便利收益对煤炭资源采矿权价值的影响分析

煤炭资源采矿权可以被认为是一个多期、多阶段的复合看涨期权,其价值是煤炭资源储量价值的函数。便利收益在解释煤炭期货价格和现货价格联系方面具有显著的经济价值。通过分析便利收益的内涵和建立其计算模型,探讨了便利收益变化模型及其影响因素来揭示便利收益对煤炭资源采矿权价值的影响,并通过实例,分析了煤炭便利收益对煤炭资源采矿权价值影响的敏感性。

Influence of Convenience Yield on the Value of Coal Mining Rights

The coal mining right was regarded as a multi-stage compounding call option,whose value which was the function of coal resource value.Convenience yield is of great economic value to explain the connection between coal future price and spot price.The connotation of convenience yield was analyzed.A calculation model was built and its variation and influence factors were tested to discover mechanism of the influence of convenience yield on coal mining rights value.The sensitivity of the model was analyzed through an example.