日乌多铅锌矿采矿权价值评估研究

发布时间：2018-06-06 00:39

本文选题：采矿权 + 贴现现金流法　；参考：《华北电力大学》2017年硕士论文

【摘要】：我国西藏自治区矿产资源丰富,矿种齐全,矿区成矿条件优质,开发度较低,其中念青唐古拉有色金属基地更是我国西部十大矿产基地之一,有着巨大的矿产资源价值。但是西藏地区位置偏远,处于高海拔地区,特殊的高原环境不利于监管的有利实施,因而存在着采富弃贫,乱采乱挖的现象,部分地区甚至无证采掘,浪费矿产资源的问题十分严重,同时对生态环境造成的破坏令人惋惜。我国相继出台了多部法律法规来规范采矿权的流转,欲通过严格矿业权管理这一途径加强对矿产行业的监管,也取得了一定的成效。科学合理的开发铅锌矿产资源离不开采矿权的有序流转,采矿权作为一种无形资产,在市场上的合理有序流转自然离不开资产价值定价问题。采矿权价值评估常用的方法是贴现现金流量法,该方法的理论成熟度高,同时在评估实务中也被评估师所认可,但是贴现现金流量法并非完美无缺,该方法的应用前提持续经营假设就决定了在评估采矿权价值时无法考虑矿山经营中管理灵活性所具有的价值。实物期权法是从金融期权演变过来的一种资产定价方法,最近几年许多国内学者尝试运用实物期权法BS模型对采矿权价值进行评估,以在传统静态价值的基础上求得采矿权中所具有的矿山灵活性管理所具有的价值,促使采矿权价值评估更加科学、客观、公允。本文以日乌多铅锌矿项目为实例,在阐述采矿权价值评估理论与方法的基础上,对贴现现金流量法和实物期权法B-S模型两种方法进行对比,结合项目实际状况分析两种方法各自的特点,最后确定采用实物期权法对日乌多铅锌矿采矿权价值进行评定估算,以B-S模型评估结果作为采矿权的市场价值,同时也用贴现现金流量法对采矿权进行估算以对比验证,最终实物期权法下采矿权价值高于贴现现金流量法下结果29107.04万元,证实了采矿权中所具有的管理灵活性的组合期权价值。本文在运用两种方法对日乌多采矿权价值进行估算时,对方法和模型选取的主要参数都做了详细的阐述,希望能为其他撰写采矿权价值评估论文的学者有所借鉴,而对于实物期权法BS模型评估采矿权价值的研究希望也能为评估实务工作者科学、可观、合理评估采矿权价值提供一些思路。
[Abstract]:China's Tibet autonomous region is rich in mineral resources, with complete mineral resources, high quality ore forming conditions and low development degree. Among them, Jingqing Tanggula non-ferrous metal base is one of the ten major mineral bases in Western China, and has great mineral resources value. However, Tibet area is in a remote position in high altitude areas, and special plateau environment is not conducive to supervision. In the favorable implementation, there is a phenomenon of rich and discarded poverty, disorderly excavation, part of the area even without evidence of mining, the problem of wasting mineral resources is very serious, and the destruction of the ecological environment is regrettable. The scientific and rational development of lead and zinc mineral resources can not be separated from the orderly circulation of mining rights. As a kind of intangible assets, the rational and orderly circulation of mining rights is inseparable from the value pricing of assets. The common method of evaluating the value of mining rights is discounted cash flow method, The method has a high degree of maturity and is also recognized by the appraiser in the evaluation practice, but the discounted cash flow method is not perfect. The application premise of this method can not consider the value of management flexibility in mining operation when evaluating the value of mining rights. Real option method is from the financial period. In recent years, many domestic scholars have tried to evaluate the value of mining rights by using the real option method BS model in the last few years, in order to obtain the value of mining flexibility management in mining rights based on the traditional static value, and promote the evaluation of the mining right value more scientifically, objectively and fairly. On the basis of the theory and method of mining right value evaluation, this paper compares the two methods of discounted cash flow method and real option B-S model on the basis of the theory and method of mining right value assessment, and analyzes the respective characteristics of the two methods in combination with the actual situation of the project. Finally, the real option method is used to determine the mining right of the zuru lead-zinc mine. The value is evaluated and estimated, and the B-S model is used as the market value of mining rights. At the same time, the mining right is estimated by the discounted cash flow method. The value of the mining right under the real option method is 291 million 70 thousand and 400 yuan higher than the discounted cash flow method, which proves the management flexibility in the mining right. When using two methods to estimate the value of the mining rights of Japan, this paper makes a detailed exposition of the main parameters of the method and model selection, and hopes that some other scholars who write the value evaluation paper of mining right can be used for reference, and the hope of the study of the value of the mining right by the real option BS model is also expected. It provides some ideas for evaluating practical workers' scientific, substantial and reasonable assessment of the value of mining rights.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.1

【参考文献】