矿区地下水资源资产评估分析

发布时间：2018-05-04 17:49

本文选题：收益法 + 科学环境水价　；参考：《云南财经大学》2017年硕士论文

【摘要】：在粗狂的经济发展模式下,矿区地下水资源没有得到有效的开发利用,造成环境的污染、资源的浪费等一些列问题。在我国经济发展转型的大背景下,本文旨在为矿业企业出谋划策,为矿区地下水资源的有效开发利用提供理论的支撑。本文围绕资源-资产-资本这一路线,首先介绍了矿区地下水资源的属性特征,对水价的构成要素、水价的影响因素进行分析。其次,介绍矿区地下水资源到资产的转变、资产到资本的转变过程和转变方法。在研究方法上,本文采用调查法、观察法对矿区地下水资源的的利用现状进行实地考察,收集矿区地下水流量及其能够覆盖的人口、矿区周边地区水资源利用状况等数据。采用文献法、调查法、个案跟踪法对矿区地下水资源的发展性研究进行剖析。采用文献综述法、对比法对国内外矿区地下水资源的利用情况进行对比研究,解释国内外矿区地下水资源的利用现状并提炼出可供国内参考的研究和利用方法。在评估方法的选择上,本文采用评估三大方法中的收益法,对矿区地下水资源资产进行收益评估。对收益法三大评估要素的确定时,在收益年期上,采用水资源许可证上规定的三十年的收益年期。在折现率的确定上,在分析CAPM(资本资产定价模型)、WACC(加权平均资本成本模型)、风险累加模型适用性的基础上,最终选择CAPM模型确定折现率。在水价的确定上,采用政府水价和科学环境水价两种价格来确定最后的收益,政府水价是指政府在依据当地的经济发展水平、水资源利用情况、水资源稀缺程度等条件的基础上最终确定的使用价格。科学环境水价就是在政府制定水价的基础上,加入经济学中外部性的概念,把水资源的过度开采造成的环境损失(农业损失、工业损失、居民生活用水损失)加在其中得到的水价,因此科学环境水价为政府制定价格和环境损失价格之和。在模型的选择上,本文采用(NPV)净现金流量折现模型,对预期收益和即将投入的资本分别计算并得出结论。在投入资本的计算上,本文通过对六家上市水务公司的取水成本和所选取的案例进行对比,进行相关系数的调整并取平均值,得出本文选取案例所投入的成本。通过NPV模型中收益和成本的对比,如果三十年期的预期收益现值大于成本,能够得出矿区地下水资源资产的利用能为矿业企业带来效益。以上内容介绍了矿区地下水资源资产的评估程序,除此之外,本文引用了资产证券化这一概念,介绍了资产到资本的转变过程,解决了矿区地下水资源资产流动性不强的缺点,为资本周转困难的矿业企业开发利用矿区地下水资源提供良好的融资渠道。
[Abstract]:In the rough economic development model, groundwater resources in mining areas have not been effectively exploited and utilized, resulting in environmental pollution, waste of resources and other problems. Under the background of China's economic development and transformation, this paper aims at providing theoretical support for the mining enterprises to make suggestions for the effective development and utilization of underground water resources in mining areas. Based on the route of resources-asset-capital, this paper first introduces the attribute characteristics of groundwater resources in mining area, and analyzes the constituent elements of water price and the influencing factors of water price. Secondly, it introduces the transformation from groundwater resources to assets, the process and methods of transformation from assets to capital. In terms of research methods, this paper adopts the method of investigation and observation to investigate the utilization status of underground water resources in mining areas, and collects the data of groundwater discharge and population that can be covered in mining areas, and the utilization of water resources in the surrounding areas of mining areas, and so on. The developmental study of underground water resources in mining area was analyzed by literature, investigation and case tracing. By using the method of literature review, this paper makes a comparative study on the utilization of groundwater resources in mining areas at home and abroad, explains the present situation of utilization of groundwater resources in mining areas at home and abroad, and abstracts the research and utilization methods that can be used for reference at home and abroad. In the selection of evaluation methods, this paper uses the income method of three methods to evaluate the income of groundwater resources in mining area. When determining the three factors of income assessment, the revenue period of 30 years specified in the water resource license is adopted in the revenue period. On the basis of analyzing the applicability of the weighted average capital cost model and the risk accumulation model, the CAPM model is chosen to determine the discount rate. In the determination of water price, the government water price and the scientific environment water price are used to determine the final income. The government water price refers to the government in accordance with the level of local economic development and the utilization of water resources. Water scarcity and other conditions based on the final determination of the use of prices. The scientific environmental water price is to add the concept of externality in economics on the basis of the government setting the water price, and put the environmental loss (agricultural loss, industrial loss) caused by the over-exploitation of water resources. Therefore, the scientific environmental water price is the sum of the government price and the environmental loss price. In the selection of the model, this paper adopts the net cash flow discount model of NPV, calculates the expected income and the capital to be invested separately and draws a conclusion. In the calculation of investment capital, this paper compares the cost of water intake and the selected cases of six listed water companies, adjusts the correlation coefficient and takes the average value, and obtains the input cost of the selected case in this paper. Through the comparison of income and cost in NPV model, if the present value of expected income in 30 years is greater than the cost, it can be concluded that the utilization of groundwater resources assets in mining area can bring benefits to mining enterprises. In addition, this paper introduces the concept of asset securitization, introduces the process of transformation from assets to capital, and solves the shortcoming of the lack of liquidity of underground water resources assets in mining area. It provides a good financing channel for mining enterprises with difficult capital turnover to develop and utilize underground water resources in mining areas.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：P641.8

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