矿业权评估DCF法中扣除社会平均利润的分析

开发矿业权所能带来的超额收益应该在转(出)让方和受让方之间按一定比例进行分配。《矿业权评估指南》DCF法用在净现金流量中扣除社会平均利润的方法切割受让方应获得的超额收益，这种做法存在两大问题：(1)从理论上分析，社会销售收入平均利润率与贴现率涵义重复，二者本质上所反映的都是投资收益率；(2)实践中将导致一些能带来超额收益的矿业权评估计算结果为负值。借鉴一般无形资产评估中分成率的概念，文章提出了一种在矿业权评估中切割超额收益的新方法。

AN ANALYSIS OF DEDUCTING SOCIAL AVERAGE PROFIT IN DCF METHOD IN MINING RIGHT VALUATION

The surplus profit from a mining right should be shared by the vendor and the vendee.In Guideline to Mining Right Valuation,the DCF method deducted social average pfofit from annual net cash flow,which was treated as the proportion the vendee should share in the surplus profit.There were two problems in such dealing way:(1)social average profit margin of selling and discount rate had repeated meaning theoretically,for they both reflected return rate of investment;(2)it would probably occurred that valuation resulted in negative value while in fact the mining right could bring surplus profit.By borrowing the notion of deduction percentage from common intangible assets assessment,the paper came up with a new method to partition surplus profit between the vendor and the vendee in mining right valuation.