摘要
在假定波动率不变和不考虑开采者在运营管理上的灵活性的情况下,采用收益现值法评估矿业权是容易低估其价值的。为此,建立了基于期权的矿业权估价随机波动率方法,即假定波动率是时间t的函数,在此假设的基础上建立了随机波动率条件下的矿业权估价模型,并通过实例对该方法进行了验证。计算结果表明,基于期权的矿业权估价随机波动率方法较收益现值法能提高矿业权的价值。
Frequency is supposed to be constant and management flexibility is not considered, the value of mining fights is underestimated using evaluation method of income present value. A method of evaluating mining fights based on stochastic wave frequency is set up. And it is used to appraise the coal mining rights in Shaanxi province. According to the results, the method can raise the value of coal mining rights.
出处
《西安科技大学学报》
CAS
北大核心
2008年第4期813-815,共3页
Journal of Xi’an University of Science and Technology
基金
国家自然科学基金资助项目(90410014)
关键词
矿产品
矿业权
期权
随机波动率
product of mine
mining rights
option theory
stochastic wave frequency
