基于期权的矿产资源采矿权价值形成机理研究

Study on Formation Mechanism of Mining Right Value of Mineral Resources Based on Option

基于期权的矿产资源采矿权价值形成机理是运用期权定价理论估价矿产资源采矿权价值的基础。在分析矿产资源采矿权的期权特性的基础上,提出矿产资源采矿权本质上是一种按年度执行的多期看涨期权。由于该期权的标的资产是矿产资源储量,所以它是一种实物期权,对采矿权定价就是确定这种实物期权的价值。影响矿产资源采矿权价值的因素主要有矿产品价格、完全开采成本、矿产资源储量价格、矿山资本资产投资机会成本、采矿权持有时间、矿产品价格波动率、无风险利率以及便利收益等,其中矿产资源储量价格的变化过程决定着矿产资源采矿权的价值形成路径。

The formation mechanism of mining right value of mineral resources based on option is the basis of the mining right evaluation of mineral resource with the theory of option price. Based on analysis of the option characteristics of mineral resource mining right,it is pointed out that mineral resource mining right could be regarded as multi - periods call option executed annually. For its underlying assert is mineral reserve,mineral resource mining rights is actually a real option. To evaluate mineral resources mining rights is to determine the value of the real option. The factors to affect the value of mineral mining rights are the price of mineral resource,the full cost of mineral mining, the value of mineral reserve, the opportunity cost of mineral mine investment,the holding term of mineral mining rights, the fluctuating rate of mineral reserve value, risk -free rate, and convenience yield. Moreover, the formation path of mineral mining rights depends on the changing process of mineral reserve price.