【摘 要】 我國市場(chǎng)經(jīng) 濟體 制 的完善和林 業(yè) 經(jīng)營(yíng)體制 改革 的深入加 大 了對林 木 資產(chǎn)價(jià)值評 估 的需求 ，然而由于林 木資產(chǎn) 的價(jià)值 隨著(zhù)林 木的生命運 動(dòng)軌跡 不斷 變化的特殊性 ，如何對 其價(jià)值進(jìn) 行合理評估 ，成 為評估界 的一 大難題 。本文從林木資產(chǎn)的特殊 性入手 ，重點(diǎn)研 究林 木資產(chǎn)價(jià)值評估 的市場(chǎng)法、收益法及成本法 ，從而結合林木資產(chǎn)的特殊性得 出不同類(lèi)型 、不同生長(cháng)階段林木資產(chǎn)價(jià)值評估方法的選擇方案。

　　Abstract: The improvement of China's market economy system and the deepening of forestry management system reform have increased the demand for the value evaluation of forest assets. However, due to the special nature of the value of forest assets constantly changing with the life trajectory of trees, how to reasonably evaluate their value has become a major challenge in the evaluation industry. This article starts with the particularity of forest assets, focusing on the market method, income method, and cost method for evaluating the value of forest assets. Based on the particularity of forest assets, different types and growth stages of forest asset value evaluation methods are selected.

　　一、引言

　　1. Introduction

　　我 國 《森林法》把森林分為防護林、用材林、經(jīng)濟林 、薪炭林 、特種 用途林 ，根據它們的功能 、社會(huì )需求 和經(jīng) 營(yíng) 目的 可 以把它 們 歸為商 品林 和生 態(tài)公益 林兩類(lèi) ，生態(tài)公益林包括 防護林 和特 種用途林 產(chǎn)權屬于國家 ，基于其防護功能和公益性功能 它們的預期收益目前還在探討 中 ，所 以 ，本 文對林 木資產(chǎn) 價(jià)值的研究主要針對的是商 品林 。商 品林包括用材林 、經(jīng)濟林 和薪炭林 。不同類(lèi)型商 品林 的價(jià)值不 同 ，并且即使 同一 類(lèi)型的商品林 在個(gè) 體發(fā)育的不 同時(shí)期 ．同一組織或器 官的生長(cháng)速度 也不相同 ，林木資產(chǎn) 的這些特殊性導致 了林 木資產(chǎn)價(jià)值確定 的困難性 ，因此如何針對林木資產(chǎn) 的特殊 性對不 同類(lèi)型 、不同生長(cháng)階段林木資產(chǎn) 的價(jià)值選擇合理的評估方案 ，是 當前資產(chǎn)評估領(lǐng)域亟待解決的問(wèn)題 。

　　The Forest Law of our country divides forests into protective forests, timber forests, economic forests, firewood forests, and special-purpose forests. According to their functions, social needs, and management purposes, they can be classified into two categories: commercial forests and ecological public welfare forests. Ecological public welfare forests, including protective forests and special-purpose forests, have property rights belonging to the state. Based on their protective and public welfare functions, their expected benefits are still under discussion. Therefore, this article mainly focuses on the study of the value of forest assets, which is commercial forests. Commercial forests include timber forests, economic forests, and firewood forests. The value of different types of commercial forests varies, and even if the same type of commercial forest grows at different stages of individual development, the growth rate of the same tissue or organ is also different. These special characteristics of forest assets make it difficult to determine the value of forest assets. Therefore, how to choose a reasonable evaluation plan for the value of forest assets of different types and growth stages based on the special characteristics of forest assets is an urgent problem to be solved in the field of asset evaluation.

　　二、林木資產(chǎn)的特殊性

　　2、 The particularity of forest assets

　　(一)林木資產(chǎn)具有生物轉化功能

　?。?） Forest assets have the function of biotransformation

　　生物轉化功能是指 導致生物資產(chǎn)質(zhì)量或數量發(fā)生變化 的生長(cháng) 、蛻化 、生產(chǎn) 和繁殖 的過(guò)程 。對于林木資產(chǎn) ，生長(cháng)是指林木從種植開(kāi) 始到收 獲前所 出現 的體積 、重量的增加或質(zhì)量 的提高 ，這一過(guò)程 中林木資產(chǎn) 自身 的價(jià)值在提高 ：生產(chǎn)是指林木 資產(chǎn)本 身產(chǎn) 出林產(chǎn) 品 (I：Is~D果樹(shù)產(chǎn) 出水果等 )；繁殖是指林木資產(chǎn)通過(guò)各種方式繁育后代 的行 為 (如 林木 資產(chǎn) 通過(guò)天 然 下種等 方式繁 育后 代等 )，這兩個(gè)過(guò)程不僅說(shuō) 明林木資產(chǎn) 自身具有價(jià)值 ，而且還可 以帶來(lái)額外 的價(jià)值 ；蛻化是指林木資產(chǎn)產(chǎn) 出量的減 少或質(zhì)量的退化 ，這一過(guò)程 中林木資產(chǎn) 自身的價(jià) 值在減少。

