摘要
矿产资源勘探开发项目具有周期长、投资多、风险大的特点。在矿产资源勘探开发项目投资决策中应用最广泛并被普遍认同的就是净现值法,但传统的净现值分析方法没有考虑勘探开发项目中的各种选择性和灵活性,而这种选择性和灵活性会增加项目的价值,实期权(RealOption)理论为管理者进行投资决策时考虑各种选择性,并争取管理运作中的灵活度,提供了新的思路与量化工具。本文运用实期权理论的基本方法,对一个简化的矿产资源勘探开发项目案例作具体分析,并探讨其结合我国国情的应用性研究途径。
Mineral resources exploration projects are characteristic of long periods,large investments and risk. At present NPV is the generally accepted method for investment decision of mineral resources exploration project; however, traditional NPV method does not concern the option and flexibility of the mineral resources exploration projects, which can increase the value of the project. The real option theory provides new way and quantitative tools for investors to consider the option and flexibility and to gain management flexibility on their investment decision making. This paper applies the real option theory to analyze a simplified mineral resources exploration project case and discusses its application in domestic conditions.
出处
《中国矿业大学学报(社会科学版)》
2004年第1期88-91,共4页
Journal of China University of Mining & Technology(Social Sciences)
基金
中国地质大学科技基金
关键词
矿产资源
勘探开发项目
投资决策
实期权
mineral resources
exploration project
investment decision
real option