摘要
黄金矿产勘查项目投资大、投资周期长、投资不确定性大。利用实物期权定价理论分析了黄金矿产勘查各阶段所蕴含的各种实物期权,结合具体算例,利用二叉树期权定价公式计算勘查阶段含扩张型实物期权的项目价值,说明不确定性增加黄金勘查项目的价值。
The gold mineral exploration projects are characterized by long cycle,large amount and high uncertainty of investment.The various real options implicated in the each stage of gold mineral exploration were analyzed with real option pricing theory.Combining with a concrete calculating example,the value of gold mineral exploration project containing growth option in exploration stage was calculated by use of the binomial tree pricing formula of real option,it was showed that the uncertainty increases the value of gold mineral exploration project.
出处
《矿业研究与开发》
CAS
北大核心
2010年第4期108-110,共3页
Mining Research and Development
关键词
黄金矿产勘查
实物期权
投资价值分析
Gold mineral exploration
Real option
Investment value analysis
