| 煤炭资源采矿权随机便利收益估价模型 |
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| 引用本文： | 邹绍辉.煤炭资源采矿权随机便利收益估价模型[J].技术经济与管理研究,2010(4):8-11. |
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| 作者姓名： | 邹绍辉 |
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| 作者单位： | 西安科技大学管理学院,陕西,西安,710054 |
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| 基金项目： | 国家自然科学基金项目，高等学校博士学科点专项基金资助项目，西安科技大学博士科研启动基金，西安科技大学大学培育基金 |
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| 摘 要： | 煤炭资源采矿权的有偿取得和转让是社会主义市场经济发展的客观必然,科学合理有效地对煤炭资源采矿权进行估价,是煤炭资源采矿权有偿取得和转让的关键和前提。煤炭资源采矿权具有和股票看涨期权一样的期权特性,本质上是一种按年度执行的多期看涨期权。便利收益的变动将直接影响煤炭资源采矿权价值,固定不变的便利收益或不考虑便利收益都不能准确地反映煤炭资源采矿权价值的变化。假定便利收益服从均值回复过程,文献7]建立了便利收益和煤炭价格均随机变动的煤炭资源采矿权估价双因素模型,但该模型很难获得解析解,只能简化处理。本文界定了便利收益的内涵及其对煤炭资源采矿权价值的影响,运用鞅定价理论建立了基于随机便利收益的煤炭资源采矿权估价双因素模型,获得了解析解,并通过实例进行了运用,结果表明该模型较DCF方法和煤炭资源采矿权单因素模型更能体现资源所有者的权益。
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| 关 键 词： | 煤炭资源 采矿权 便利收益 双因素模型 |
The Model of Valuating Mining Right of Coal Resources Under Stochastic Convenience Yield |
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| ZOU Shao-hui.The Model of Valuating Mining Right of Coal Resources Under Stochastic Convenience Yield[J].Technoeconomics & Management Research,2010(4):8-11. |
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| Authors: | ZOU Shao-hui |
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| Institution: | ZOU Shao-hui (School of Management,Xi'an University of Science and Technology,Xi'an Shannxi 710054,China) |
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| Abstract: | It is a natural necessity to acquire and transfer coal resources miming rights at some price in improvement of socialist market economy. Evaluating coal resources mining rights scientifically and effectively is a key and precondition of acquiring and transferring. The coal resources mining right has the same characteristics as option,which is a multi-period call option exercised annually. The convenience yield affects the value of mining right because it influences the real option. Assuming the convenience ... |
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| Keywords: | Coal resources Mining rights Convenience yield Two-factor model |
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