The Research Of A Coal Enterprises Mining Right Value Assessment Method

Coal is important energy in the process of economic and social development in our country, a larger share in the proportion of primary energy consumption, so it is important to develop and utilize the resources rationally. The efficient and effective operation of the mining rights transfer market has important influence on resources exploitation. And under the background of coal industry overcapacity in the economy, the coal enterprises in urgent need of industrial adjustment, then there will be government guidance, enterprise restructuring and merger and reorganization and other related economic activities, of which coal mining rights as the company’s core asset, its valuation a greater impact on the overall value of the enterprise. Therefore, select the appropriate assessment methods, more fair and accurate assessment of the value of the coal enterprises of mining rights and mining rights based implementation of an orderly transfer, and enterprise-related economic activity.This article is about mining right assessment of A coal enterprise example analysis, pointed out of the limitation of traditional evaluation method. In recent years, the most widely applied in the field of mining right evaluation assessment methods for the discounted cash flow method, the parameters in the process of its application in determine lack of rigour, and put forward the real option theory,. We think the latter can reflect the uncertainty of the future operation and management of the mining right value, can make up for the limitation of the cash flow method. Thus, we want to improve the discounted cash flow method, introduces the static evaluation ideas of present value of cash flow add the option premium, providing a mining right evaluation method. In addition, the HP filter method is used to analyze the trend of coal prices change and cycle, combined with the results of the analysis for the forecast of the future price of coal, improve the assessment accuracy. On the basis of the above theoretical analysis, the improved evaluation model was applied to A coal enterprise of mining right evaluation case, and comparing with the results in the original case.Studies have found that by comparing with the valuation of comparable act, this paper puts forward the improved method for the coal mining right evaluation of suitability and effectiveness,it can improve the accuracy of mining right valuation. In addition, the mining right valuation assessment example is higher, the main reason for instance is that when cash flow method is applied to forecast the future cash flow remains the same from year to year, and ignored the market factors on the influence of the parameters. Coal prices would have a significant impact on the result of the mining right evaluation, can predict the future from the perspectives of market cycles of coal price change, in order to improve the accuracy of the evaluation results. At the same time, the value of real option theory consider drivers more comprehensive, on the basis of static present value of cash flow to join the value of real options can improve the accuracy of the evaluation results.