wind energy and so on. These substitution products have industrial superiority, which could obtain favor of many funds. On the one hand, in a short time, if the development of geothermal resource can't obtain the massive fund support to form the industrial superiority, it will be very difficult to display its unique attribute superiority and obtain the competitive ability in the market; on the other hand, the developing technology of geothermal resource is developing unceasingly, although its market demand is large, while at present, the characteristic attribute of small business has decided that in a short time, the developing industry of geothermal resource is too difficult to obtain key support on fund from the traditional fund market and the capital market. Therefore, the only way is to introduce new financing pattern, which can solve the bottleneck problem of fund shortage in the development, and enables the geothermal resource, as a kind of green energy, to display its true environmental protection superiority.To set up the investment fund of geothermy industry is a kind of financing pattern to use the system of industry fund especially in the overall industry chain development of geothermal resource. It will be advantageous in solving the problem of long-standing energy supply and adjusting unreasonable energy structure in our country, speeding up the development of geothermal resource as a kind of renewable energy resource to enable it to be used reasonably as soon as possible, leading the industrial production development by the formalization construction; and it's advantageous to satisfy the motivation from each aspect in the society for the investment of energy projects, that is, to transform the personal savings as the effective investment, and to make normal investment energy profession channel for the private capital, to promote private capital to move toward the track of scientific investment and rational investment with guidance of the national policy, to promote the healthy development of energy industry, and then to curb the over-duplicated project of energy domain and blind development;It's advantageous to the transformation and the development of geothermal resource and developing technology, at present, the transformation of economic growth way is mainly depends on the scientific technology but not the expanded scale to realize the economic growth, the high-tech industry is the risky industry, it's too limited to only depend upon the bank loan to support the high tech industry. Through the way of share risk and income, the superiority of this industry investment fund, it supports the development of geothermal resource profession, and enhances technology content of the industrial domain, is the efficient path to realize the economic intensification development in geothermal resource industry.II. The Financing Pattern of Developing Industry Investment Fund in Geothermal ResourcesThe manager of geothermal industry investment fund, through the dispersion way, carries on the dispersion investment to the geothermal resource development profession upstream, the middle stream and the downstream of different enterprises to melt overall profession risk. Through the share on the market of main company, merger and acquisition, collaborator buy-back, stockholder's rights transaction and settlement, he could obtain the fund income, and attract the society fund to the development industry of invest geothermal resource unceasingly. The financing origin of geothermy industry investment fund may obtain from three stages: The first stage is the stage of venture capital, through the way of private solicits to distribute the fund share to the company superannuation fund, the public superannuation fund, the bank holding company, the non-bank financial institutions, the non-financial company, the wealthy family or individual of risk manner as high investors to set up the fund company, and the fund supervisor mandates the fund property to engage in the investment activity of geothermal resource industry; The second stage is that the second board market is going on the market (it has not yet been set up in our country), after the fund company has the scale of profit, which can be going on the market through collective way in the second board market, and distributes fund financing to the investors with neutral risk manner; The third stage is that the main board is going on the market. When the geothermal resource industry enters the stable mature period, through the collective way is going on the market in main board, it distributes fund financing to the investors with low risk, which enables the public to be possible to profit from the development of geothermal resource. III. The Collection Strategy of Developing Industrial Investment Fund in Geothermal Resources1) Fund Manager and his Capital AbilityThe fund manager of geothermal resource development industry investment, his prestige, and qualifications can affect greatly in collecting the fund. The investment fund of geothermal resource industry is the capital intensity profession, the collecting fund is at least hundreds of millions yuan, at most billions yuan, and even tens of billions yuan, the prestige is especially important in the industry investment of geothermal resource development. If the operating results and professional personal integrity of these fund managers are bad, it's very difficult for them to raise fund from institutional investor once more, or difficult to join in other fund management company, and rather difficult to obtain support and cooperation from some specialized organizations in financial circles. The experience and achievements of fund manager is of importance, which urges fund manager to enhance his prestige, because the prestige itself is a kind of capital, while the qualifications and records of service can be related to the fund amount, and related with managers who may become the partner to invest, and also related with managed property.2) The collection strategy of developing industry investment fund in geothermal resourcesThe industry investment fund of geothermal resource development, especially the privately soliciting the industry investment fund of geothermal resource development has to succeed in collecting the fund, which should implement different investment strategy and fund collecting strategy according to the characteristics of energy investment fund.The first strategy is to organize management team with strong trend and supplementary. The investors enjoy the expert service of the fund management team through the investment fund of geothermal resource development indirectly; therefore, the initiator of geothermal resource development industry investment fund must organize a powerful management team for the fund before collecting the fund.The second strategy is to form the specialized characteristic and establishing fund brand. The