| 基于实物期权理论的黄金勘查项目投资价值分析 |
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| 引用本文： | 孙宝静,傅学生,曲明辉,丛险峰.基于实物期权理论的黄金勘查项目投资价值分析[J].矿业研究与开发,2010(4):108-110. |
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| 作者姓名： | 孙宝静 傅学生 曲明辉 丛险峰 |
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| 作者单位： | 北京科技大学土木与环境工程学院;山东黄金集团;威海铁路局 |
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| 摘 要： | 黄金矿产勘查项目投资大、投资周期长、投资不确定性大。利用实物期权定价理论分析了黄金矿产勘查各阶段所蕴含的各种实物期权,结合具体算例,利用二叉树期权定价公式计算勘查阶段含扩张型实物期权的项目价值,说明不确定性增加黄金勘查项目的价值。
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| 关 键 词： | 黄金矿产勘查 实物期权 投资价值分析 |
Analysis on Investment Value of Gold Mineral Exploration Projects Based on Real Option Theory |
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| Affiliation: | Sun Baojing1,Fu Xuesheng2,Qu Minghui3,Cong Xianfen3(1.School of Civil and Environmental Engineering,University of Science and Technology Beijing,Beijing 100083,China;2.Shandong Gold Group,Jinan,Shandong 250014,China;3.Weihai Railway Bureau,Weihai,Shandong 264200,China) |
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| Abstract: | The gold mineral exploration projects are characterized by long cycle,large amount and high uncertainty of investment.The various real options implicated in the each stage of gold mineral exploration were analyzed with real option pricing theory.Combining with a concrete calculating example,the value of gold mineral exploration project containing growth option in exploration stage was calculated by use of the binomial tree pricing formula of real option,it was showed that the uncertainty increases the value of gold mineral exploration project. |
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| Keywords: | Gold mineral exploration Real option Investment value analysis |
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