应用实物期权的煤炭资源资产价值评估方法

The evaluating method of coal resource assets value applying real option

在剖析煤炭资源资产价值传统评估方法的基础上,煤炭开采投资大、周期长,考虑到煤炭资源资产风险性高、不确定性强的特殊性,诸如煤炭价格、贴现率等,分析了传统贴现现金流量法在评估煤炭资源资产价值中存在的不足,引入实物期权的方法,对传统净现值法进行了改进。依据实物期权法建立了煤炭资源资产价值确定模型,从而能更准确的评估煤炭资源资产的价值。

Coal mining is a project which has a big investment and a long cycle. On the basis of Analysing the traditional assessment methods of coal resource assets value and considering that the coal resource assets has a high risk and many uncertain factors, such as the price and the discount rate, this paper analy- ses the lacks of the traditional discounted cash flow method , which exist in assessments of coal resource assets value. Then the discounted cash flow method is improved with the option method, and the model of the coal resources asset value based on real option can assesses coal resource assets value more accuratly.