基于欧式期权的可延期煤炭开采权的投资策略研究

对煤炭资源开采权价值的估计是实行煤炭资源资产化管理的核心问题之一，其意义在于正确、准确地估价，一方面有利于对煤炭资源的有效利用；另一方面也是煤炭开采权有偿使用、转让的依据。用传统的收益现金流法来估计，有可能低估其价值。从讨论煤炭资源开采权的期权特征入手，从而得出煤炭资源开采权估价与欧式买权的估价相似。实证可得到获得使用煤炭开采权的价格等于传统估计方法低估的部分。

Research of investment strategy in the coal pit exploit option that can be postponed on European option

The evaluation of the coal mining option is one of the vitals in executing coal mine asset management. The significance is its correct and precise assessment. It facilitates, on the one hand, effective exploitation of coal mine. On the other hand, it provides evidence of usage and transfer the right of coal mining option. Using traditional cash revenue method, its value may be under estimated. In the article, we discussed the option characters of coal mining option, and concluded that there is a similarity between the evaluation of coal mining option and the evaluation of European option. We proof that the price of the coal mining option is equal to the under estimated part using the traditional evaluation method.