考虑环境成本的矿业项目投资决策研究

发布时间：2018-03-13 03:34

本文选题：环境成本　切入点：投资决策　出处：《江西理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：本论文来源于国家社会科学基金项目“海外矿业投资经营管理风险评估与预警系统研究”(项目编号:12CGL008)。通过分析矿山企业产生高污染难治理的现状,提出在企业投资决策阶段应将环境成本纳入未来现金流量中进行决策分析。以将矿山企业的环境成本纳入未来现金流量中为出发点,分析矿山企业环境成本的构成因素与特点;以矿山建设开采生命周期为时间线计算矿山企业的环境成本,分析加入环境成本对矿业项目投资决策所产生的的影响。本论文的主要研究内容与结论如下:首先,对矿业项目投资特点进行了分析,总结现有的投资决策方法,主要分为静态投资决策方法和贴现现金流量方法两类,并对主要方法进行详细介绍及优缺点评价,确定投资决策方法选用DCF法。其次,综合国内外相关资料,分析研究环境成本的定义和相关领域的专家学者或机构对于环境成本的研究状况,指出将环境成本加入未来现金流量中最大困难为环境成本定量化,通过分析几种现行的环境成本定量化方法,以国内采用地下开采方式的金属矿山为研究对象,确定环境成本定量化方法为防护与恢复费用法。再次,将矿山生命周期分为建设期、投产期、减产年三个阶段,分析地下开采的金属矿山环境成本因素主要为废气、废水、固体废弃物与噪声、土地复垦成本,通过大量矿山实例分析与现场调研确定了主要的治理方式,分别建立不同阶段、不同因素的环境成本计算公式。最后,以某地采的金属矿山为例进行分析,运用现金流量法进行在没有加入环境成本时该矿山企业的投资决策,综合该矿山现场生产状况与相关文件资料得出数据,然后应用研究的环境成本计量模型计算该矿山的环境成本,将环境成本加入DCF方法中进行投资决策。研究结果表明,加入环境成本后,该矿业投资项目由“可行”变为“不可行”,矿山企业的环境成本对企业投资决策有相当重要的影响;本文建立的环境成本核算体系与计量模型可很好的契合于矿业项目投资决策中,有较强的应用价值和推广价值;将环境成本加入总成本中进行决策分析是可行的,也是至关重要的。
[Abstract]:This paper comes from the project of National Social Science Foundation, "Research on risk Assessment and early warning system of overseas Mining Investment Management" (Project No.: 12 CGL008). By analyzing the present situation of high pollution and difficult to control in mining enterprises, The paper puts forward that the environmental cost should be brought into the future cash flow for decision analysis in the investment decision-making stage of the enterprise, and taking the environmental cost of the mining enterprise as the starting point of the future cash flow, the constituent factors and characteristics of the environmental cost of the mining enterprise are analyzed. The environmental cost of mining enterprises is calculated by using the life cycle of mine construction and mining as the time line, and the influence of adding environmental cost on the investment decision of mining projects is analyzed. The main contents and conclusions of this paper are as follows: first of all, This paper analyzes the investment characteristics of mining projects and summarizes the existing investment decision-making methods, which are mainly divided into static investment decision methods and discounted cash flow methods. The main methods are introduced in detail and their merits and demerits are evaluated. Secondly, the definition of environmental cost and the status of research on environmental cost by experts and scholars in related fields are analyzed by synthesizing relevant domestic and foreign data. It is pointed out that the biggest difficulty of adding environmental cost to the future cash flow is the quantification of environmental cost. By analyzing several current methods of environmental cost quantification, taking the metal mines which adopt underground mining as the research object, the paper points out that the environmental cost is the most difficult in the future cash flow. Thirdly, the life cycle of the mine is divided into three stages: the construction period, the period of production and the year of reduction of production. The environmental cost factors of underground mining metal mines are mainly waste gas and waste water. Solid waste and noise, land reclamation cost, through a large number of mine examples analysis and field investigation to determine the main treatment methods, respectively, to establish different stages, different factors of environmental cost calculation formula. Taking a metal mine taken from a certain place as an example, the investment decision of the mining enterprise without adding environmental cost is made by using the cash flow method, and the data are obtained by synthesizing the production situation and related documents of the mine. Then the environmental cost of the mine is calculated by using the environmental cost measurement model studied, and the environmental cost is added to the DCF method for investment decision. The results show that, after adding the environmental cost, The mining investment project has changed from "feasible" to "not feasible", and the environmental cost of mining enterprise has a very important influence on enterprise investment decision. The environmental cost accounting system and the measurement model established in this paper can fit well in the investment decision of mining project, and have strong application value and popularizing value, it is feasible to add environmental cost into the total cost to make decision analysis. It is also crucial.
【学位授予单位】：江西理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.1;F406.7

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