期刊文献+
任意字段
题名或关键词
题名
关键词
文摘
作者
第一作者
机构
刊名
分类号
参考文献
作者简介
基金资助
栏目信息

基于增长期权的煤层气开发项价值评估模型 被引量：2

Research of Value Assessment of Coal Bed Methane Development Project Based on Growth Option
下载PDF
导出
摘要 煤层气开发项目具有高度的风险性,传统的项目评价方法忽略了开发过程中的不确定性,低估了煤层气开发项目的价值。针对煤层气开发项目的风险性,考虑到煤层气的开发将给煤炭开采、能源利用等一系列后续投资项目带来的投资机会,引入增长期权理论探讨了煤层气开发项目价值,并运用Black-Scholes期权定价公式,建立了基于增长期权的煤层气开发项目价值评估模型。该模型为煤层气开发企业有效地规避风险提供了解决方法,也为合理地评价煤层气开发项目价值提供了一种新的思路。 Coal bed methane development project has a high degree of risk,but the traditional evaluation methods ignored the uncertainties in the development progress,and underestimated the value of CBM development project.Aimed to the risk of CBM development project,this paper considered a series of investment opportunities for the following projects（such as coal mining,energy investment,etc.） and introduced growth option theory to analyze the value of CBM development project.Then it established an assessment model of CBM development project value based on growth option with Black-Scholes option pricing formula.This model not only provides an effective method to avoid risk for CBM development company,but gives a new idea to evaluate the value of CBM project rationally.
作者 冯立杰 翟雪琪 王金凤 郭一格
机构地区 郑州大学管理工程研究所 河南省煤层气开发利用有限公司
出处 《价值工程》 2011年第5期14-15,共2页 Value Engineering
关键词 煤层气 风险性 增长期权 价值评估 coal bed methane risk growth option value assessment
分类号 TE3 [石油与天然气工程—油气田开发工程]
  • 相关文献

参考文献8

二级参考文献29

  • 1田入金,周圣华.建立我国风险勘查投资机制的目标模式与对策[J].中国矿业,2003,12(3):6-9. 被引量：5
  • 2刘益康.市场经济条件下风险矿产勘查资金的筹集运行和回报[J].中国地质矿产经济,1995,8(9):20-23. 被引量：5
  • 3M. Armstrong, A. Galli, W. Bailey, B. Couet. Incorporating technical uncertalnty in real option valuation of oil projects [ J ]. Journal of Petroleum Science and Engineering, 2004, (44): 67-82.
  • 4Mason, S. P., Melton, R. C. The role of contingent claims analysis in corporate finance [ M]. Airman, E. I.Subrahmanyan, M. G. (Eds), 1985:10-15.
  • 5Kulatilaka, N. Valuing the flexibility of flexible manufacturing systems [ J]. IEEE Transactions on Engineering Management, 1988, (9) : 250 - 257.
  • 6Johnmathan Mull.实物期权分析[M].邱雅丽译.北京:中国人民大学出版社,2006:40-46.
  • 7[1]Miller M and Modigliani F. Dividend Policy, Growth and the Valuation of Shares [ J ]. Journal of Business, 1961,34 ( 5 ): 411 ～487.
  • 8[2]Kester W C. Today's Options for Tomorrow's Growth [ J]. Harvard Bushiness Review, 1984(March-April) :153 ～ 160.
  • 9[3]Kester W C. Turning Growth Options Into Real Assets [ A ]. In: R.Aggarwal ( ed. ). Capital Budgeting Under Uncertainty [ M ].Prentice-Hall, 1993. 187 ～ 207.
  • 10[4]Kulatilaka N. and A. Marcus. Project Valuation Under Uncertainty:When Does DCF Fail.? [J]. Journal of Applied Corporate Finance,1992,3(1) :92～ 100.

共引文献37

同被引文献17

  • 1Zadeh L A.Fuzzy sets[J]. Information and Control, 1965(8):338-353.
  • 2Liu BD.Foundation of Uncertainty theory[M],Beijing: Tsinghua University,2006..81-96.
  • 3Liu B.Fuzzy process, hybrid process and uncertain process [J]. Journal of Uncertain Systems, 2008(1) : 3- 16.
  • 4Qin ZF, Li X.Option pricing formula for Fuzzy financial market[J]. Journal of Uncertain Systems,2008(l):17-21.
  • 5Qin Z F, Gao X.Fractional Liu process with application tofinance[J]. Mathematical and Computer Modeling,2009, 50(9/10) : 1538- 1543.
  • 6Wang K, KimiI K, Qian X S.Convergence of the binomial tree method for Asian options in jump--duf fision mod- els [J]. Mathematical analysis and applications, 2007 ( 1 ): 10- 23.
  • 7Wong,Cheng.GeometricAsian options.. Valuation and calibration with stochastic volatility[J] Quantitative Finance, 2004(4) : 301 -314.
  • 8Qin ZF, Li X.Fuzzy calculus for finance[M]. Beijing: Tsinghai University, 2008.. 1-54.
  • 9Liu B.Uncertainty theory [M]. Berlin .. Springer-- Verlag, 2007.
  • 10Liu B, Liu YK.Expected value of fuzzy variable and fuzzy expected value models[J].iEEE TransaCtions on fuzzy Systems, 2002(4) .. 445-450.

引证文献2

二级引证文献2

价值工程
2011年 第5期

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部