1.收获现值法

1. Harvest Present Value Method

木林收获现值法是通过预测林生长到主伐时可生产的木材的数量，并利用木材市场价倒算法测算出其立木的价值并将其折成现值，然后再扣除评估基准日后到主伐前预计要进行各项经营措施成本的折现值，将其剩余部分作为被评估林木资产的评估值。

The present value method of forest harvest is to predict the amount of wood that can be produced when the forest grows to the main cutting stage, and use the wood market price inversion algorithm to calculate the value of its standing timber and convert it into present value. Then, after deducting the discounted value of the expected cost of various management measures from the evaluation benchmark date to the main cutting stage, the remaining part is used as the evaluation value of the evaluated forest asset.

在森林资源资产评估中收获现值法理论上可以用于任何年龄阶段的林木资产评估，但实际应用中一般用于中龄林和近熟林的林木资产评估。主要针对造林年代已久，用成本法容易产生偏差，离主伐期尚早，不宜采用市场法而提出的。

The present value of harvest method can theoretically be used for evaluating forest assets at any age in forest resource asset assessment, but in practical applications, it is generally used for evaluating forest assets in middle-aged and near mature forests. This is mainly aimed at the fact that afforestation has been in place for a long time, and using the cost method can easily lead to deviations, and the main cutting period is still early, so it is not suitable to use the market method.

在计算中需要考虑的要素:

Factors to be considered in calculations:

(1)林分主伐时的纯收入，即木材销售收入扣除采运成本、销售费用、管理费用、财务费用及相关税费和木材经营的合理利润;

(1) The net income during the main logging of the forest stands, which is the sales revenue of timber minus the transportation costs, sales expenses, management expenses, financial expenses, related taxes, and reasonable profits from timber management;

(2)间伐的纯收入;

(2) Net income from thinning;

(3)投资收益率，一般采用平均收益率进行测算;

(3) The investment return rate is generally calculated using the average return rate;

(4)评估基准日到主伐时的营林成本:

(4) Assess the forest management cost from the benchmark date to the time of main logging:

(5)林分质量调整系数K一般根据待评估的林分与标准林分的蓄积或胸径指标进行调整。

(5) The forest quality adjustment coefficient K is generally adjusted based on the volume or diameter at breast height indicators of the evaluated forest and the standard forest.

2.年金资本化法

2. Annuity capitalization method

年金资本化法是在永续经营条件下，将被评估森林资源资产年稳定收益作为资本投资的收益，按适当的投资收益率折算林木资源资产价值的方法。

The annuity capitalization method is a method of converting the annual stable income of evaluated forest resource assets into capital investment income under sustainable operating conditions, and converting the value of forest resource assets at an appropriate investment return rate.

年金资本化法主要用于评估年纯收益稳定的森林资源资产

The annuity capitalization method is mainly used to evaluate forest resource assets with stable annual net income

适用前提条件和注意的问题：

Applicable prerequisites and precautions:

(1)前提条件:

(1) Prerequisite:

①待评估资产的年收入必须稳定;

① The annual income of the assets to be evaluated must be stable;

②待评估资产可以永续经营。

② The assets to be evaluated can be operated sustainably.

(2)注意的问题:

(2) Attention to issues:

①测算年平均纯收益时应扣减成本的正常利润;

① The normal profit that should be deducted from the cost when calculating the annual average net income;

②投资收益率必须是不含通货膨胀利率的当地该类资产投资的平均收益率。

② The investment return rate must be the average return rate of the local asset investment without inflation interest rate.

3.周期收益资本化法

3. Periodic income capitalization method

周期收益资本化法是将被评估林木资产稳定的周期收益作为资本投资的收益，再按适当的投资收益率求出资产的价值。

The cyclic income capitalization method is to use the stable cyclic income of the evaluated forest assets as the income of capital investment, and then calculate the value of the assets according to the appropriate investment return rate.

(1)刚择伐后的林木资产评估。

(1) Assessment of newly selected forest assets.

林木择伐后要经过一个经营周期才达到下一次择伐期。

After selective felling, trees need to go through a business cycle before reaching the next selective felling period.

(2)择伐n年后林木资产评估。

(2) Assessment of forest assets after n years of selective logging.

林木择伐n年后，随着林分生长逐渐接近下一次择伐期，林分的蓄积量在增长，林分的价值在增加。

After n years of selective logging, as the forest grows closer to the next selective logging period, the volume of the forest increases and the value of the forest increases.

使用该方法以实现森林资源永续利用为前提条件，适用于异龄林林木资源资产评估。

The use of this method is based on the premise of achieving sustainable utilization of forest resources and is suitable for asset evaluation of forest resources in different age forests.

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