Research On Composition And Assessment Of Mineral Resource Equity Value

Theoretical connotations and composition of mineral resource equity value have always been the focuses of debate in academic circles.Based on different theoretical insights,understandings of theoretical connotations of mineral resource equity value vary and consequently bring influences on equity value assessment and royalty policy making.As the resource,asset and capital attributes of mineral resources become increasingly obvious in economic operation,market thinking is required to change the existing allocation method and management system of mineral resources in order to earnestly safeguard the rights and interests of mineral resource owners.In 2016,the government of China officially proposed “to establish a new type of mineral resource royalty system in accordance with Chinese characteristics.” Royalty is the monetized manifestation of mineral resource equity value and the new royalty system will have structural influences on the Chinese economy.Due to the special attributes of mineral resources and the “dual” role of the state in mineral resource management,there are “real value” and “ought-to-be value” in the realization of mineral resource value.Therefore,the determination of royalty criteria is not influenced only by market factors but also by national policies.Based on mineral resource equity value,with the assessment of mineral resource equity value and determination of royalty criteria as cut-in points,this paper studied mineral resource equity value and its realization from the macro and micro perspectives.First of all,the connotations of mineral resource equity value were de-structured from the development viewpoint of the theory of land rent for mines.Through sorting out the development history of mine rent theory,the theory of land rent for mines was divided into the following four stages from the angle of research paradigm,labor-supply theory of land rent for mines,utility-demand theory of land rent for mines,revenue-margin theory of land rent for mines and Marx’s theory of land rent for mines.The connotations of Marx’s mine rent theory should be endowed with new interpretations along with the changes in economic and social development stages.Marx’s absolute land rent theory essentially reflected the relation between production and distribution.As the mode of production changes,resources have evolved into a kind of financial asset in the capital market and there is a clear coupling relationship between the value of resources and industrial profit.Such a coupling relationship will affect the distribution of surplus value.On this basis,this paper put forward theoretical connotations of mineral resource equity value and a theoretical formula of royalty assessment.Secondly,the linear relationship between equity value and mineral resource endowment was studied from the viewpoint of micro and partial equilibrium analysis.Based on the comprehensive analysis of influencing factors of mineral resource equity value,the AHP method was used to build the evaluation index system for mineral resource equity value.With iron ore resources in Anhui Province as the base data,multiple regression and dummy variable methods were adopted to simulate the quantitative relation between equity value and resource endowment and build the royalty evaluation model and dynamic adjustment correction coefficient from the perspective of mineral resource endowment condition.Then,the feasibility of the model was verified.Thirdly,methods of equity value assessment and optimal royalty criteria were studied from the macro perspective.Based on the dual role definition of the state,the “real value” and the “ought-to-be value” of mineral resource equity value will be separated to certain extent.When setting the royalty criteria,the state would usually deliberate the interrelationships between royalty levy standard and GDP,the development of mineral resource industry and state revenue from the macroeconomic perspective.Therefore,based on the general equilibrium theory,this paper adopted the dynamic computable general equilibrium(CDECGE)model for quantitative simulation and evaluation of potential macroeconomic and social influences that might come with royalty policies and thereby obtained the optimal royalty criteria.Based on this,this paper constructed the theoretical framework of mineral resource equity value and a theoretical formula for royalty assessment.It put forward a royalty evaluation model and dynamic adjustment correction coefficient based on the perspective of mineral resource endowment conditions and then the CDECGE model-based method to determine the optimal royalty criteria.Lastly,policy recommendations were proposed in the paper.