| Mineral resources are an important material basis for developing the national economy, to manage basic data on national economic development is of strategic significance. In the planned economy, China's mineral resources industry has been funding by the state geological prospecting and exploration work-related, mining companies and through administrative allocation, access to mineral resources, the right to use, and this is not the right to use the time limit. With the continuous deepening of reform and opening up, China has a fundamental social and economic changes, the original mineral resources management and operation of the industry can not adapt to the new economic environment of the development needs, therefore, the state's mineral resources on the original industry management measures have been adjustedThe development of market economy and capital market has changed the mining right trading mode. Our country is the owner of mineral rights, generally, mining companies were donated mineral rights. For various reasons, the donated mining right has not been effectively evaluated. In 1996, "Mineral Resources Law amendment" was adopted. Compensation system was created to obtain mining rights, the way of trading mining right has been changed fundamentally. However, institutional change did not solve all the problems in mining right appraisal. How to express to the mining investors a reasonable risk reward problem still exists.The thesis explores the theories and methods on assessment of mining right, simultaneously made a primary study on their fundamentals, conditions of application, advantages and disadvantages and disverge. Our long-term deposit interest rates have been consistent with the West. This protects the determination of safety interest rates. After, by analyzing the CAPM(Capital Asset Pricing Model), it provides the system description in using the model. Finally, the example shows the CAPM is reasonable, and provide advice to our assessment methods. |
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