【摘 要】 我国市场经 济体 制 的完善和林 业 经营体制 改革 的深入加 大 了对林 木 资产价值评 估 的需求 ，然而由于林 木资产 的价值 随着林 木的生命运 动轨迹 不断 变化的特殊性 ，如何对 其价值进 行合理评估 ，成 为评估界 的一 大难题 。本文从林木资产的特殊 性入手 ，重点研 究林 木资产价值评估 的市场法、收益法及成本法 ，从而结合林木资产的特殊性得 出不同类型 、不同生长阶段林木资产价值评估方法的选择方案。

　　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 国 《森林法》把森林分为防护林、用材林、经济林 、薪炭林 、特种 用途林 ，根据它们的功能 、社会需求 和经 营 目的 可 以把它 们 归为商 品林 和生 态公益 林两类 ，生态公益林包括 防护林 和特 种用途林 产权属于国家 ，基于其防护功能和公益性功能 它们的预期收益目前还在探讨 中 ，所 以 ，本 文对林 木资产 价值的研究主要针对的是商 品林 。商 品林包括用材林 、经济林 和薪炭林 。不同类型商 品林 的价值不 同 ，并且即使 同一 类型的商品林 在个 体发育的不 同时期 ．同一组织或器 官的生长速度 也不相同 ，林木资产 的这些特殊性导致 了林 木资产价值确定 的困难性 ，因此如何针对林木资产 的特殊 性对不 同类型 、不同生长阶段林木资产 的价值选择合理的评估方案 ，是 当前资产评估领域亟待解决的问题 。

　　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、林木资产的特殊性

　　2、 The particularity of forest assets

　　(一)林木资产具有生物转化功能

　　（1） Forest assets have the function of biotransformation

　　生物转化功能是指 导致生物资产质量或数量发生变化 的生长 、蜕化 、生产 和繁殖 的过程 。对于林木资产 ，生长是指林木从种植开 始到收 获前所 出现 的体积 、重量的增加或质量 的提高 ，这一过程 中林木资产 自身 的价值在提高 ：生产是指林木 资产本 身产 出林产 品 (I：Is~D果树产 出水果等 )；繁殖是指林木资产通过各种方式繁育后代 的行 为 (如 林木 资产 通过天 然 下种等 方式繁 育后 代等 )，这两个过程不仅说 明林木资产 自身具有价值 ，而且还可 以带来额外 的价值 ；蜕化是指林木资产产 出量的减 少或质量的退化 ，这一过程 中林木资产 自身的价 值在减少。

　　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)林木资产个体生长发育具有规律性

　　（2） Individual growth and development of forest assets have regularity

　　林木资产个体的生长发育及产出情况呈现明显的阶段 性 ，每个 阶段 在生理机能和组织结构上各有特点 。不同类型林木资产具有不 同的生长发育特性 。

　　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 的生长发育规律

　　1. Growth and development patterns of timber forests

　　用材 林按其生长发育的阶段性大致可分 为幼龄期 、中龄期、成熟期三个阶段 ，见图1。幼龄林属于用材林 的幼龄期 ，处于用材林 的生长阶段 ．距可采伐还有很长 的时间 ，这一阶段主要以投入 为主 ，用材林 的使用价值很低 。中龄林属于用材林的中龄期 ，距 造林 年代一般 有一二十年 ，虽然林 分比较稳定 ，但仍 未成熟 近期内不能进行采伐 。近熟林 、成熟林 、过熟林是指林分年龄接近或超过主伐年龄的林木 基本上属于用材林的成熟期 ，这些林木基本已经停止生长 ，可立即采伐或在近期内采伐。

