Research on the Investment Decision-making of Mining Right Value Based on Mean-revering

摘要：

The research on evaluation of mining right becomes more and more important in mining industry.To value the mining right scientifically is a key issue in the field of evaluation of mining right. It is the key to reasonably estimate the mining right value in the investment decision-making. Mean-reverting is used to simulate the fluctuant process of product price;normal distribution and stochastic process help to forecast the annual net income.Then,the cost of equity can be reckoned bv CAPM (the Capital Asset Pricing Model),and considering the cost of credit subscribed capital, the dynamic risk cost of mining riRht also can be estimated by weighted average cost of capital model.At last,we can get the investment value appraisal model of mining right.The results accords with the practically fluctuant character of mining right value and investment risks,the value of mining right also accords with the practical operating situation,it can provide a scientific and important reference for the decision-maker of mining projects.

关键词： Mining right Value evaluation Investment decision Mean-reverting Pricing Model

作者: YANG Zhihai KONG Xiangwei

作者单位: School of Economic & Management,Beijing Jiaotong University,P.R.China,100044 School of Logistics,Beijing Wuzi University,P.R.China,101149

会议类型: 国际会议

会议名称: 2010 Summit International Marketing Science and Management Technology Conference(2010年国际营销科学与管理技术大会)

会议地点: 浙江绍兴

会议语种:英文

页码: 163-167

在线出版日期: 2010-08-07（万方平台首次上网日期，不代表论文的发表时间）