energy investment is a kind of positive management in investment, therefore, the management team of industry investment fund of geothermal resource development must pay great attention specially on the enterprise type and region in the process of investment management, and even in the second and third-level markets to form the unique market localization, and form its own specialized characteristic, which could only possibly establish the fund brand.The third strategy is to use the prestige of institutional investor to set up the fund. The prestige effect of industry investment fund in geothermal resource development is related to the institutional investor.The fourth strategy is to posit the investor. The correct position of the investor's market is often the key aspect to decide whether the offering of a industry investment fund of geothermal resource development is successful or not. The energy investment is a kind of specialized and strong investment behavior, raising the fund should firstly choose the same profession or similar profession investor, and then gradually grows its scale.The fifth strategy is to deal with the relation between the human capital and capital. The industry investment fund of geothermal resource development is taken as a kind of capital managing process by expert management, the human capital of fund manager does very important function, but the increase of human capital function hasn't changed the rule of the owner to hire the operator.IV. The Establishment of Management Company of Investment Fund of Geothermal IndustryThe "Provisional Measures on Administration of Industrial Investment Fund Management", the "Legal Issues about the System of the Securities Investment Fund of People's Republic of China" request that the fund trust should be managed by the capital management company. Applying to set up investment fund managing company of geothermal resource development industry or the fund management company with partnership must have condition to establish legally. After completing the establishment, the investment fund management company of geothermal resource development industry implements responsibility system of general manager by the board of directors, the company supposes a general manager, certain deputy general manager, the interior of company may set up the department of plan research, collecting funds, investment management, investment service, the finance and the executive, meanwhile, it should set up two Specialized agencies as the Committee of Investment Decision and the Committee of Risk Control.1) The Department of Plan Research It's responsible for information collecting, arranging and analysis suggestions to the huge project of investment potential, and is responsible for preparatory work of the geothermal resource investment project, and to plan the content and structure of industrial investment fund of geothermal resource development to complete the regular report of the fund.2) The Department of Collecting FundsIt's responsible for formulating the sales program and strategy of the industrial investment fund of geothermal resource development, and sales management of the fund securities, assisting the financial organ and the security company to raise the fund.3) The Department of Investment Management,It's responsible for the purchase, the development the management and other value-added service of all geothermal resource developmental items in industrial investment fund of geothermal resource development. And it's responsible to cany out the investing plan of the investment decision committee, furthermore, it is to analyze, appraise and verify the progress, the profit condition, the revenue, the expenditure budget and the condition of the fund investment plan.4) The Department of Investment ServiceIt's responsible to provide the regular investment report and financial report on time to the fund investor, and hold the beneficiary congress, and promptly allocate the earnings to the investors. Then it solves various problems of investors and their letters, telephone explanation and getting rid of suspicions.5) The Department of the FinanceIt's responsible for the accounting, the tax revenue, the cash management and the financial dispatch of industrial investment fund of geothermal resource development, and is responsible to periodic report to the Supervisory Department, to accept accounting and other activities by the taxing authority; then the fund accounting and corporate accounting should be completely independent, and it needs coordinate with investigation accountant to make public finance completely, and closely related with the bank.6) The Department of the ExecutiveIt's responsible for general administration service, the personnel management, education training, the employee benefits, the secretary, logistical service and so on. Its responsibility mainly are the personnel management, the human resources plan, document receiving and dispatching, the records management, secretary works, the company equipment and other logistical service of such business management.V. The Investment Risk Evaluation on the Industrial Investment Funds of the Geothermal Resource DevelopmentUnder the circumstance of the market economy, each investor cares about his the risk and income of the investment. The investment to the geothermal resource industrial fund is different to the general investment, its primary cause is that when the investment object possibly obtains the high quota income, the huge risk exists at the same time; and its risk not only exists in the production operating link of specific geothermal resource development, but exists in the entire process of world-wide geothermal resource development industrial development, it has the risk in each stage of the development. How to pursue the greatest income under the situation of unknown risk is the main concern of each investor, therefore, the fund superintendent must formulate effective risk guard mechanism, and scientifically analyzes possible risk of each kind, then makes the correct judgment, takes the measure, weakens the risk, obtains the greatest profit, which plays an influential role on the normal operation of the industrial investment fund of geothermal resource.VI. stablishing the operational mechanism of investment fund of geothermal resource development industryThrough establishing the mechanism of investment discrimination, the domination assignment and remuneration, it may realize the healthy development of investment fund of geothermal resource industry.In brief, the geothermal industry investment fund is a kind of new financial product, it not only may solve the bottleneck problem of lack of funds, but also realize reasonable development and utilization of geothermal resource, and even acts as important action to the sustainable development of the human... |
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