　　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．经济林的生长发育规律

　　2. The growth and development laws of economic forests

　　经济林生产阶段可分为产前期 、初产期 、盛产期、衰 产期 。经济林 生长 发育及 产 出的一 般规 律 为 ：产 前期 林木 以营养生长为主 ，制造的养分主要供给生长 ，积 累的少 一般 不产 出产 品。这一阶段是投 资投 工最多的 时期 ：初 产期 ，林 木 的营养 生长 和生殖 生长 两者 并重 ，到后期的时候 ，树冠基本形成 产量逐渐增加 ，这时林木从营养生长逐渐过渡到生殖生长 这一期生产成本基本稳定 ．开始有 了一定的纯收益 ，随着产量逐年上升 ，收益值也 呈不 断上升趋 势 ；盛产期 经济林产 品产量大且稳定 ，在这一 时期收益 多而投入较少 ，持续年数 因林 木的 品种和 经营管理水平 而不 同 ，一般 在10—50年 。这个 时期 的末期 ，产 品产量仍然 多 但衰老进程 更趋 突出 ；衰产期 ，林 木开始老 化 ，产 量 明显下降 ．经济收益逐渐 减少 ，到这一阶段的后期 林木衰老严重 ，多失去经济价值 ，必须考虑更新问题。

　　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)林木资产具有附着物的不可分割性

　　（3） Forest assets have the indivisibility of attachments

　　林木资产依附土地 ，具有附着物的不可分割性 ，即树木离开土地无法生长 ，一旦它们离开其依附物 ，将会失去生命 ，亦 即不再属于林木资产 的范畴 。林木资产与附着物 的不可分割性 ，决定 了林木资产不能进行单独交易。综上所述 ，要根据林木资产 的生长 阶段 、林种 的类别等不同条件 ．选择适当的林木资产价值评估方法，使评估 的林木资产价值具有及时性 、可靠性和真实性。

　　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 、林木资产价值评估方法

　　3、 Valuation Method for Forest Assets

　　目前普遍认可 的资产评估方法主要有市场法 、收益法和成本法 ．但这三种方法在林木资产价值评估 中的运用需结合林木资产的特殊性。

　　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 )林木资产评估的市场法运用

　　（1） Application of Market Method in Forest Asset Evaluation

　　1．市场法概述市场法是指利用市场上同类或类似资产的近期交易价格 ，经过对 比调 整 ，确定被评估 资产价值 的一种评 估方法。市场法充分考虑了市场因素，评估所用数据资料均来 自于市场 ．因此运用市场法评估资产的价值首先得有一个活跃的公开市场 ．再考虑公开市场上是否具有可比的资产及其交易活动 ，如果没有活跃的公开市场 ，可比的资产及其交易活动则无从谈起 ，所 以判断是否可 以采用市场法的一个首要前提是 是否存在一个活跃的公开市场”。

　　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．林木资产活跃市场分析

　　2. Analysis of the Active Market for Forest Assets

　　薪炭林 要解决山区和林 区能源 问题 ，基本 上不 存在活跃的交易市场 。

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

　　用材 林 为人类提 供 的主 要产 品是成 熟砍 伐后 的 木材 但砍伐 后的木材没有生命 已不再是林 木资产 。所 以用材林的产 品一次产 出 且仅有一次。在用材林的生命周期 中，根据其生长发育的规律性变化 ，可分为幼年期 、青年期 、壮年期 、衰老死亡期 四个 时期 。幼年期和青年期的用材林处在营养生长阶段，采伐价值较低，并且距采伐期还很远 ，未来不确定性较大 ，因此处在此阶段 的用材林 交易的可能性不大 。壮年期 的林木树体结构已定 型 ，进入成熟 阶段 ．且可进行采伐 ，此阶段 用材林对不 良环境 的抵抗 能力强 ，未来 收益 的确定性 比较高 ，具有交易的可能性。人们 经营用材林 的最终 目的是获取收益 ，并且理 性的人会追 求收益最 大化 ，所 以会选择在用材 林收益最大的时期进 行砍伐 ，而不是等进 入衰老 死亡期砍 伐 ，所 以衰老 死亡 期不 在讨论 范 围 内。综上 所述 ，未达到成熟阶段 的用材林林木资产交易的可能性不大 偶 尔也会有交易行 为，但不是普遍存在 的：用材林林木资产市场交 易主要发生在采伐期 间或成熟后 ．不过交易市场最 活跃 的还是砍伐后 的木材市场。

　　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.

