Research on the Investment Decision-making of Mining Right Value Based on Mean-revering

摘要

The research on evaluation of mining right becomes more and more important in mining industry.To value the mining right scientifically is a key issue in the field of evaluation of mining right. It is the key to reasonably estimate the mining right value in the investment decision-making. Mean-reverting is used to simulate the fluctuant process of product price;normal distribution and stochastic process help to forecast the annual net income.Then,the cost of equity can be reckoned bv CAPM (the Capital Asset Pricing Model),and considering the cost of credit subscribed capital, the dynamic risk cost of mining riRht also can be estimated by weighted average cost of capital model.At last,we can get the investment value appraisal model of mining right.The results accords with the practically fluctuant character of mining right value and investment risks,the value of mining right also accords with the practical operating situation,it can provide a scientific and important reference for the decision-maker of mining projects.