　　The biotransformation function refers to the process of growth, degradation, production, and reproduction that leads to changes in the quality or quantity of biological assets. For forest assets, growth refers to the increase in volume, weight, or quality of trees from planting to harvesting, during which the value of the forest assets themselves increases. Production refers to the production of forest products (I: Is~D fruit trees produce fruits, etc.) by the forest assets themselves; Reproduction refers to the behavior of forest assets breeding offspring through various means (such as natural sowing), which not only demonstrates the value of forest assets themselves, but also brings additional value; Degradation refers to the decrease in the output or quality of forest assets, during which the value of the forest assets themselves decreases.

　　(二)林木資產(chǎn)個(gè)體生長(cháng)發(fā)育具有規律性

　?。?） Individual growth and development of forest assets have regularity

　　林木資產(chǎn)個(gè)體的生長(cháng)發(fā)育及產(chǎn)出情況呈現明顯的階段 性 ，每個(gè) 階段 在生理機能和組織結構上各有特點(diǎn) 。不同類(lèi)型林木資產(chǎn)具有不 同的生長(cháng)發(fā)育特性 。

　　The growth, development, and output of individual forest assets exhibit distinct stages, each with unique physiological functions and organizational structures. Different types of forest assets have different growth and development characteristics.

　　1．用材林 的生長(cháng)發(fā)育規律

　　1. Growth and development patterns of timber forests

　　用材 林按其生長(cháng)發(fā)育的階段性大致可分 為幼齡期 、中齡期、成熟期三個(gè)階段 ，見(jiàn)圖1。幼齡林屬于用材林 的幼齡期 ，處于用材林 的生長(cháng)階段 ．距可采伐還有很長(cháng) 的時(shí)間 ，這一階段主要以投入 為主 ，用材林 的使用價(jià)值很低 。中齡林屬于用材林的中齡期 ，距 造林 年代一般 有一二十年 ，雖然林 分比較穩定 ，但仍 未成熟 近期內不能進(jìn)行采伐 。近熟林 、成熟林 、過(guò)熟林是指林分年齡接近或超過(guò)主伐年齡的林木 基本上屬于用材林的成熟期 ，這些林木基本已經(jīng)停止生長(cháng) ，可立即采伐或在近期內采伐。

　　Timber forests can be roughly divided into three stages based on their growth and development stages: juvenile stage, middle-aged stage, and mature stage, as shown in Figure 1. Young forests belong to the juvenile stage of timber forests, which is in the growth stage of timber forests. There is still a long time before they can be harvested, and this stage is mainly based on inputs. The use value of timber forests is very low. Mid aged forests belong to the mid age stage of timber forests, usually about ten to twenty years before afforestation. Although the forest stands are relatively stable, they are not yet mature and cannot be harvested in the near future. Near mature forest, mature forest, and over mature forest refer to trees whose age is close to or exceeds the main cutting age, which are basically in the mature stage of timber forest. These trees have basically stopped growing and can be harvested immediately or in the near future.

