摘要
矿业工程项目的投资受到许多不确定因素的影响 ,这些不确定因素给矿业投资带来投资机会的价值 ,传统的净现值 (NPV)法对工程项目的评价未考虑这些不确定因素的影响。在充分研究了矿产品价格的运行模式和矿业投资项目成本和收益的不确定性的基础上 ,应用实物期权理论和方法 ,建立了矿业工程项目投资价值评价和投资决策模型 。
Investment in mining projects is influences with many uncertainties.Theses uncertainties provide the investment opportunity for mining investments.But Traditional mining projects evaluation method,NPV,cannot involve this uncertainties.Based on the study of the prices of mining outputs and the analysis of the uncertainties of mining costs and revenue,and by means of Option Pricing Theory(OPT),an dynamic programming model is developed to provide a helpful approach and quantitative tools for mining projects evaluation and investment.
出处
《中国矿业》
北大核心
2003年第7期13-15,共3页
China Mining Magazine
