矿业权资产的期权估价  

Option Valuation of Mineral property

作　　者：李裕伟[1] LI Yuwei(Consulting & Research Center Ministry of Land & Resources,Beijing 100812, China)

机构地区：[1]国土资源部咨询研究中心,北京100037

出　　处：《中国国土资源经济》2017年第7期4-16,共13页Natural Resource Economics of China

摘　　要：期权估价是一种新的矿业权资产评估方法。同现有的其他评估方法相比,期权估价在设置决策变量方面具有更大的灵活性,例如可将矿山经营状态设置为暂停开采、恢复开采或永久性关闭。应用期权估价法进行矿业权资产评估要比对其他实物资产的评估更为复杂,因为无法直接获得执行价,而只能将开发矿产储量或矿产资源量的投资成本转换为执行价。而这正是在矿业权资产评估中使用Black-Scholes期权估价模型的技巧所在。考虑到将公司经营策略融入到矿业权资产评估中的重要性,带有政策变量的期权估价应是这类矿业权资产评估方法的最佳选择。文章以澳大利亚世纪锌矿期权估价和Antucoya斑岩铜矿矿业权资产期权估价为应用实例,说明期权估价方法的操作过程。Option valuation is a new approach for mineral property appraisal.In contrast with other methods for mineral property valuation,option valuation shows advantage of excellent flexibility in setting up mine policy variables,such as suspending,permanent closing or reopening.Applications of option valuation in mineral property valuation is more difficult than other real properties as the strike price is not available directly but has to be transformed from the capital cost developing mineral reserves or resources.This is the skill of using Black-Scholes option valuation models in real option valuation for mineral properties.In consideration of the importance of including the company operation strategies into the valuation,a mineral property appraised by option valuation with policy variables should be the best choice.At last in this paper,two case studies are introduced to demonstrate the methods and procedures.

关 键 词：期权估价 矿业权资产 BLACK-SCHOLES模型 买方期权 实物期权 

分 类 号：F407.1[经济管理—产业经济] F062.1