矿业权价值评估DCF法与实物期权法比较研究  

Comparative Study of DCF Method and Real Options Method in Assessing Value of Mining Right

作　　者：李松青[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《矿业研究与开发》2009年第3期96-98,共3页Mining Research and Development

摘　　要：在矿业权价值评估中,由于矿业活动充满了许多不确定性,导致矿业权价值评估亦充满不确定性。DCF法对矿业活动的不确定性考虑不周,不能正确对矿业权价值进行评估。利用实物期权理论研究不确定性问题的成果,建立了矿业权价值评估实物期权基础模型,并对该模型进行了调整。通过实证研究表明,基于实物期权理论的矿业权价值评估方法比矿业权价值评估DCF法更有效。In assessing the value of mining right, a lot of uncertainties existing in mining activities result in the uncertainties in assessment of the value of mining right. Because Discounted Cash Flow （DCF） method can＇t take the uncertainty of mining activities into consideration totally, it can＇t be used to accurately assess the value of mining rights value. Based on the achievements in studying uncertainty by using real options theory, a basal real options model assessing the value of mining right was established, and the model has been adjusted. Empirical studies showed that the method of assessing the value of mining right based on real option theory is more effective than DCF method.

关 键 词：矿业权价值评估 DCF 实物期权 比较研究 

分 类 号：F27[经济管理—企业管理]