矿业权评估中折现率确定问题的研究

发布时间：2018-03-17 01:29

本文选题：矿业权　切入点：矿业权市场　出处：《石家庄经济学院》2014年硕士论文　论文类型：学位论文

【摘要】：矿产资源是国家经济建设、社会经济发展的重要物质基础。对矿产资源的合理开发以及利用是关系国计民生的大事，具有重要的战略意义。矿业权市场的建立便是为了通过矿业权的出让以及流转等市场行为去引导矿产资源的合理配置。矿业权评估在矿业权的出让以及流转过程中具有重要作用。但是，我国矿业权市场的建立到目前为止只有十几年的时间，矿业权评估的研究也才只有十几年的时间，其理论与实务中还有许多需要进一步探索的地方。在矿业权评估中，折现现金流量法是使用比较广泛、也是相对比较成熟的方法。该方法主要涉及三个参数的确定：未来各年的净现金流量，折现年限以及折现率。对于折现率的确定一直是矿业权评估界争论的焦点之一。目前，折现率的确定是依据《矿业权评估参数确定指导意见》中的风险累加法，以及国土资源部2006年第18号公告，即：凡涉及国家收取矿业权价款的评估，地质勘查程度为勘探以上的探矿权及（申请）采矿权评估折现率取8％，地质勘查程度为详查及以下的探矿权评估折现率取9％。《指导意见》对不同风险所要求的折现率设定不同的取值区间，，矿业权评估师只需选取他认为合适的数值并进行累加即可。这种方法优点是操作性强，不足之处是折现率的选取受评估师的主观影响大，缺乏相应的依据；对于“非八即九”的折现率选取更是不科学。本文试图利用财务管理学中相关理论模型去研究矿业权评估中折现率确定的问题。论文首先对矿业权以及矿业权市场进行研究，通过对矿业权的概念分析入手，总结出矿业权的特点以及对矿业权与矿产资源所有权之间的关系，并对其二者进行辨析。然后对我国目前的矿业权市场进行研究，分析出目前我国矿业权市场的市场结构，参与者以及矿业权市场的作用。再对国内外矿业权评估以及相关理论研究的基础上，分析矿业权评估中折现率的经济实质，指出折现率的本质是企业投资该矿业权的期望报酬率，并指出可以采用矿业企业的资本成本这一最低报酬率来计算折现率。并结合财务管理学中的相关理论与模型，利用具体实例去计算折现率。
[Abstract]:Mineral resources are an important material basis for national economic construction and social and economic development. The rational exploitation and utilization of mineral resources is a major event related to the national economy and the people's livelihood. The establishment of mining rights market is to guide the rational allocation of mineral resources through the transfer and circulation of mining rights and other market behaviors. The evaluation of mining rights plays an important role in the transfer and circulation of mining rights. However, the establishment of the mining rights market in China has only been more than ten years, and the study of mining rights evaluation has only been more than ten years. The discounted cash flow method is widely used in the evaluation of mining rights. This method mainly involves the determination of three parameters: net cash flow, discount years and discount rate in the coming years. The determination of discount rate has always been one of the focuses in the field of mining right evaluation. At present, the discount rate is determined on the basis of the risk accumulation method in the guidelines for determining the parameters of Mining right Assessment, and the Ministry of Land and Resources announcement No. 18 of 2006, that is, any assessment involving the collection of mining price by the State. The degree of geological exploration is that the discount rate of prospecting right and mining right above exploration is 8%, the discount rate of geological exploration degree is 9% for detailed exploration and below. Set different value ranges, Mining right appraiser only needs to select the appropriate value and add it up. The advantage of this method is that it has strong maneuverability, and the disadvantage is that the selection of discount rate is greatly influenced by the appraiser's subjective influence and lacks the corresponding basis. The selection of discount rate of "not eight is nine" is even more unscientific. This paper attempts to use the relevant theoretical models in financial management to study the determination of discount rate in the evaluation of mining rights. Firstly, the paper studies mining rights and the market of mining rights, and begins with the concept analysis of mining rights. This paper summarizes the characteristics of mining rights and the relationship between mining rights and mineral resources ownership, and discriminates between them. Then, the paper studies the present mining rights market in China, and analyzes the market structure of mining rights market in China at present. Participants and the role of mining rights market. Then on the basis of domestic and foreign mining rights evaluation and related theoretical research, the economic essence of discount rate in mining rights evaluation is analyzed. It is pointed out that the essence of discount rate is the expected rate of return for enterprises to invest in the mining right, and it is pointed out that the discount rate can be calculated by using the lowest rate of return of the capital cost of mining enterprises, and combined with the relevant theories and models in financial management. Use specific examples to calculate the discount rate.
【学位授予单位】：石家庄经济学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.1

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