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Capital asset pricing model to determine the discount rate of the income approach of mining rights assessment

Author: WangLiLi
Tutor: MaoJingWen;CuiBin
School: Chinese Geology University (Beijing)
Course: Mineralogy,petrology, Mineral Deposit Geology
Keywords: The capital asset pricing model ( CAPM) Mining rights Discounted cash flow method Superprofit Mining rights project The discount rate Mathematical model
CLC: F426.1
Type: Master's thesis
Year: 2006
Downloads: 486
Quote: 1
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In this paper, an overview of the mining rights assessment theory , made ??a preliminary study of the basic principles of these assessment methods , conditions of use , the advantages and disadvantages of the existence of the dispute . It is worth noting that of the discounted cash flow method different with foreign counterparts , the main difference between the domestic industry insiders place of much controversy , the main problem comes down to how to express to mine producers a reasonable profits and the discount rate is what constitutes . This article analysis through mining investment process , the application of capital pricing model to determine the discount rate of the mining rights project system description to determine the recommendations put forward the current discount rate . Analysis accompanied instance . Integration with the global mining has become a trend , with the standards of international mining rights assessment method will help China Mining significant improvement of the investment environment and attract international mining investment . China 's traditional method using the weighted average cost of capital (Weighted Average Cost of Capital, WACC ) as the discount rate , and modern methods using the capital asset pricing model ( Capital Asset Pricing Model CAPM) to determine the discount rate . Uncertainty due to the factors of mining projects , mining projects of high risk is well known , how to measure the risk , should be reflected in the discount rate selected on . Usually in Western countries , the discount rate - the capital asset pricing model (CAPM) estimates from a mathematical model , namely : R c = R j β (R the m - the R j < / sub >) β values ??with different projects in the change , said the relative size of the investment risk rate , it's ok the application the CAPM selected mining rights project evaluation the key of the discount rate . β J = COV (K J (?) K M ) / σ M 2 = r JM σ J σ M / σ M 2 = r JM J / σ M ) the size of a β value of the mining rights investment project reflects this mining rights investment project benefits the relative relationship between the changes throughout the changes in market yields to calculate the value of β such mining rights investment project is to determine the impact of income changes with the mining rights market its degree .

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