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Discount rate to determine the method of mining rights revenue pathway assessment

Author: HuangXiaoJie
Tutor: LiYingLong
School: Kunming University of Science and Technology
Course: Technology Economics and Management
Keywords: Mining rights assessment Discounted cash flow method ROI Capital Asset Pricing Model Risk-adjusted discount rate
CLC: F223
Type: Master's thesis
Year: 2010
Downloads: 92
Quote: 0
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Abstract


Mining rights assessment by specialized institutions and personnel in accordance with the purpose of the assessment , the assessment of the use of the object and the actual situation to select the appropriate method , according to the relevant laws, regulations and relevant technical and economic information in determining and evaluating the conditions of a point in time mining rights on the value of the assessment . Domestic mining rights assessment income capitalization approach valuation method mainly uses the discounted cash flow method , this method of assessment methods compared with foreign countries , the biggest difference is the return on investment is included in the discount rate , ie there repeatedly split over profit . By investment down algorithm , evaluation results show that the return on investment included in the discount rate more scientific, according to the mining market and the company's actual situation , determine the return on investment is more reasonable . Mining itself is a high-risk industry , the discount rate is an important parameter in the mining rights revenue pathway assessment . In this paper, starting from the mining project risk , by analyzing the characteristics of the discount rate in the assessment of mining rights and asset assessment method in order to find a more appropriate discount rate to assess the value of mining rights . Accumulation method is the main method used by the selected discount rate of domestic mining rights assessment , namely: mining project risk return values ??in the range of 3% -5% , the risk-free rate in accordance with the five-year bank deposit rates , the value with there are a lot of randomness . Mining rights assessment of the economic content of the discount rate , the discount rate of mining rights assessment of the risks faced by particularity , by analysis comparison Mining risk particularity , the advocates return on assets according to domestic mining market stock price , the mining companies and the mining company investment yield data , and market data adjusted for changes in the size of the risk-free rate , it is recommended that the size of the risk adjusted discount rate to calculate the risk of the income capitalization approach , in order to estimate the size of the discount rate . Also pointed out that the selection of the discount rate can choose the appropriate method in accordance with the purpose of the assessment commissioned . In this paper, the capital asset pricing model and risk adjusted discount rate object , systematic risk and unsystematic risk analysis in accordance with the purpose of the entrusted party assessment , to take a different approach to calculate the income-based approach discount rate . Finally, the mining rights assessment case to prove that the method is reasonable, practical .

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