　　2．經(jīng)濟林的生長(cháng)發(fā)育規律

　　2. The growth and development laws of economic forests

　　經(jīng)濟林生產(chǎn)階段可分為產(chǎn)前期 、初產(chǎn)期 、盛產(chǎn)期、衰 產(chǎn)期 。經(jīng)濟林 生長(cháng) 發(fā)育及 產(chǎn) 出的一 般規 律 為 ：產(chǎn) 前期 林木 以營(yíng)養生長(cháng)為主 ，制造的養分主要供給生長(cháng) ，積 累的少 一般 不產(chǎn) 出產(chǎn) 品。這一階段是投 資投 工最多的 時(shí)期 ：初 產(chǎn)期 ，林 木 的營(yíng)養 生長(cháng) 和生殖 生長(cháng) 兩者 并重 ，到后期的時(shí)候 ，樹(shù)冠基本形成 產(chǎn)量逐漸增加 ，這時(shí)林木從營(yíng)養生長(cháng)逐漸過(guò)渡到生殖生長(cháng) 這一期生產(chǎn)成本基本穩定 ．開(kāi)始有 了一定的純收益 ，隨著(zhù)產(chǎn)量逐年上升 ，收益值也 呈不 斷上升趨 勢 ；盛產(chǎn)期 經(jīng)濟林產(chǎn) 品產(chǎn)量大且穩定 ，在這一 時(shí)期收益 多而投入較少 ，持續年數 因林 木的 品種和 經(jīng)營(yíng)管理水平 而不 同 ，一般 在10—50年 。這個(gè) 時(shí)期 的末期 ，產(chǎn) 品產(chǎn)量仍然 多 但衰老進(jìn)程 更趨 突出 ；衰產(chǎn)期 ，林 木開(kāi)始老 化 ，產(chǎn) 量 明顯下降 ．經(jīng)濟收益逐漸 減少 ，到這一階段的后期 林木衰老嚴重 ，多失去經(jīng)濟價(jià)值 ，必須考慮更新問(wèn)題。

　　The production stages of economic forests can be divided into pre production stage, initial production stage, abundant production stage, and declining production stage. The general rule for the growth, development, and output of economic forests is that in the early stage of production, the trees mainly grow on nutrients, and the nutrients produced are mainly supplied for growth. If they accumulate less, they generally do not produce any products. This stage is the period with the most investment and labor: in the initial production stage, the nutritional and reproductive growth of the forest trees are equally emphasized. In the later stage, the tree crown is basically formed and the yield gradually increases. At this time, the production cost of the forest trees gradually transitions from nutritional growth to reproductive growth, and there is a certain net income. As the yield increases year by year, the income value also shows a continuous upward trend; During the peak production period, the output of economic forest products is large and stable, with more income and less investment. The duration of this period varies depending on the variety of trees and the level of management, generally ranging from 10 to 50 years. At the end of this period, the product output was still high but the aging process became more prominent; During the decline period, trees begin to age and yield significantly decreases. Economic benefits gradually decrease, and in the later stages of this stage, trees become severely aged and lose their economic value. Therefore, the issue of renewal must be considered.

　　(三)林木資產(chǎn)具有附著(zhù)物的不可分割性

　?。?） Forest assets have the indivisibility of attachments

　　林木資產(chǎn)依附土地 ，具有附著(zhù)物的不可分割性 ，即樹(shù)木離開(kāi)土地無(wú)法生長(cháng) ，一旦它們離開(kāi)其依附物 ，將會(huì )失去生命 ，亦 即不再屬于林木資產(chǎn) 的范疇 。林木資產(chǎn)與附著(zhù)物 的不可分割性 ，決定 了林木資產(chǎn)不能進(jìn)行單獨交易。綜上所述 ，要根據林木資產(chǎn) 的生長(cháng) 階段 、林種 的類(lèi)別等不同條件 ．選擇適當的林木資產(chǎn)價(jià)值評估方法，使評估 的林木資產(chǎn)價(jià)值具有及時(shí)性 、可靠性和真實(shí)性。

　　Forest assets are attached to land and have the indivisibility of attachments, meaning that trees cannot grow without the land. Once they leave their attachments, they will lose their lives and no longer belong to the category of forest assets. The indivisibility of forest assets and attachments determines that forest assets cannot be traded separately. In summary, it is necessary to choose an appropriate method for evaluating the value of forest assets based on different conditions such as the growth stage of forest assets and the type of forest species, so that the evaluated value of forest assets is timely, reliable, and authentic.

　　三 、林木資產(chǎn)價(jià)值評估方法

　　3、 Valuation Method for Forest Assets

　　目前普遍認可 的資產(chǎn)評估方法主要有市場(chǎng)法 、收益法和成本法 ．但這三種方法在林木資產(chǎn)價(jià)值評估 中的運用需結合林木資產(chǎn)的特殊性。

　　The commonly recognized asset valuation methods currently include market approach, income approach, and cost approach. However, the application of these three methods in the valuation of forest assets needs to be combined with the special characteristics of forest assets.

