宝剑锋从磨砺出，梅花香自苦寒来。经过在DBA的课程学习与实践，2022年9月15日，DBA四期班同学、武汉华泽科技发展有限公司创始人、董事长姚顺义迎来了他的最终答辩时刻。姚顺义同学在现场阐述了《矿石品位、运营成本与铁矿企业投资价值：基于中国双碳政策背景的研究》，成果丰硕，最终顺利通过答辩。恭喜姚顺义同学，让我们一起回顾他的高光时刻。

企业家学者项目（DBA）整合全球优质教育资源，打造极具前沿性和系统性课程，在框架模块、聚焦模块、专题研究+实践课堂这三大核心课程中，涵盖2大金融主题与4大微观主题，探索6大宏观方向，定制化行业专题，走访行业内领军企业。姚顺义同学正是在理论与实践的碰撞中，收获了应对新商业文明下新问题与新挑战的能力。“理解 - 判断 -实践 - 引领”的DBA学习之旅，让他在企业家学者项目中历经了新商业文明的一次次洗礼，完成了跨越式的思想“突围”。 

 

 

本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了姚顺义同学的学术成果。

Fangjian FU

Associate Professor of Finance,SMU

Yijiang Wang

Professor of Economics,CKGSB

Dan MA

Associate Professor of Information Systems,SMU

姚顺义 | 矿石品位、运营成本与铁矿企业投资价值：基于中国双碳政策背景的研究

 

姚顺义同学答辩中

 

▇ 论文摘要：

随着各主要经济体对钢铁需求的不断增长，铁矿石价格持续保持高位。然而，不同铁矿企业的财务绩效的表现差异非常大。本研究综合利用定量和定性研究方法，深入探讨决定铁矿企业投资价值的内在理论逻辑，并提出投资策略，有着重要的理论意义与实践价值。研究发现：

（1）高品位铁矿石有助于降低炼钢过程中的能耗和碳排放量。在不断推进“双碳”政策的背景下，市场对高品位铁矿石的需求持续增长，由此导致高品位矿石的溢价和低品位矿石的折价。

（2）铁矿企业的投资价值由其生产矿石的单吨利润所决定。由于品位对铁矿石的溢/折价率、营收和成本都产生重要影响，因此铁矿企业的投资价值是其所产出铁矿石品位的函数。

（3）铁矿石寡头利用自己的成本优势，通过掠夺性定价，在价格周期的低点将品位低、运营成本高的企业挤出市场，因此铁矿企业的投资价值与自身的单吨利润相关，决定于与寡头单吨利润的差距。

本研究的结论对于寻找优质铁矿企业标的有着重要的启发意义。

第一，在未来的一段时期内，铁矿企业的投资逻辑已经从原来的单纯强调成本领先战略，向总体成本领先/差异化战略转变。在新的投资逻辑下，我们必须关注运营成本、品位，以及由成本和品位决定的单吨利润，并且只有在标的企业的单吨利润和寡头相比没有过大的劣势时，它才有投资价值。

第二，由于全球绝大多数的高品位矿已经被寡头所垄断，所以中国“双碳”政策的推进将加强寡头们的市场力量。

第三，逆周期操作是进行铁矿石行业长期投资的重要手段，且购入的时点应该选择在寡头的单吨利润为0的附近。

第四，将原矿在开采国进行选矿、加工，可以完善开采国产业功能，增加就业和税收，也能够充分发挥高品位矿对中国碳减排的作用，将是未来中国跨国投资铁矿企业的重要路径。

▇ ABSTRACT：

The price of iron ore remains high as the demand for steel continuous to grow in major economies. However, the financial performance of different iron ore enterprises varies.

This study comprehensively investigates the internal theoretical logic that determines the investment value of iron ore enterprises and puts forward the investment strategy, using the combination of quantitative and qualitative research methods, contributing not only theoretical significance but also practical value. The results demonstrate that :

(1) high-grade iron ore can help reduce energy consumption and carbon emissions in the steelmaking process. Under the continuous promotion of the "double carbon" policy, the demand for high-grade iron ore continues to grow in the market, leading to the premium of high-grade ore and the discount of low-grade ore.

(2) The investment value of an iron ore enterprise is determined by its profit per ton of ore production, and the investment value of an iron ore enterprise can be defined as a function of the iron ore grade it produces. This is because the grade of iron ore has significant impacts on its premium/discounts, revenues and costs.

(3) At the low point of the price cycle, iron ore oligopolies can utilize their cost advantages to squeeze the enterprises with low grade and high operating costs out of the market. Therefore, the investment value of iron ore enterprises is closely related to the difference between their own profit per ton and the oligopoly's profit per ton. 

姚顺义同学在长江DBA活动中

 

The findings of this study have inspirational significance in exploring high-quality iron ore enterprises. First, iron ore enterprises will change their investment strategy from a simple emphasis on cost leadership to an overall cost leadership/differentiation strategy in the near future.

Under the new investment logic, one must pay attention to the operating cost, grade and profit per ton. The target enterprise has the investment value only if its profit per ton can match or exceed the one in the oligopolies. Second, since the vast majority of high-grade minerals across the world are already monopolized by oligopolies, the promotion of China's "double carbon" policy will strengthen the market power of these oligopolies. Third, counter-cyclical operations are important methods for long-term investment in the iron ore industry, and the time of purchase should be selected when the oligopoly's profit per ton is approaching zero. Fourth, the exploitation and processing of raw ore in the mining country can improve its industrial function, increase its employment and tax revenue. In particular, the high-grade ore can contribute to carbon emission reduction in China, and the future cross-border investment in iron ore enterprises should take this element into consideration.

 

合影

 

论文答辩圆满结束，但作为终身学习者，这是姚顺义同学的又一个起点。未来，他将带着对中西方管理学理论的认知与思考，继续践行新商业文明；用独到的洞见不断为中国经济注入新动力，引领行业的发展方向。