选择权协议与挣股权协议投资及对中国企业海外投资的启示

国外的勘查公司之间有很多的金融工具可以用作投资和交易的方式，其中选择权协议与挣股权协议是被普遍采用的交易方式之一。选择权协议与挣股权协议交易方式适应于资源勘查项目“投资大、时间长、风险高”的特点，可以合理的安排交易双方的收益分配和退出机制，从投资角度看是很好的杠杆工具，风险管理工具。是全球主要证券交易所挂牌的勘查类公司经常使用的交易方式，这种交易方式改变了矿业项目的权属归属和利益分配。本文结合具体案例，重点介绍选择权协议和挣股权协议的基本定义以及在实践中的应用，并进一步提出对中国企业海外矿产资源投资的启示。

Enlightenment of option agreement and earn in agreement investment on overseas investment of Chinese enterprises

There are many financial instruments between foreign exploration companies that can be used as investment and trading methods, among which option agreement and earn in agreement are one of the commonly used trading methods. The trading mode of Option Agreement and earn in agreement is suitable for the characteristics of "large investment, long time and high risk" of resource exploration projects. It can reasonably arrange the income distribution and exit mechanism of both parties. From the perspective of investment, it is a good leverage tool and risk management tool. It is a trading method often used by exploration companies listed on major stock exchanges in the world. This trading method has changed the ownership and benefit distribution of mining projects. Combined with specific cases, this paper focuses on the basic definitions of Option Agreement and earn in agreement and their application in practice, and further puts forward the enlightenment to Chinese enterprises" overseas mineral resources investment.