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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 the assessment of the value of mining rights, due to the fact that mining activities are full of uncertainties, the assessment of the value of mining rights is also full of uncertainty. The DCF method takes the uncertainty of mining activities into account and can not properly assess the value of mining rights. Using the theory of real option to study the outcome of the uncertainty problem, the basic model of real options of mining rights valuation was established and the model was adjusted. Empirical studies show that the mining rights value assessment method based on the real option theory is more effective than the mining rights valuation DCF method.