摘要
矿业权评估的准确与否直接影响矿业权市场的交易和国家的利益 ,矿业投资领域的矿产品价格波动大 ,不确定性高 ,传统的折现现金流法DCF法 )由于预期现金流的不准、对折现率的选取困难、以及不能反映管理的灵活性而容易低估项目的价值 ,导致对项目的误评。矿业权评估的实物期权方法优于传统的DCF法 ,能克服DCF法的弱点 。
Whether mining rights price assessment is accurate affects directly exchanges of mining rights and benefits of country. In mineral investments areas, the price of minerals is extremely volatile and of uncertainty. The conventional Discounted Cash Flow(DCF) underestimates easily the mining projects value because of inaccuracy of the expected cash flow and difficulty of the choice of discounted rates and inability in calculating the benefits of management flexibility, which leads to inappropriate appraisals of mining projects. The Real Options Valuation(ROV) is superior to the DCF and provides a more reasonable and reliable valuation because it can overcome the flaws of the DCF.
出处
《矿产保护与利用》
2002年第4期1-4,共4页
Conservation and Utilization of Mineral Resources
基金
国家自然科学基金项目 (编号 :7996 0 0 5 )
