资源类上市公司的价值评估方法探讨

Valuation Method of Listed Resource Companies

现有“利润加储量”的评估方法应用于资源类公司仍在某些环节出现悖论。本文认为,资源类上市公司的价值构成应包括矿权重估溢价、正常开采投资收益及个别公司的超额利润。其中,采矿权重估溢价的潜在收益应是在矿权未市场化之前的资源类企业获得的特有收益,但其收益期和相应的折现期也因矿权的逐步市场化而受到采矿权有效期的限制。本文用简单模型估算了主要资源类上市公司的基本价值。

Mixed opinions exist with respect to existing valuation method of resource companies. The author believes that valuation of listed resource companies should include mineral resource revaluation premium, mining investment earnings and extra earnings of certain companies. The potential earnings of mining revaluation premium should refer to special earnings realized before operation of marketbased mining rights. Therefore, the earning term and correlated discount term should be adjusted in line with the valid term of mining rights as a result of mining rights reform. The author evaluates the listed resource companies with simple models