　　(一 )林木資產(chǎn)評估的市場(chǎng)法運用

　?。?） Application of Market Method in Forest Asset Evaluation

　　1．市場(chǎng)法概述市場(chǎng)法是指利用市場(chǎng)上同類(lèi)或類(lèi)似資產(chǎn)的近期交易價(jià)格 ，經(jīng)過(guò)對 比調 整 ，確定被評估 資產(chǎn)價(jià)值 的一種評 估方法。市場(chǎng)法充分考慮了市場(chǎng)因素，評估所用數據資料均來(lái) 自于市場(chǎng) ．因此運用市場(chǎng)法評估資產(chǎn)的價(jià)值首先得有一個(gè)活躍的公開(kāi)市場(chǎng) ．再考慮公開(kāi)市場(chǎng)上是否具有可比的資產(chǎn)及其交易活動(dòng) ，如果沒(méi)有活躍的公開(kāi)市場(chǎng) ，可比的資產(chǎn)及其交易活動(dòng)則無(wú)從談起 ，所 以判斷是否可 以采用市場(chǎng)法的一個(gè)首要前提是 是否存在一個(gè)活躍的公開(kāi)市場(chǎng)”。

　　1. Overview of Market Approach Market approach refers to an evaluation method that uses recent trading prices of similar or identical assets in the market to determine the value of the evaluated asset through comparative adjustment. The market approach fully considers market factors, and the data used for evaluation comes from the market. Therefore, when using the market approach to evaluate the value of assets, there must first be an active open market. Then consider whether there are comparable assets and their trading activities in the open market. Without an active open market, comparable assets and their trading activities cannot be discussed. Therefore, a primary prerequisite for determining whether the market approach can be adopted is whether there is an active open market.

　　2．林木資產(chǎn)活躍市場(chǎng)分析

　　2. Analysis of the Active Market for Forest Assets

　　薪炭林 要解決山區和林 區能源 問(wèn)題 ，基本 上不 存在活躍的交易市場(chǎng) 。

　　There is basically no active trading market for firewood forests to solve energy problems in mountainous and forest areas.

　　用材 林 為人類(lèi)提 供 的主 要產(chǎn) 品是成 熟砍 伐后 的 木材 但砍伐 后的木材沒(méi)有生命 已不再是林 木資產(chǎn) 。所 以用材林的產(chǎn) 品一次產(chǎn) 出 且僅有一次。在用材林的生命周期 中，根據其生長(cháng)發(fā)育的規律性變化 ，可分為幼年期 、青年期 、壯年期 、衰老死亡期 四個(gè) 時(shí)期 。幼年期和青年期的用材林處在營(yíng)養生長(cháng)階段，采伐價(jià)值較低，并且距采伐期還很遠 ，未來(lái)不確定性較大 ，因此處在此階段 的用材林 交易的可能性不大 。壯年期 的林木樹(shù)體結構已定 型 ，進(jìn)入成熟 階段 ．且可進(jìn)行采伐 ，此階段 用材林對不 良環(huán)境 的抵抗 能力強 ，未來(lái) 收益 的確定性 比較高 ，具有交易的可能性。人們 經(jīng)營(yíng)用材林 的最終 目的是獲取收益 ，并且理 性的人會(huì )追 求收益最 大化 ，所 以會(huì )選擇在用材 林收益最大的時(shí)期進(jìn) 行砍伐 ，而不是等進(jìn) 入衰老 死亡期砍 伐 ，所 以衰老 死亡 期不 在討論 范 圍 內。綜上 所述 ，未達到成熟階段 的用材林林木資產(chǎn)交易的可能性不大 偶 爾也會(huì )有交易行 為，但不是普遍存在 的：用材林林木資產(chǎn)市場(chǎng)交 易主要發(fā)生在采伐期 間或成熟后 ．不過(guò)交易市場(chǎng)最 活躍 的還是砍伐后 的木材市場(chǎng)。

　　The main product provided by timber forests for humans is mature cut wood, but the cut wood has no life and is no longer a forest asset. So the products of timber forests are produced once and only once. In the lifecycle of timber forests, according to the regular changes in their growth and development, they can be divided into four stages: juvenile stage, young stage, middle-aged stage, and aging and death stage. The juvenile and young timber forests are in the stage of vegetative growth, with low harvesting value and far from the harvesting period. The future is uncertain, so the possibility of trading timber forests at this stage is unlikely. The structure of mature trees in their prime has already taken shape and entered the mature stage, which can be harvested. At this stage, the timber forest has a strong resistance to adverse environments, and the certainty of future profits is relatively high, with the possibility of trading. The ultimate goal of managing timber forests is to obtain profits, and rational people will pursue the maximization of profits. Therefore, they will choose to cut down timber forests during the period of maximum profits, rather than waiting until they enter the aging and death period. Therefore, the aging and death period is not within the scope of discussion. In summary, the possibility of trading timber forest assets that have not yet reached the mature stage is unlikely. Occasionally, there may be trading behavior, but it is not universal: timber forest asset market transactions mainly occur during the logging period or after maturity. However, the most active trading market is still the timber market after logging.

