摘要
由于假定利率不变和不考虑资源开采者在运营管理上的灵活性,收益现值法在评估采矿权时容易低估其价值。为此,作者建立了基于期权的采矿权估价随机利率方法,并通过实例对该方法进行了验证。计算结果表明,基于期权的采矿权估价随机利率方法较收益现值法能提高采矿权的价值。
In practice the application of evaluation method of income present value, rates is supposed to be constant and management flexibility is not considered, this causes the value of mining rights is underestimated. A method of evaluating mining rights based stochastic interest rates is set up. And it is used to appraise the coal mining rights in Shaanxi province. According to the results, the method can raise the value of coal mining rights.
基金
陕西省自然科学基金资助项目(G9902)
陕西省教育基金项目(00JK199)
关键词
采矿权
期权
随机利率
mining rights
option theory
stochastic interest rates evaluating mode