　　经 济林在 寿命期 限内可 多次产 出产 品 ，人们需要 的仅仅是经济林 的产 品 ，并非经济林 木本 身 ，所 以在市场上活跃 交易的是经济林产 出的产 品。再 加上经济林依 附于土地 ．不能发生位 移 ，更限制了其交易。所 以，理论上，经济林不存在公开的交易市场。现实中，偶尔也有经济林 交易的行为 ，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．市场法估算林木资产价值对 于存在公 开交易市场 ．在 交易市场 上能够 找到可比的资产及其交易活动的林木资产可采用市场法对其价值进行评估 ，计算公式 为：用材 林 资产价 值 的评 估也 可 以采 用市场 法 中 的市场价倒算法。市场价倒算法是将林木资产采伐后所得木材 的市场销 售总收人 扣除木材经营所消耗 的成本 (含税 、费等 )及应得 的利润后 ，剩余 的部分作 为林木资产价值的一种方法。其计算公式为 ：

　　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:

　　市场 价倒 算 法是成 熟 用材林 资产价 值确 定 的首 选方法 ，因为成 熟林 立木蓄积趋于稳定 无需进行 生长预测 ，木材交 易的经 济技术资料比立木交易 的经济技术 资料更 易获得 。用该 法确定 成熟用材林资产价值 ，方法简单，结果贴近市场 ，容易被各方所接受。近熟林、过熟林用材林资产与成 熟用材林 资产 性质相 似 ，通常也采用此方法 。而对于 中幼林 由于距 离采伐 期的时 间太长 ，一般不适用该种方法 。

　　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)林木资产价值评估的收益法运用

　　（2） Application of income method in the valuation of forest assets

　　1．收益法概述收益法是在估测资产未来预期 收益额及 收益期限的基础 上 ，采用适当的折现率将预测 的未来收益额折成现值 ，然后再 将各 期收益折现值累加 ，求得被评估 资产价值 的一种资产评估方法 。运 用收益法评估资产价值时 ，是 以资产投入使用后连续获利 为基础 的。所 以判断林木资产是否可 以采用收益法对其价值进行评估 的首要条件是分析林木资产是否具 有连续 获利能力 。

　　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．林木资产连续获利能力分析薪炭 林 主要解 决 山区和林 区能源 问题 ，它们 的产品不是用来交易，至于它们的预期收益额 目前还在探讨中，其价值不适宜采 用收益 法评估 。用材林 属于消耗 性林木资产 只有达到成熟阶段被砍伐作 为木材 出售 时 ，才产 生仅有 的一次 收益 ，不符合收益法 的前提 ，所 以不适 宜采用收益法对其价值进行评估。 经济林属于生产性林木资产 按其生长发育规律及是 否产 生收益大致上分为两个阶段 ：一是未结果阶段 ，主要指 经济林 的产前期 ，这一阶段属于经济林的幼龄阶段 ，林木的生长 以营养生长为主，只有成本投入 ，一般不产 出产 品 没 有经济 收入 ．使 用价值较低 ；二是 结果阶段 ，主要指经济林 的初产期 、盛产 期和衰产期 。在林产 品单位价格一定 的情况 下 ，价值 的变动主要是 受产量的影响 ．只要准确预测经济林产 品的产量 ，即可 了解价值 。此阶段经济林资产 的价值远远大于未结果阶段 ，而且经济林资产在其寿命 内能够 多次产 出林产 品，带来连续收益 符合收益法的前提 可 以采用收益法评估其价值。

