资本资产定价模型在矿业权评估中的应用

发布时间：2018-05-05 16:45

本文选题：矿业权评估 + 折现现金流量法　；参考：《武汉理工大学》2011年硕士论文

【摘要】：矿产资源是发展国民经济的重要物质基础,管理好基础资料,对国家经济的发展具有战略意义。在计划经济体制下,我国的矿产资源行业一直由国家拨款进行找矿和相关地质勘探工作,矿山企业再通过行政划拨方式,获得矿产资源的使用权,并且这种使用权在时间上没有限制。随着改革开放的不断深入,我国社会和经济有了根本性的变化,原有的矿产资源行业管理方法和运作模式已经不能适应新经济环境下的发展需要,因此,国家对原有的矿产资源行业管理办法进行了调整。我国市场经济的发展和资本市场的兴起,矿业权流转方式发生了根本改变。从前,国家作为矿业权的根本所有者,通常以划拨的方式将矿业权纳入矿山企业的资产中,而这部分资产的价值评定也由于矿业行业的体制、矿业权评估方法等因素的束缚,没有有效的推进。1996年国家通过《矿产资源法修正案》,矿业权有偿取得制度从此建立,这根本性的改变了矿业权的流转方式。然而,体制上的转变并未解决矿业权评估技术上的所有问题。如何表达给矿业权投资者一个合理的风险报酬和折现率如何构成的问题依然存在。本文尝试应用资本资产定价模型估算矿业权评估收益途径法中的折现率系数。首先,本文对矿业权评估收益途径中的折现现金流量法的原理、使用条件、相关系数等做了初步研究,通过分析矿业权投资过程,了解到我国长期存款利率与西方国家经济的接轨,为确定安全利率或无风险利率提供了保障；之后,通过分析资本资产定价模型的特点及应用,对在确定折现率的方法上应用资本资产定价模型作了系统说明；最后,结合实例验证应用资本资产定价模型确定矿业权评估中折现率的合理性,并对我国现行矿业权评估实务中如何确定折现率提出建议。
[Abstract]:Mineral resources are an important material basis for the development of national economy , which is of strategic importance to the development of national economy . Under the planned economy system , our country ' s mineral resources industry has been made by the national appropriation for prospecting and related geological exploration . In the planned economic system , the mineral resources industry of our country has been allocated the right to use the mineral resources through the administrative transfer mode . With the deepening of the reform and opening up , our country ' s society and economy have changed fundamentally . As the reform and opening up , the original mineral resources industry management method and operation mode have not adapted to the development needs in the new economic environment . Therefore , the country has made an adjustment to the original management method of the mineral resources industry .

With the development of market economy and the rise of capital market , the way of transfer of mining rights has changed fundamentally . In 1996 , the state , as the basic owner of mining rights , usually incorporated mining rights into the assets of mining enterprises .

In this paper , we try to apply the capital asset pricing model to estimate the discount rate coefficient in the income path method of mining right assessment . Firstly , this paper makes a preliminary study on the principle , the use condition and the correlation coefficient of the discounted cash flow method in the income path of mining right assessment . Through the analysis of the investment process of mining right , it is realized that the long - term deposit interest rate of our country and the connection of the western state economy provide guarantee for the determination of the safe interest rate or the riskless interest rate ;
Then , by analyzing the characteristics and application of the capital asset pricing model , a system description is made on the application of the capital asset pricing model in the method of determining discount rate ;
Finally , the rationality of the discount rate in the appraisal of mining rights is determined by using the capital asset pricing model , and how to determine the discount rate in China ' s current mining rights evaluation practice .

【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.62;F426.1

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