CAJ | 학술논문

在采矿权评估过程中,传统的净现值法和实物期权法存在一定缺陷,特别是管理者很难对预期现金流估计一个准确的值,而模糊理论和实物期权理论相结合的模糊实物期权定价模型克服了这个缺陷,能更加实际地反映其采矿权价值.本文首先简要介绍了采矿权评估中的贴现现金流法和实物期权法,针对其不足,提出了模糊实物期权法,并分析其理论基础,最后通过一个简单的案例介绍了模糊实物期权法在矿业权评估中的应用.
재채광권평고과정중,전통적정현치법화실물기권법존재일정결함,특별시관리자흔난대예기현금류고계일개준학적치,이모호이론화실물기권이론상결합적모호실물기권정개모형극복료저개결함,능경가실제지반영기채광권개치.본문수선간요개소료채광권평고중적첩현현금류법화실물기권법,침대기불족,제출료모호실물기권법,병분석기이론기출,최후통과일개간단적안례개소료모호실물기권법재광업권평고중적응용.
In the mining rights assessment process,the tradition81 net present value method and real option method have some defects,especially r it is difficult to estimate the expected cash flow for the manage,while the fuzzy real options pricing model which combine with the fuzzy theory and real option theory can overcome this defect,it can reflect the value of mining rights more realistically.This paper briefly describes the cash flow method and real options method of mining rights assessment,and put forward a fuzzy real option method for the shortcomings of he cash flow method and real options method,and analyze its theoretical foundation.We introduce the using of the fuzzy real option method to the mining indus-try with a case.