Analysis on Coal Mine Investment Decision Based on Binomial Tree Pricing Model

摘要：

Coal resource plays an irreplaceable role in economy development, which decides the importance of coal mine investment. The influencing factors of coal mine investment are complicated and diversified, so the valuation should be flexible. In this paper, firstly, the concept and classification of real option are introduced. Then, combining to the compound binomial tree for stages, the principle and main equations of binomial tree pricing model are described. At last, net present value method and binomial tree pricing model are brought to do empirical research respectively. In this way, binomial tree pricing model is proved to evaluate coal mine investment project accurately, which to some extent can conduct how to invest the coal mine project with high risk.

关键词： Binomial tree pricing model coal mine investment net present value method real option

作者: Jin-feng WANG Yan AN Li-jie ENG Xin WANG

作者单位: Institute of Management Engineering,Zhengzhou University,Zhengzhou,China

会议类型: 国际会议

会议名称: 2010 IEEE 17th International Conference on Industrial Engineering and Engineering Management(2010年IEEE第17届工业工程与工程管理国际学术会议)

会议地点: 厦门

会议语种:英文

页码: 22-24

在线出版日期: 2010-10-29（万方平台首次上网日期，不代表论文的发表时间）