　　經(jīng) 濟林在 壽命期 限內可 多次產(chǎn) 出產(chǎn) 品 ，人們需要 的僅僅是經(jīng)濟林 的產(chǎn) 品 ，并非經(jīng)濟林 木本 身 ，所 以在市場(chǎng)上活躍 交易的是經(jīng)濟林產(chǎn) 出的產(chǎn) 品。再 加上經(jīng)濟林依 附于土地 ．不能發(fā)生位 移 ，更限制了其交易。所 以，理論上，經(jīng)濟林不存在公開(kāi)的交易市場(chǎng)?，F實(shí)中，偶爾也有經(jīng)濟林 交易的行為 ，但是很少 ．不具有普遍性 。

　　Economic forests can produce products multiple times during their lifespan, and people only need the products of economic forests, not the economic trees themselves. Therefore, the products produced by economic forests are actively traded in the market. In addition, economic forests are attached to land and cannot be displaced, which further limits their trading. So theoretically, there is no open trading market for economic forests. In reality, there are occasional economic forest transactions, but they are rare and not universal.

　　3．市場(chǎng)法估算林木資產(chǎn)價(jià)值對 于存在公 開(kāi)交易市場(chǎng) ．在 交易市場(chǎng) 上能夠 找到可比的資產(chǎn)及其交易活動(dòng)的林木資產(chǎn)可采用市場(chǎng)法對其價(jià)值進(jìn)行評估 ，計算公式 為：用材 林 資產(chǎn)價(jià) 值 的評 估也 可 以采 用市場(chǎng) 法 中 的市場(chǎng)價(jià)倒算法。市場(chǎng)價(jià)倒算法是將林木資產(chǎn)采伐后所得木材 的市場(chǎng)銷(xiāo) 售總收人 扣除木材經(jīng)營(yíng)所消耗 的成本 (含稅 、費等 )及應得 的利潤后 ，剩余 的部分作 為林木資產(chǎn)價(jià)值的一種方法。其計算公式為 ：

　　3. The market method can be used to estimate the value of timber assets. For timber assets that have a publicly traded market where comparable assets and trading activities can be found, the market method can be used to evaluate their value. The calculation formula is: the evaluation of timber forest asset value can also use the market price inversion algorithm in the market method. The market price inversion algorithm is a method of determining the value of timber assets by deducting the costs (including taxes, fees, etc.) and profits due from the total market sales revenue of timber obtained after logging. The calculation formula is:

　　市場(chǎng) 價(jià)倒 算 法是成 熟 用材林 資產(chǎn)價(jià) 值確 定 的首 選方法 ，因為成 熟林 立木蓄積趨于穩定 無(wú)需進(jìn)行 生長(cháng)預測 ，木材交 易的經(jīng) 濟技術(shù)資料比立木交易 的經(jīng)濟技術(shù) 資料更 易獲得 。用該 法確定 成熟用材林資產(chǎn)價(jià)值 ，方法簡(jiǎn)單，結果貼近市場(chǎng) ，容易被各方所接受。近熟林、過(guò)熟林用材林資產(chǎn)與成 熟用材林 資產(chǎn) 性質(zhì)相 似 ，通常也采用此方法 。而對于 中幼林 由于距 離采伐 期的時(shí) 間太長(cháng) ，一般不適用該種方法 。

　　The market price inversion algorithm is the preferred method for determining the asset value of mature timber forests, as mature timber accumulation tends to stabilize without the need for growth prediction, and economic and technical data for timber trading is easier to obtain than for standing timber trading. Using this method to determine the value of mature timber forest assets is simple, the results are close to the market, and are easily accepted by all parties. The properties of timber forest assets in near mature and over mature forests are similar to those of mature timber forest assets, and this method is usually used as well. For young and middle-aged forests, this method is generally not applicable due to the long distance from the harvesting period.

