Research On Improvement Of CAPM Model In Mining Right Assessment

Mineral resources are a kind of special assets,and the mining right has this particularity and belongs to the intangible assets evaluation,so the income method is a relatively mature evaluation method in the mining right evaluation.Because the income method is widely used,and the discount rate as one of its core parameters has a very important impact,so how to get an accurate discount rate has been the object of discussion by scholars at home and abroad.Domestic and foreign scholars generally agree that the method to determine the discount rate is the risk accumulation method,the weighted average cost of capital model and the capital asset pricing model.This article through to these three methods in mining right evaluation on the applicability of analysis combined with the article selected case again,now gradually improve the correction to the CAPM model is applicable to listed companies and is suitable for the paper evaluated the mining right belonging to a private company,and CAPM model can express the expected rate of return of value assets with its own risk,the relationship between the and to quantify the relationship and calculation.For the evaluation of the mining right of a single mineral resource,the corresponding discount rate should be determined from the income condition and risk condition of the mineral resource itself.Different individual mineral resources are faced with different risks,and the impact degree of various risks on their earnings is also different.Due to the particularity of mineral resources,all the data to be used in the evaluation of mining rights should be quantified and relevant parameters should be selected according to the evaluated mining rights.Through the analysis,it can be seen that CAPM model has more theoretical advantages and is more applicable in the evaluation of mining rights.The problem studied in this paper is the determination of the discount rate in the method of discounted cash flow,and the CAPM model is adopted and improved to measure the discount rate.This paper improves the risk coefficient in the CAPM model,and constructs a specific risk adjustment coefficient to add to the CAPM model.This article selects the ten gold mine in the industry has been on mining companies,they are calculated separately,and the integrated lever coefficient to the industry average to get gold comprehensive lever coefficient,the average represents the average of gold and the whole industry management risk and financial risk level,be evaluated enterprise integrated lever coefficient and average integrated lever is adjusted beta coefficient,conform to the definition of the risk coefficient and more targeted.Then to the ten listed companies belonging to a larger scale of ten gold mineral specific risk further research to obtain a large amount of data to establish the evaluation index system,index to quantify and uses the factor analytic method in addition to the risk factors were included in the financial and operating risk other than the risk and the linear relationship between specific risk,and through the factor analysis method of linear function relation between the specific risk adjustment coefficient is calculated by assessment of mining right,the specific risk coefficient and add it to the CAPM model.After getting the improved model,this paper uses a practical case to verify the model is feasible and it is suitable for mining right evaluation.