基于CAPM模型改进的采矿权评估方法

收益法评估采矿权价值时，采用传统的资本资产定价模型（CAPM）确定折现率，不能很好地反映矿山企业围绕矿产资源开发所进行的非主营业务投资与收益对折现率的影响。引入系统风险修正系数α，调整矿山企业非主营业务利润变化率与主营业务收入变化率的比值对系统风险的影响，建立了CAPM的改进模型。以某金矿采矿权评估为背景，基于综合杠杆系数衡量该企业系统风险和非系统风险，采用改进后的CAPM模型，对该矿的采矿权价值进行了评估。结果表明，所建立的CAPM改进模型对于采用收益法评估采矿权价值具有适用性。 

Mining right evaluation method improved based on CAPM model

When the income method is used to evaluate the value of mining rights, the traditional capital asset pricing model (CAPM) being applied to determine the discount rate cannot reflect the impact of non-main business investment and income made by mining enterprises around mineral resources development on discount rate. The system risk correction coefficient α was introduced to adjust the impact of the ratio of the change rate of non-main business profit and the change rate of main business income of mining enterprises on system risks, developing an improved CAPM model. With the mining right evaluation of a certain gold mine as the background, the system risks and non-system risks of the enterprise were measured based on the comprehensive leverage coefficient, and the minging right value was evaluated by using the improved CAPM model. The results show that the improved CAPM model is suitable for mining right evaluation by adopting the income method.