　　(二)林木資產(chǎn)價(jià)值評估的收益法運用

　?。?） Application of income method in the valuation of forest assets

　　1．收益法概述收益法是在估測資產(chǎn)未來(lái)預期 收益額及 收益期限的基礎 上 ，采用適當的折現率將預測 的未來(lái)收益額折成現值 ，然后再 將各 期收益折現值累加 ，求得被評估 資產(chǎn)價(jià)值 的一種資產(chǎn)評估方法 。運 用收益法評估資產(chǎn)價(jià)值時(shí) ，是 以資產(chǎn)投入使用后連續獲利 為基礎 的。所 以判斷林木資產(chǎn)是否可 以采用收益法對其價(jià)值進(jìn)行評估 的首要條件是分析林木資產(chǎn)是否具 有連續 獲利能力 。

　　1. Overview of the income method: The income method is an asset valuation method that estimates the expected future income and income period of an asset, uses an appropriate discount rate to convert the predicted future income into present value, and then accumulates the discounted values of each period's income to obtain the value of the evaluated asset. When using the income approach to evaluate asset value, it is based on continuous profits after the asset is put into use. So the primary condition for evaluating the value of forest assets using the income method is to analyze whether the forest assets have continuous profitability.

　　2．林木資產(chǎn)連續獲利能力分析薪炭 林 主要解 決 山區和林 區能源 問(wèn)題 ，它們 的產(chǎn)品不是用來(lái)交易，至于它們的預期收益額 目前還在探討中，其價(jià)值不適宜采 用收益 法評估 。用材林 屬于消耗 性林木資產(chǎn) 只有達到成熟階段被砍伐作 為木材 出售 時(shí) ，才產(chǎn) 生僅有 的一次 收益 ，不符合收益法 的前提 ，所 以不適 宜采用收益法對其價(jià)值進(jìn)行評估。 經(jīng)濟林屬于生產(chǎn)性林木資產(chǎn) 按其生長(cháng)發(fā)育規律及是 否產(chǎn) 生收益大致上分為兩個(gè)階段 ：一是未結果階段 ，主要指 經(jīng)濟林 的產(chǎn)前期 ，這一階段屬于經(jīng)濟林的幼齡階段 ，林木的生長(cháng) 以營(yíng)養生長(cháng)為主，只有成本投入 ，一般不產(chǎn) 出產(chǎn) 品 沒(méi) 有經(jīng)濟 收入 ．使 用價(jià)值較低 ；二是 結果階段 ，主要指經(jīng)濟林 的初產(chǎn)期 、盛產(chǎn) 期和衰產(chǎn)期 。在林產(chǎn) 品單位價(jià)格一定 的情況 下 ，價(jià)值 的變動(dòng)主要是 受產(chǎn)量的影響 ．只要準確預測經(jīng)濟林產(chǎn) 品的產(chǎn)量 ，即可 了解價(jià)值 。此階段經(jīng)濟林資產(chǎn) 的價(jià)值遠遠大于未結果階段 ，而且經(jīng)濟林資產(chǎn)在其壽命 內能夠 多次產(chǎn) 出林產(chǎn) 品，帶來(lái)連續收益 符合收益法的前提 可 以采用收益法評估其價(jià)值。

　　2. Analysis of the continuous profitability of forest assets. Firewood forests mainly solve energy problems in mountainous and forest areas. Their products are not used for trading, and their expected returns are still under discussion. Therefore, their value is not suitable for evaluation using the income method. Timber forests are consumable forest assets that only generate a one-time income when they reach maturity and are cut down for sale as timber, which does not meet the premise of the income method. Therefore, it is not suitable to use the income method to evaluate their value. Economic forests are productive forest assets that can be roughly divided into two stages based on their growth and development patterns and whether they generate income. The first stage is the non fruiting stage, which mainly refers to the pre production stage of economic forests. This stage belongs to the young stage of economic forests, and the growth of trees is mainly based on nutritional growth, with only cost input and generally no output of products and no economic income. Its use value is relatively low; The second stage is the result stage, mainly referring to the initial production period, abundant production period, and declining period of economic forests. In the case where the unit price of forest products is constant, the change in value is mainly influenced by the yield. As long as the yield of economic forest products is accurately predicted, the value can be understood. At this stage, the value of economic forest assets is much greater than that of the unrealized stage, and economic forest assets can produce forest products multiple times during their lifespan, bringing continuous income. The premise of using the income method to evaluate their value is that it meets the income method.

