资源描述：
《基于实物期权理论的煤炭资源项目投资评价-研究》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、AbstractAccordingtotherequirementsof―ScientificOutlookOnDevelopment‖,ourgovernmentvigorouslypromotetodevelopcleanenergyintheaspectofenergyuse,meanwhile,investingalotofhumanresourcesandfinancialresources.Allwalksofliferespondtotherequirementsandgetremarkablea
2、chievements.But,intheshortterm,thestateofcoalresourcesaretakingoverthemainpartsofresourcesconsumptionwillnotchangeabit.InthelistofGlobalResourceConsumption,Chinaspent39percentcoalresources,16percentexpendituresinAmerica,8percentspentbyIndia.Itillustratesappa
3、rentlythatcoalresourcesareinamountofmarketrequirement.Inthiscase,investingoncoalresourcesprojects(e.g.,buildandexpendcoalbasesinordertoincreasetheoutputofcoalproducts)isveryimportant.Judgingfromthecurrentdevelopmentstatus,enhancingthestudyontheevaluationofco
4、alenterpriseprojectisnotonlyasignificantmeasuretorealizethesustainabledevelopmentofcoalenterprisebutalsoanurgentproblemtosolvebyinvestors.Thethesisaimingatthefeaturesofcoalresourcesprojectsanddetailedlyanalyzetheprocessofinvestments.Thenwegettheresultoftheop
5、tionvalueoftheproject,itillustratesthatthevalueofinvestmentsoncoalsourcesprojectsconsistsoftwocomponents--intrinsicvalueandoptionvalue.Traditionalinvestmentassessmentcanexplaintheintrinsicvalueinsteadofthewholevalueoftheproject,thatisthedisadvantageoftheasse
6、ssment.Asaconsequence,afterthein-depthanalysisoftheoptionfeatures,webuilttheinvestmentsassessmentofcoalresourcesprojectmodelaccordingtothe―NPV‖and―RealOptionMethod‖.Atlast,weapplythenewmodeltodocasestudy.Mainlyfocusedonthedeterminationofvariousparametersinth
7、emodelandcomparedtheRealOptionMethodwiththeTraditionalinvestmentassessmentonthecoalresourcesinvestments.Thethesisisacombinationoftheoreticalresearchandcasestudiesanditcomestoaconclusion:Traditionalinvestmentassessmentcanexplaintheintrinsicvalueandunderestima
8、tethewholevalueoftheproject,itmayhaveanegativeeffectontheinvestors`assessmentandfinallyleadtothefailureofinvestment.However,therearesomeuncertainthingsandmanagerialflexibilityshouldbetakenincons
