以投资为目的的森林资源资产评估问题探讨

Discussion on Forest Resource Asset Evaluation for Investment Purpose

随着以投资为目的的森林资源资产评估业务日益增多,许多相关的理论问题亟需解决。通过对该目的下的价值类型、评估方法、评估参数等问题研究发现:价值类型的选择主要取决于委托者的利益诉求,同时要考虑现实市场条件的限制,具体可选类型包括市场价值类型与投资价值类型;评估方法的选择要与评估目的、价值类型相适应。当选择市场价值类型时,市场比较法应该是评估首选。当选择投资价值类型时,如果委托方是财务投资者,收益现值法是评估首选,如果委托方是战略投资者,公式P=Va+S×K应是评估首选;评估参数的选择,要与评估方法相一致,市场法的关键参数是可比的参照对象,收益现值法应用的关键参数是投资收益率,公式P=Va+S×K应用的关键参数是收益分成率K。以投资为目的的森林资源资产评估中,还要考虑森林采伐限额及其他相关政策的影响。

With the increase of assets evaluation business of investment purpose forest resource, a lot of relatedtheoretical problems need to be solved urgently. Study on the value types, evaluation methods and evaluationparameters under this purpose showed that： the selection of value types mainly depended on the interestdemand of consignor, market practical limitations also should be taken into account, the optional typesincluded market value and investment value; the choice of evaluation method should be adapted to theevaluation purpose and the value type. When market value type was chosen, market comparison method shouldbe the first choice. When investment value type was chosen, and the consignor was the finance investor, theincome method was the best, while the consignor was strategic investor, the assessment formula P=Va＋S×K should be the first choice; the selection of evaluation parameters should be consistent with the assessmentmethods, the key parameter of market law was the comparable reference object, while the key parameteradopted by income present value method was the rate of return on investment, the key parameter in theassessment formula P=V_a＋S×K was the revenue share rate K. The impact of forest cutting quotas and otherrelated policies should be taken into consideration in the forest resource asset evaluation for investmentpurpose.