本文選題：礦業(yè)權(quán)　切入點：礦業(yè)權(quán)市場　出處：《石家莊經(jīng)濟(jì)學(xué)院》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：礦產(chǎn)資源是國家經(jīng)濟(jì)建設(shè)、社會經(jīng)濟(jì)發(fā)展的重要物質(zhì)基礎(chǔ)。對礦產(chǎn)資源的合理開發(fā)以及利用是關(guān)系國計民生的大事，具有重要的戰(zhàn)略意義。礦業(yè)權(quán)市場的建立便是為了通過礦業(yè)權(quán)的出讓以及流轉(zhuǎn)等市場行為去引導(dǎo)礦產(chǎn)資源的合理配置。 礦業(yè)權(quán)評估在礦業(yè)權(quán)的出讓以及流轉(zhuǎn)過程中具有重要作用。但是，我國礦業(yè)權(quán)市場的建立到目前為止只有十幾年的時間，礦業(yè)權(quán)評估的研究也才只有十幾年的時間，其理論與實務(wù)中還有許多需要進(jìn)一步探索的地方。在礦業(yè)權(quán)評估中，折現(xiàn)現(xiàn)金流量法是使用比較廣泛、也是相對比較成熟的方法。該方法主要涉及三個參數(shù)的確定：未來各年的凈現(xiàn)金流量，折現(xiàn)年限以及折現(xiàn)率。對于折現(xiàn)率的確定一直是礦業(yè)權(quán)評估界爭論的焦點之一。 目前，折現(xiàn)率的確定是依據(jù)《礦業(yè)權(quán)評估參數(shù)確定指導(dǎo)意見》中的風(fēng)險累加法，以及國土資源部2006年第18號公告，即：凡涉及國家收取礦業(yè)權(quán)價款的評估，地質(zhì)勘查程度為勘探以上的探礦權(quán)及（申請）采礦權(quán)評估折現(xiàn)率取8％，地質(zhì)勘查程度為詳查及以下的探礦權(quán)評估折現(xiàn)率取9％�！吨笇�(dǎo)意見》對不同風(fēng)險所要求的折現(xiàn)率設(shè)定不同的取值區(qū)間，，礦業(yè)權(quán)評估師只需選取他認(rèn)為合適的數(shù)值并進(jìn)行累加即可。這種方法優(yōu)點是操作性強(qiáng)，不足之處是折現(xiàn)率的選取受評估師的主觀影響大，缺乏相應(yīng)的依據(jù)；對于“非八即九”的折現(xiàn)率選取更是不科學(xué)。 本文試圖利用財務(wù)管理學(xué)中相關(guān)理論模型去研究礦業(yè)權(quán)評估中折現(xiàn)率確定的問題。論文首先對礦業(yè)權(quán)以及礦業(yè)權(quán)市場進(jìn)行研究，通過對礦業(yè)權(quán)的概念分析入手，總結(jié)出礦業(yè)權(quán)的特點以及對礦業(yè)權(quán)與礦產(chǎn)資源所有權(quán)之間的關(guān)系，并對其二者進(jìn)行辨析。然后對我國目前的礦業(yè)權(quán)市場進(jìn)行研究，分析出目前我國礦業(yè)權(quán)市場的市場結(jié)構(gòu)，參與者以及礦業(yè)權(quán)市場的作用。再對國內(nèi)外礦業(yè)權(quán)評估以及相關(guān)理論研究的基礎(chǔ)上，分析礦業(yè)權(quán)評估中折現(xiàn)率的經(jīng)濟(jì)實質(zhì)，指出折現(xiàn)率的本質(zhì)是企業(yè)投資該礦業(yè)權(quán)的期望報酬率，并指出可以采用礦業(yè)企業(yè)的資本成本這一最低報酬率來計算折現(xiàn)率。并結(jié)合財務(wù)管理學(xué)中的相關(guān)理論與模型，利用具體實例去計算折現(xiàn)率。
[Abstract]:Mineral resources are an important material basis for national economic construction and social and economic development. The rational exploitation and utilization of mineral resources is a major event related to the national economy and the people's livelihood. The establishment of mining rights market is to guide the rational allocation of mineral resources through the transfer and circulation of mining rights and other market behaviors. The evaluation of mining rights plays an important role in the transfer and circulation of mining rights. However, the establishment of the mining rights market in China has only been more than ten years, and the study of mining rights evaluation has only been more than ten years. The discounted cash flow method is widely used in the evaluation of mining rights. This method mainly involves the determination of three parameters: net cash flow, discount years and discount rate in the coming years. The determination of discount rate has always been one of the focuses in the field of mining right evaluation. At present, the discount rate is determined on the basis of the risk accumulation method in the guidelines for determining the parameters of Mining right Assessment, and the Ministry of Land and Resources announcement No. 18 of 2006, that is, any assessment involving the collection of mining price by the State. The degree of geological exploration is that the discount rate of prospecting right and mining right above exploration is 8%, the discount rate of geological exploration degree is 9% for detailed exploration and below. Set different value ranges, Mining right appraiser only needs to select the appropriate value and add it up. The advantage of this method is that it has strong maneuverability, and the disadvantage is that the selection of discount rate is greatly influenced by the appraiser's subjective influence and lacks the corresponding basis. The selection of discount rate of "not eight is nine" is even more unscientific. This paper attempts to use the relevant theoretical models in financial management to study the determination of discount rate in the evaluation of mining rights. Firstly, the paper studies mining rights and the market of mining rights, and begins with the concept analysis of mining rights. This paper summarizes the characteristics of mining rights and the relationship between mining rights and mineral resources ownership, and discriminates between them. Then, the paper studies the present mining rights market in China, and analyzes the market structure of mining rights market in China at present. Participants and the role of mining rights market. Then on the basis of domestic and foreign mining rights evaluation and related theoretical research, the economic essence of discount rate in mining rights evaluation is analyzed. It is pointed out that the essence of discount rate is the expected rate of return for enterprises to invest in the mining right, and it is pointed out that the discount rate can be calculated by using the lowest rate of return of the capital cost of mining enterprises, and combined with the relevant theories and models in financial management. Use specific examples to calculate the discount rate.
【學(xué)位授予單位】：石家莊經(jīng)濟(jì)學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F406.7;F426.1