　　3．收益法估算林木資產(chǎn)價(jià)值通過(guò)上述分析 ，收益法主要適用于林木資產(chǎn)中的經(jīng)濟林木資產(chǎn)的價(jià)值評估 。其計算公式為 ：經(jīng)濟林林木資產(chǎn) 的收益額是林木資產(chǎn)使用 中帶來(lái)的未來(lái)收益期望值 可 以通過(guò)預測林木資產(chǎn)在其生長(cháng)期間各個(gè)年份 的產(chǎn) 出量與 當年市場(chǎng)價(jià)格的乘積來(lái)確定。在確定 生產(chǎn) 性林 木資產(chǎn) 的使用壽命時(shí) ，可 以考慮諸如溫度 、濕 度和 降雨 量等 生物 特征 、灌溉 特 征 、嫁 接 和修 剪 程序 、林木 的種 類(lèi)和分 類(lèi)、林 木的株 間距 、所使 用初生主根 的類(lèi)型 、采 摘或收 割的方式、所 生產(chǎn)產(chǎn) 品的預計市場(chǎng)需求等。

　　3. The income method estimates the value of forest assets. Through the above analysis, the income method is mainly applicable to the valuation of economic forest assets in forest assets. The calculation formula is: the income of economic forest assets is the expected future income brought by the use of forest assets, which can be determined by predicting the product of the output of forest assets in each year of their growth period and the market price of that year. When determining the useful life of productive forest assets, biological characteristics such as temperature, humidity, and rainfall, irrigation characteristics, grafting and pruning procedures, types and classifications of trees, spacing between trees, types of primary roots used, picking or harvesting methods, and expected market demand for the produced products can be considered.

　　(三 )林木資產(chǎn)價(jià)值評估的成本法運用1．成本法概述成 本法 是指 在現 時(shí)條 件 下重新 購置 或建 造與被 評估資產(chǎn)相同或類(lèi)似的資產(chǎn)所花費的各種成本費用之和，再 扣除資產(chǎn) 發(fā)生的各種損耗 ，所得到的差額即為被評估資產(chǎn)的價(jià)值。在成本法中，需要確定的參數主要有資產(chǎn)的重置成本和資產(chǎn)有形 損耗及 無(wú)形損耗 。采 用成本 法對林木 資產(chǎn)價(jià)值進(jìn) 行評估 時(shí) ．需要考慮林 木資產(chǎn)的無(wú)形損耗 ，如因新品種 的出現 而使現 有的林 木資產(chǎn)產(chǎn)出林產(chǎn)品的能力和產(chǎn)出林 產(chǎn)品的質(zhì)量等方面相對下降等 ．也需要考慮林木資產(chǎn)的有形損耗 ，如經(jīng)濟林老化等 。采用成本法評估資產(chǎn) 應該具備 以下幾個(gè) 前提條件 ：

　?。?） The application of cost method in the valuation of forest assets 1. Overview of cost method Cost method refers to the sum of various costs and expenses incurred in repurchasing or constructing assets that are the same or similar to the evaluated asset under current conditions, and then deducting various losses incurred by the asset. The difference obtained is the value of the evaluated asset. In the cost method, the parameters that need to be determined mainly include the replacement cost of assets and the tangible and intangible losses of assets. When using the cost method to evaluate the value of forest assets, it is necessary to consider the intangible losses of forest assets, such as the relative decline in the ability and quality of existing forest assets to produce forest products due to the emergence of new varieties. It is also necessary to consider the tangible losses of forest assets, such as the aging of economic forests. The following prerequisites should be met when using the cost method to evaluate assets:

　　(1)被評估資產(chǎn)的實(shí)體特征 、內部結構及其功能必須與假設的重置全 新資產(chǎn) 具有可 比性 ：

　　(1) The physical characteristics, internal structure, and functions of the evaluated asset must be comparable to the assumed reset of the new asset

　　(2)應 當具備可利 用的歷史資料 ；

　　(2) Should have available historical materials;

　　(3)形成資產(chǎn)價(jià)值 的各種耗費是必須的 ：

　　(3) The various expenses that contribute to the formation of asset value are necessary:

　　(4)被評估資產(chǎn) 必須是可 以再生的或者說(shuō)是可 以復制的?？傮w 來(lái)說(shuō) ，只要是符合成本 法的前提條件 并可 以估算其成本的林木 資產(chǎn) ，都可以采用成本法估價(jià) 。

　　(4) The evaluated asset must be renewable or replicable. Overall, any forest asset that meets the prerequisites of the cost method and can be estimated for cost can be valued using the cost method.

