矿业权评估的实物期权方法研究初探

STUDY ON THE OPTION IN KIND METHOD OF MINING RIGHT EVALUATION

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 ,更合理地评估矿业权的价值。

The evaluation of mining right will affect directly the transaction in mining right market and states interest.The evaluation error is inevitable as the traditional discounting cash flow(DCF)method is liable to underestimate the value of object due to the inaccurate predicted cash flow,difficult selection of discount rate and the failure in reflecting the flexibility of management in addition to the fluctuation in ore product price and high uncertainty.The option in kind method of mining right evaluation is superior to the traditional DCF method and can overcome the shortcoming of DCF method and evaluate the value of mining right more rationally.