本文選題：環(huán)境成本　切入點：投資決策　出處：《江西理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：本論文來源于國家社會科學(xué)基金項目“海外礦業(yè)投資經(jīng)營管理風(fēng)險評估與預(yù)警系統(tǒng)研究”(項目編號:12CGL008)。通過分析礦山企業(yè)產(chǎn)生高污染難治理的現(xiàn)狀,提出在企業(yè)投資決策階段應(yīng)將環(huán)境成本納入未來現(xiàn)金流量中進行決策分析。以將礦山企業(yè)的環(huán)境成本納入未來現(xiàn)金流量中為出發(fā)點,分析礦山企業(yè)環(huán)境成本的構(gòu)成因素與特點;以礦山建設(shè)開采生命周期為時間線計算礦山企業(yè)的環(huán)境成本,分析加入環(huán)境成本對礦業(yè)項目投資決策所產(chǎn)生的的影響。本論文的主要研究內(nèi)容與結(jié)論如下:首先,對礦業(yè)項目投資特點進行了分析,總結(jié)現(xiàn)有的投資決策方法,主要分為靜態(tài)投資決策方法和貼現(xiàn)現(xiàn)金流量方法兩類,并對主要方法進行詳細介紹及優(yōu)缺點評價,確定投資決策方法選用DCF法。其次,綜合國內(nèi)外相關(guān)資料,分析研究環(huán)境成本的定義和相關(guān)領(lǐng)域的專家學(xué)者或機構(gòu)對于環(huán)境成本的研究狀況,指出將環(huán)境成本加入未來現(xiàn)金流量中最大困難為環(huán)境成本定量化,通過分析幾種現(xiàn)行的環(huán)境成本定量化方法,以國內(nèi)采用地下開采方式的金屬礦山為研究對象,確定環(huán)境成本定量化方法為防護與恢復(fù)費用法。再次,將礦山生命周期分為建設(shè)期、投產(chǎn)期、減產(chǎn)年三個階段,分析地下開采的金屬礦山環(huán)境成本因素主要為廢氣、廢水、固體廢棄物與噪聲、土地復(fù)墾成本,通過大量礦山實例分析與現(xiàn)場調(diào)研確定了主要的治理方式,分別建立不同階段、不同因素的環(huán)境成本計算公式。最后,以某地采的金屬礦山為例進行分析,運用現(xiàn)金流量法進行在沒有加入環(huán)境成本時該礦山企業(yè)的投資決策,綜合該礦山現(xiàn)場生產(chǎn)狀況與相關(guān)文件資料得出數(shù)據(jù),然后應(yīng)用研究的環(huán)境成本計量模型計算該礦山的環(huán)境成本,將環(huán)境成本加入DCF方法中進行投資決策。研究結(jié)果表明,加入環(huán)境成本后,該礦業(yè)投資項目由“可行”變?yōu)椤安豢尚小?礦山企業(yè)的環(huán)境成本對企業(yè)投資決策有相當(dāng)重要的影響;本文建立的環(huán)境成本核算體系與計量模型可很好的契合于礦業(yè)項目投資決策中,有較強的應(yīng)用價值和推廣價值;將環(huán)境成本加入總成本中進行決策分析是可行的,也是至關(guān)重要的。
[Abstract]:This paper comes from the project of National Social Science Foundation, "Research on risk Assessment and early warning system of overseas Mining Investment Management" (Project No.: 12 CGL008). By analyzing the present situation of high pollution and difficult to control in mining enterprises, The paper puts forward that the environmental cost should be brought into the future cash flow for decision analysis in the investment decision-making stage of the enterprise, and taking the environmental cost of the mining enterprise as the starting point of the future cash flow, the constituent factors and characteristics of the environmental cost of the mining enterprise are analyzed. The environmental cost of mining enterprises is calculated by using the life cycle of mine construction and mining as the time line, and the influence of adding environmental cost on the investment decision of mining projects is analyzed. The main contents and conclusions of this paper are as follows: first of all, This paper analyzes the investment characteristics of mining projects and summarizes the existing investment decision-making methods, which are mainly divided into static investment decision methods and discounted cash flow methods. The main methods are introduced in detail and their merits and demerits are evaluated. Secondly, the definition of environmental cost and the status of research on environmental cost by experts and scholars in related fields are analyzed by synthesizing relevant domestic and foreign data. It is pointed out that the biggest difficulty of adding environmental cost to the future cash flow is the quantification of environmental cost. By analyzing several current methods of environmental cost quantification, taking the metal mines which adopt underground mining as the research object, the paper points out that the environmental cost is the most difficult in the future cash flow. Thirdly, the life cycle of the mine is divided into three stages: the construction period, the period of production and the year of reduction of production. The environmental cost factors of underground mining metal mines are mainly waste gas and waste water. Solid waste and noise, land reclamation cost, through a large number of mine examples analysis and field investigation to determine the main treatment methods, respectively, to establish different stages, different factors of environmental cost calculation formula. Taking a metal mine taken from a certain place as an example, the investment decision of the mining enterprise without adding environmental cost is made by using the cash flow method, and the data are obtained by synthesizing the production situation and related documents of the mine. Then the environmental cost of the mine is calculated by using the environmental cost measurement model studied, and the environmental cost is added to the DCF method for investment decision. The results show that, after adding the environmental cost, The mining investment project has changed from "feasible" to "not feasible", and the environmental cost of mining enterprise has a very important influence on enterprise investment decision. The environmental cost accounting system and the measurement model established in this paper can fit well in the investment decision of mining project, and have strong application value and popularizing value, it is feasible to add environmental cost into the total cost to make decision analysis. It is also crucial.
【學(xué)位授予單位】：江西理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.1;F406.7

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