　　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．收益法估算林木资产价值通过上述分析 ，收益法主要适用于林木资产中的经济林木资产的价值评估 。其计算公式为 ：经济林林木资产 的收益额是林木资产使用 中带来的未来收益期望值 可 以通过预测林木资产在其生长期间各个年份 的产 出量与 当年市场价格的乘积来确定。在确定 生产 性林 木资产 的使用寿命时 ，可 以考虑诸如温度 、湿 度和 降雨 量等 生物 特征 、灌溉 特 征 、嫁 接 和修 剪 程序 、林木 的种 类和分 类、林 木的株 间距 、所使 用初生主根 的类型 、采 摘或收 割的方式、所 生产产 品的预计市场需求等。

　　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 )林木资产价值评估的成本法运用1．成本法概述成 本法 是指 在现 时条 件 下重新 购置 或建 造与被 评估资产相同或类似的资产所花费的各种成本费用之和，再 扣除资产 发生的各种损耗 ，所得到的差额即为被评估资产的价值。在成本法中，需要确定的参数主要有资产的重置成本和资产有形 损耗及 无形损耗 。采 用成本 法对林木 资产价值进 行评估 时 ．需要考虑林 木资产的无形损耗 ，如因新品种 的出现 而使现 有的林 木资产产出林产品的能力和产出林 产品的质量等方面相对下降等 ．也需要考虑林木资产的有形损耗 ，如经济林老化等 。采用成本法评估资产 应该具备 以下几个 前提条件 ：

　　（3） 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)被评估资产的实体特征 、内部结构及其功能必须与假设的重置全 新资产 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)应 当具备可利 用的历史资料 ；

　　(2) Should have available historical materials;

　　(3)形成资产价值 的各种耗费是必须的 ：

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

　　(4)被评估资产 必须是可 以再生的或者说是可 以复制的。总体 来说 ，只要是符合成本 法的前提条件 并可 以估算其成本的林木 资产 ，都可以采用成本法估价 。

　　(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．成本法估算林木资产价值林木 资产价值评估 的成本 法是指 以按现 时工价及 生产水平 ，重新种植 与被评估林 木资产相 类似 的资产所 需的成本 费用减去各种损耗 ，作 为被评估林 木资产价值 的方 法。其计算公式为 ：林 木 资产 的生长 期 长 ．有的树 种长 达 一二十 年甚至数十年 ，因此 ，对于该类林木资产运用成本法时需要考 虑 资金 的时 间价值 ．对分 年度 投入 的成 本要 用复 利计算 ．因此 ，成本 法评估 林木资产价值 时通常利用公式(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 、结论

　　4、 Conclusion

　　由于评估对象的存在形态和价值特征不同往往要求不 同的评估 方法与之相 适应 。而林木 资产 类型多样 ．存在 形态和价值特 征各 不相同 ，即使是 同一类型林 木资产 ，在不同生长阶段的个体 形态不同 ，并且产 生经济利益的方式也 各不相同 这必然影响评 估方法的选择。通过对各种评 估方法及林木资产特殊性的分析 ，得 出林木资产价值评 估方法 的选 择方 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)林木资产 是属于与土地难 以分离的资产 ，总体不存在交易市场 ，偶尔也会发生一些交易行为 ，对于存在交易市场的林木资产便可 采用市场法对 其价值进 行评 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)虽然用材林资产 的交易行 为不具有普遍性 ．但砍伐后的木材却存在活跃 的交 易市场 ，因此对用材林资产价值 的评估可 以采用市场法 中的市场价倒算法 ．将林木资产采伐后所得木 材 的市场销 售 总收入 ，扣除木 材经 营所 消耗 的成本(含税 、费等 )及应得 的利润后 ，剩余 的部分作 为林木资产 价值 。

　　(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)经济 林资产在其 寿命 内能够 多次产 出林产 品 ，带来连续 收益 ，符合收益法 的前提 ，可 以采 用收益 法评估 其价值 。无法 利用市 场法、收益法等 方法进行评估 的林 木资产 以及处 在幼龄 期的林 木资产 可以选 择成本 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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