折现现金流评估方法在矿业权价款评估中适用性分析  

Discounted cash flow evaluation method in mineral right value evaluation applicability analysis

作　　者：张延庆[1] 

机构地区：[1]国土资源部矿产资源储量司,北京100812

出　　处：《中国矿业》2015年第4期31-33,共3页China Mining Magazine

摘　　要：采用折现现金流评估方法计算的矿业权价值是期望值,即该矿权在未来一定期限(一般不超过30年)内,投资人或矿业权人所获得的净收益总和。主要参数是设计的,评估值受市场因素影响,并随参数的变化而改变;矿业权价款评估是一种追溯性评估,目的是计算国家在过去某一时期在勘查阶段的投资在现在的价值,主要参数是实际记录的,客观的。因此,折现现金流评估方法仅适于价值评估(二级市场),不适用于矿业权价款评估(一级市场)。矿业权价款评估符合资金时间价值理论,计算公式应另行研究。Using discounted cash flow evaluation method to calculate the expected value is the value of the mineral right ,the right of the mine in the future within a certain period （generally no more than 30 years） ,the total net income gained by the investors or mineral right person .Main parameters is designed , the evaluation value is influenced by market factors ,and along with the change of parameters change;Price of mineral right evaluation is a kind of traceability assessment ,the purpose is to calculate the state in the past a period in the exploration of the value of the investment in the present stage ,the main parameter is the actual record ,objective .Therefore ,discounted cash flow evaluation method is only suitable for evaluation （secondary market） ,is not suitable for mineral right evaluation price （primary market） .Price of mineral right evaluation conforms to the time value of money theory ,formula should be further research .

关 键 词：折现现金流评估方法 矿业权价值 矿业权价款评估 勘查投资机会成本 

分 类 号：F407.1[经济管理—产业经济]