采矿权价格的期权定价模型

The option-pricing model for price of mining titles

应用期权定价理论中的Black-Scholes模型对采矿权价格进行评估, 依据矿业开采的特点, 探讨模型应用中的期权期限, 界定有效选择期限即采矿权的有效期限中扣除资源开发开采所需要的基本时间后的期限是合理的期权期限, 并结合案例进一步分析, 导出了在一定范围内适当增加采矿权的有效期限可以增加矿权地出让者的收益, 以及运用Black-Scholes模型对采矿权价格进行评估可以起到鼓励大规模生产的作用.

The Black-Scholes model of option evaluation theory was used to evaluate the mining titles. Based on the characteristics of mining industry, discussed the time to maturity when applying option theory to practice, defined the rational time to maturity of option as effective selection life which was decreased from the effective life of mining titles by the necessary life for the exploitation of mineral resource. A case study gave conclusions on mineral resource management: extending the effective life of mining titles will increase the revenue of the titles seller and applying Black-Scholes model in evaluating mining titles will increase production volume.