实物期权在矿业投资决策中的应用  

Application of real option for mine investment decision-making

作　　者：卢明银[1] 张振芳[1] 王晓宇[1] 

机构地区：[1]中国矿业大学矿业工程学院

出　　处：《化工矿物与加工》2008年第10期35-38,共4页Industrial Minerals & Processing

基　　金：中国矿业大学科技基金资助项目

摘　　要：针对传统净现值方法在计算过程中低估矿业资源价值的缺点,提出了采用实物期权方法评价矿业项目。以某煤矿为实例,分别采用净现值法、Black-Scholes模型、基于延迟的实物期权模型和二叉树模型进行了计算,通过分析对比,得出二叉树模型适于矿业投资决策的结论。Because the value of the mineral resources is often underestimated by net present value method, the Real Option method is put forward to evaluate the mining industry project. A coal mine is taken as an instance to calculate the value by net present value method, Black-Scholes model, a decision-making model based in delayed real option and two-branches model . Through comparing the results, the conclusion is given that two-branches model is effective and feasible to evaluate the value of the mineral resources.

关 键 词：实物期权 Black—schoks模型 延迟期权 二叉树模型 

分 类 号：F416.1[经济管理—产业经济]