基于实物期权的矿业权价值评估

发布时间：2018-05-04 00:30

本文选题：矿业权价值评估 + 实物期权法　；参考：《河北大学》2017年硕士论文

【摘要】：矿产资源作为自然资源的重要组成部分之一,是国民经济发展的物质基础。然而我国矿产源的现状却不乐观,矿产资源的开发利用率低、资源枯竭、环境污染等一些列问题逐渐出现。要解决这一难题,实现矿产资源的可持续发展,从而实现人类社会的可持续发展,就需要依赖对矿业权价值的正确评估,只有正确地评估矿业权的价值才能够使矿业权市场逐步规范,矿业权所有人的利益得到维护,进而促进我国经济的发展。由于我国矿业权评估市场起步较晚,相关理论和方法的研究与西方发达国家相比有一定的差距,理论基础不牢固,并且目前传统的评估方法往往忽略了矿业权价值的“灵活性”,其评估结果缺乏一定的准确性,导致在矿业权评估实践中出现许多问题难以解决。正是基于以上原因,本文引入一种新的方法——实物期权法来评估矿业权价值,进而对我国矿业权评估方法的选择提出合理建议。本文主要包括五章内容,首先从矿业权价值评估的研究背景及研究意义入手,阐述了矿业权评估研究的必要性、国内外研究现状,最后简单说明论文大体纲要,同时指出了论文的主要研究内容及研究方法;然后文章分别从矿业权价值评估和实物期权法两个角度阐述了相关概念,为下文运用实物期权法评估矿业权价值奠定了基础;接着文章重点介绍了实物期权定价模型,进而引入评估案例,以A煤矿为例,分别运用现金流量折现法和实物期权方法这两种矿业权评估方法对A煤矿进行了评估,并对比分析了两种评估方法的评估结果;最后进行总结,并对我国矿业权评估方法的选择提出了合理的建议。
[Abstract]:As one of the important components of natural resources, mineral resources are the material basis for the development of national economy. However, the present situation of mineral resources in China is not optimistic, the exploitation and utilization ratio of mineral resources is low, the resources are exhausted, and some problems such as environmental pollution appear gradually. In order to solve this problem and realize the sustainable development of mineral resources and the sustainable development of human society, we need to rely on the correct evaluation of the value of mining rights. Only by correctly evaluating the value of mining rights can the market of mining rights be regulated step by step, and the interests of owners of mining rights be safeguarded, thus promoting the economic development of our country. Due to the late start of the mining right evaluation market in China, there is a certain gap between the relevant theories and methods compared with the western developed countries, and the theoretical basis is not firm. At present, the traditional evaluation methods often ignore the "flexibility" of the value of mining rights, and the evaluation results are lack of accuracy, which leads to many problems in the practice of mining rights evaluation are difficult to solve. For the above reasons, this paper introduces a new method, real option method, to evaluate the value of mining rights, and then puts forward some reasonable suggestions on the choice of mining rights evaluation methods in China. This paper mainly includes five chapters, starting with the research background and significance of the value evaluation of mining rights, expounds the necessity of the research on the evaluation of mining rights, the current research situation at home and abroad, and finally briefly explains the general outline of the paper. At the same time, it points out the main research contents and research methods of the paper, and then expounds the related concepts from the value evaluation of mining rights and the real option method, which lays a foundation for the evaluation of mining rights value by the real option method below. Then the paper introduces the real option pricing model, and then introduces the evaluation case, taking A coal mine as an example, using cash flow discounted method and real option method to evaluate A coal mine respectively. The evaluation results of the two evaluation methods are compared and analyzed. Finally, the author summarizes the results, and puts forward some reasonable suggestions on the selection of the evaluation methods for mining rights in China.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.1

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