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 陳小悅,孫愛軍;CAPM在中國股市的有效性檢驗[J];北京大學(xué)學(xué)報(哲學(xué)社會科學(xué)版);2000年04期

2 徐寒;;談技術(shù)資產(chǎn)評估折現(xiàn)率的確定[J];財會月刊;2006年17期

3 王四光,劉忠珍;礦業(yè)權(quán)評估方法初探[J];地質(zhì)技術(shù)經(jīng)濟(jì)管理;1998年02期

4 靳云匯,劉霖;中國股票市場的雙因子定價模型[J];經(jīng)濟(jì)科學(xué);2001年05期

5 陳浪南,屈文洲;資本資產(chǎn)定價模型的實證研究[J];經(jīng)濟(jì)研究;2000年04期

6 王新棟;資本資產(chǎn)定價模型及其拓展模型實證研究介紹[J];開放導(dǎo)報;2005年05期

7 李紅娟;孫濟(jì)慶;;知識產(chǎn)權(quán)的價值評估模型研究[J];科技情報開發(fā)與經(jīng)濟(jì);2007年27期

8 王晶;寧宣熙;;關(guān)于收益法中折現(xiàn)率選取的探討[J];會計之友(上旬刊);2007年03期

9 李恩柱,張詠梅;礦產(chǎn)資源價值確定中有關(guān)問題的探討[J];煤炭經(jīng)濟(jì)研究;2000年11期

10 黃春艷;采礦權(quán)評估的收益現(xiàn)值法體系研究[J];南方冶金學(xué)院學(xué)報;2000年04期

本文編號：1622571