　　2．成本法估算林木資產(chǎn)價(jià)值林木 資產(chǎn)價(jià)值評估 的成本 法是指 以按現 時(shí)工價(jià)及 生產(chǎn)水平 ，重新種植 與被評估林 木資產(chǎn)相 類(lèi)似 的資產(chǎn)所 需的成本 費用減去各種損耗 ，作 為被評估林 木資產(chǎn)價(jià)值 的方 法。其計算公式為 ：林 木 資產(chǎn) 的生長(cháng) 期 長(cháng) ．有的樹(shù) 種長(cháng) 達 一二十 年甚至數十年 ，因此 ，對于該類(lèi)林木資產(chǎn)運用成本法時(shí)需要考 慮 資金 的時(shí) 間價(jià)值 ．對分 年度 投入 的成 本要 用復 利計算 ．因此 ，成本 法評估 林木資產(chǎn)價(jià)值 時(shí)通常利用公式(5)。

　　2. Cost method for estimating the value of forest assets. The cost method for evaluating the value of forest assets refers to the method of determining the value of the evaluated forest assets by subtracting various losses from the cost of replanting assets similar to the evaluated forest assets based on current labor prices and production levels. The calculation formula is: the growth period of forest assets is long. Some tree species can last for up to ten to twenty years or even decades. Therefore, when using the cost method for this type of forest asset, the time value of funds needs to be considered. The annual investment cost should be calculated using compound interest. Therefore, formula (5) is usually used when evaluating the value of forest assets using the cost method.

　　四 、結論

　　4、 Conclusion

　　由于評估對象的存在形態(tài)和價(jià)值特征不同往往要求不 同的評估 方法與之相 適應 。而林木 資產(chǎn) 類(lèi)型多樣 ．存在 形態(tài)和價(jià)值特 征各 不相同 ，即使是 同一類(lèi)型林 木資產(chǎn) ，在不同生長(cháng)階段的個(gè)體 形態(tài)不同 ，并且產(chǎn) 生經(jīng)濟利益的方式也 各不相同 這必然影響評 估方法的選擇。通過(guò)對各種評 估方法及林木資產(chǎn)特殊性的分析 ，得 出林木資產(chǎn)價(jià)值評 估方法 的選 擇方 案如 下 ：

　　Due to the different forms and value characteristics of the evaluated objects, different evaluation methods are often required to adapt to them. And the types of forest assets are diverse, with different forms and value characteristics. Even for the same type of forest asset, the individual forms at different growth stages are different, and the ways in which economic benefits are generated are also different, which inevitably affects the choice of evaluation methods. Through the analysis of various evaluation methods and the particularity of forest assets, the selection plan for forest asset value evaluation methods is as follows:

　　(1)林木資產(chǎn) 是屬于與土地難 以分離的資產(chǎn) ，總體不存在交易市場(chǎng) ，偶爾也會(huì )發(fā)生一些交易行為 ，對于存在交易市場(chǎng)的林木資產(chǎn)便可 采用市場(chǎng)法對 其價(jià)值進(jìn) 行評 估 。

　　(1) Forest assets are assets that are difficult to separate from land and generally do not have a trading market. Occasionally, some trading activities may occur. For forest assets that have a trading market, the market method can be used to evaluate their value.

　　(2)雖然用材林資產(chǎn) 的交易行 為不具有普遍性 ．但砍伐后的木材卻存在活躍 的交 易市場(chǎng) ，因此對用材林資產(chǎn)價(jià)值 的評估可 以采用市場(chǎng)法 中的市場(chǎng)價(jià)倒算法 ．將林木資產(chǎn)采伐后所得木 材 的市場(chǎng)銷(xiāo) 售 總收入 ，扣除木 材經(jīng) 營(yíng)所 消耗 的成本(含稅 、費等 )及應得 的利潤后 ，剩余 的部分作 為林木資產(chǎn) 價(jià)值 。

　　(2) Although the trading behavior of timber forest assets is not universal, there is an active trading market for felled timber. Therefore, the evaluation of the value of timber forest assets can be carried out using the market price inversion algorithm in the market method. The total market sales revenue of timber obtained after harvesting timber assets is deducted from the costs (including taxes, fees, etc.) and profits incurred in timber management, and the remaining part is regarded as the value of timber assets.

　　(3)經(jīng)濟 林資產(chǎn)在其 壽命 內能夠 多次產(chǎn) 出林產(chǎn) 品 ，帶來(lái)連續 收益 ，符合收益法 的前提 ，可 以采 用收益 法評估 其價(jià)值 。無(wú)法 利用市 場(chǎng)法、收益法等 方法進(jìn)行評估 的林 木資產(chǎn) 以及處 在幼齡 期的林 木資產(chǎn) 可以選 擇成本 法。

　　(3) Economic forest assets can produce forest products multiple times during their lifespan, bringing continuous income, which is in line with the premise of income method. Therefore, the value of economic forest assets can be evaluated using income method. Forest assets that cannot be evaluated using market methods, income methods, and other methods, as well as forest assets in their early stages, can choose the cost method.

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