Study On Determination Of Discount Rate Using Income Method To Evaluate Mineral Resource Value

China is a large country with large reserves of mineral resources,and the reform of mineral resources capitalization has lasted for more than 20 years.The evaluation of mineral resources is an important link in the process of reform.Using scientific means to accurately evaluate the value of mineral resources plays a decisive role in the rational development and utilization of mineral resources,and can effectively avoid the waste and destruction of resources.In order to ensure the accuracy of the evaluation results,the evaluation methods and related parameters should be determined scientifically and rigorously.At present,the main methods of mineral resources assessment industry are cost method,market method and income method.Mineral resources are a special kind of assets,whose main value comes from the income from the development and sale of mineral products in the future.It conforms to the evaluation idea of income method and determines the value of mineral resources by discounting the income from future mineral products.Discount rate is one of the core parameters of income method to evaluate asset value,which refers to the ratio that converts future limited-term earnings into present value.In the practice of mineral resources valuation,the main methods to determine the discount rate are cumulative method,comparative method and CAPM model method.The CAPM model was originally used to study the relationship between the expected return and risk of an enterprise.Later,it was developed to calculate the discount rate of the expected return under the corresponding risk in the evaluation practice.This paper mainly considers that when evaluating the value of mineral resources with the income method,the traditional mineral rights evaluators consider the specific risks of mineral resources mainly according to the specific scope given by the evaluators in the evaluation guideline and other industry norms.The discount rate is not convincing and accurate.Aiming at the method of determining the discount rate with CAPM model,this paper puts forward the factors in using statistics.The analysis was improved.When the evaluation object is a single mineral resource,firstly,several listed companies in the mineral resource industry in China are selected to obtain the average comprehensive leverage coefficient of the industry to represent the overall financial and operational risk level of the mineral resource industry.Secondly,a large number of similar mineral resources data in this area are obtained through research and combined with factor analysis method in statistics,the influencing factors in this area are obtained.The linear relationship between other risk factors besides the management and financial risks of the value of such mineral resources and the specific risks of mineral resources.In the evaluation of mineral resources,the ratio of the comprehensive leverage coefficient to the average comprehensive leverage coefficient of the industry is used to obtain the beta value in the CAPM model.The data of risk factors corresponding to the evaluation objects are processed with the same data,and the unique risk score of the evaluation objects is obtained by substituting the above linear relationship.The specific risk adjustment value of the evaluation objects is obtained by the unique risk score of the evaluation objects and the average unique risk score of this kind of mineral resources in the region,so as to determine the appropriate caliber of the evaluation objects under the expected income of mineral resources.Discount rate.Finally,combined with the case of mining right evaluation of Datang Tashan Coal Mine in Datong City,Shanxi Province,it is proved that the discount rate after quantitative analysis will make the evaluation result of income method more accurate.