安全与环境是煤矿企业正常生产和健康发展的重要影响因素，直接关系到煤炭企业的生产能力和盈利能力。现有的采矿权评估方法并没有合理的考虑到安全与环境对煤炭采矿权价值的影响，这不仅降低了评估结果的准确性，也不符合可持续发展和科学发展观的要求。因此，本文在前人应用实物期权对采矿权评估模型改进的基础上，通过考虑安全与环境因素，对煤炭采矿权评估做进一步的改进。 与其它矿产资源相比，煤炭资源在开采过程中具有更为严重的安全与环境问题。本文结合煤炭资源采矿权价值的影响因素，从成本和效益的角度分析了安全与环境对煤炭采矿权价值的影响，建立了安全与环境对采矿权价值影响分析图。 目前，适用于煤炭采矿权评估的方法主要是收益类方法，而收益类方法都忽视或弱化了安全与环境因素，且不能有效解决煤炭开采的不确定性问题，从而导致评估结果往往偏离实际。本文以考虑安全与环境影响为中心思想，以贴现现金流量法为研究对象，在前人研究实物期权的基础上，对现有采矿权评估模型作出改进如下：①将安全效益里的增值收益、社会效益和环境效益计入评估模型中的现金流入，并将因安全效益而产生的煤炭企业税收的增加额计入现金流出；②将煤炭开采的环境成本计入现金流出；③将煤炭开采的期权价值计入采矿权价值。然后运用技术进步贡献率和层次分析法估算改进模型中的安全效益，运用费用效益法估算煤炭企业的环境成本。 最后，以陕煤集团某煤矿为例，分别运用原采矿权评估模型和本文改进的评估模型计算煤炭采矿权价值，经过分析对比，验证了本文改进的评估模型更为客观、准确、合理。

Safety and environment are the important factors which influence the produceing and development of coal mine.They directly relate to the capacity of production and profitability.However,the evaluation of coal mining right does not consider the influence of safety and environment,which not only reduces the accuracy of the evaluation result,but also disobey the idea of sustainable development and the scientific development viewpoint.Therefore,on the basis of real options,this paper tried to improve the evaluation of coal mining right through considering safety and environment influence. Compares with other mineral resource, the coal resource has a more serious problem of safety and the environment in the mining process.Basing on the influencing factors of the value of coal resource mining rights,the influence from the security and the environment to the value of coal resource mining right had been analyzed from two aspects of cost and benefit.The chart showing the influence from the security and the environment to the value of coal resource mining rights had also been established. At present,the discounted cash flow method,which is the main ways to evaluate the value of coal mining right,has a drawback of ignoring safty and environment,and could not solve the question of coal mining’s uncertainty.In this paper,the model of the evaluation of coal mining right had been improved by:①including the appreciation benefit、social benefit and environmental benefit which belong to the safety benefit into the cash inflows of the evaluation model.And including the tax from safety benefit into the cash outflows;②including the environmental cost into the cash outflows;③including the option value of coal mining into minging right value.Then,this paper had used the method of contribution rate of technological progress and AHP to estimate the safety value of the evaluation model,used Cost-Benefit to estimate the environmental cost of coal mining. Finally, takeing a coal mine belong to Shanxi Coal Group as the example, this paper had estimated the value of coal resource mining rights individually through the original evaluation model of mining right and the improved evaluation model.And it had proved that the improved evaluation model in this paper was more objective、accurate and reasonable.