Abstract:

Mining enterprises are responsible for meliorating the mine environment, but how to improve the investment quality and profit is a crucial point. This paper discusses the problems in investment decision of mining enterprises in meliorating environment, based on a case study, presents some suggestions using the real option rather than the NPV, attempting to provide some reference for China’s mining enterprises to make investment decision in meliorating environment.

Key words:

mining enterprises; investment decision; NPV; real option

摘要：

矿业企业环境治理投资的必要性毋庸置疑，但如何提高投资质量与投资效益却是值得研究的重要问题。本文指出了目前矿业城市环境治理投资决策方法存在的问题，并提出采用实物期权决策方法对目前的净现值方法进行改进，采用实际案例探讨该方法的可行性，希望能对目前我国矿业企业的环境治理投资决策提供一定的帮助。

关键词: 矿业企业；投资决策；净现值；实物期权