矿业项目并购中评估方法的国内外差异分析  

Analysis of Domestic and Foreign Differences of Valuation Methods in Mining Project M&A

作　　者：胡梦蓉 李翠平[1] 陈晨 李浩 HU Mengrong;LI Cuiping;CHEN Chen;LI Hao(School of Civil and Resource Engineering,University of Science and Technology Beijing,Beijing 100083,Chin;China Nonferrous Metal Mining(Group)Co.,Ltd.,Ltd.,Beijing 10029,China)

机构地区：[1]北京科技大学土木与资源工程学院,北京100083 [2]中国有色矿业集团有限公司,北京100029

出　　处：《矿业研究与开发》2022年第9期197-203,共7页Mining Research and Development

基　　金：国家重点实验室开放基金项目(SHJT-17-42.19)。

摘　　要：在国际矿业项目投资过程中,因缺少对国内外价值评估方法差异的深入研究而导致估值偏差,进而影响并购决策甚至造成了经济损失的现象时有发生。通过分析研究国内外矿业项目的评估目的、途径以及现金流量财务模型,发现国内外矿企在矿业项目交易过程中,不仅面临着矿业政策、税法制度的差异,同时还存在评估对象的界定、评估基础方法的确认以及具体评估参数的选取不一致性等现象。通过定性与定量分析与对比,探讨影响国内外矿业项目评估差异的主要因素,即评估主体的范畴认识差异、评估目的差异、各评估途径中具体方法的选择差异,以及在使用现金流量法时国内外关于评估所需内容、参数组成、参数运算的差异。最后,以非洲中南部地区某铜矿项目为例,验证了上述差异对评估结果的影响。In the process of international mining project investment, due to the lack of in-depth research on the differences between domestic and foreign value evaluation methods, valuation bias affect merger and acquisition decisions and even causes economic losses from time to time. To address this issue, by analyzing and studying the evaluation objectives, approaches and cash flow financial models of mining projects at home and abroad, it is found that mining enterprises at home and abroad are not only faced with differences in mining policies and tax laws, but also with inconsistent definition of evaluation objects, confirmation of basic evaluation methods and selection of specific evaluation parameters. Through qualitative and quantitative analysis and comparison, the main factors that affect the differences in the evaluation of mining projects at home and abroad were discussesed, namely, the difference in the category understanding of the evaluation subjects, the difference in the evaluation purpose, the difference in the selection of specific methods in each evaluation approach, and the difference in the content, parameter composition and parameter calculation required for the evaluation at home and abroad when using the cash flow method. Finally, a copper mine project in South Central Africa is taken as an example to verify the impact of the above differences on the evaluation results.

关 键 词：矿业项目 评估目的 评估途径 现金流量法 差异对比 

分 类 号：F426.1[经济管理—产业经济]