1.收獲現值法

1. Harvest Present Value Method

木林收獲現值法是通過預測林生長到主伐時可生產的木材的數量，并利用木材市場價倒算法測算出其立木的價值并將其折成現值，然后再扣除評估基準日后到主伐前預計要進行各項經營措施成本的折現值，將其剩余部分作為被評估林木資產的評估值。

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.

在森林資源資產評估中收獲現值法理論上可以用于任何年齡階段的林木資產評估，但實際應用中一般用于中齡林和近熟林的林木資產評估。主要針對造林年代已久，用成本法容易產生偏差，離主伐期尚早，不宜采用市場法而提出的。

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.

在計算中需要考慮的要素:

Factors to be considered in calculations:

(1)林分主伐時的純收入，即木材銷售收入扣除采運成本、銷售費用、管理費用、財務費用及相關稅費和木材經營的合理利潤;

(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)間伐的純收入;

(2) Net income from thinning;

(3)投資收益率，一般采用平均收益率進行測算;

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

(4)評估基準日到主伐時的營林成本:

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

(5)林分質量調整系數K一般根據待評估的林分與標準林分的蓄積或胸徑指標進行調整。

(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.年金資本化法

2. Annuity capitalization method

年金資本化法是在永續經營條件下，將被評估森林資源資產年穩定收益作為資本投資的收益，按適當的投資收益率折算林木資源資產價值的方法。

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.

年金資本化法主要用于評估年純收益穩定的森林資源資產

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

適用前提條件和注意的問題：

Applicable prerequisites and precautions:

(1)前提條件:

(1) Prerequisite:

①待評估資產的年收入必須穩定;

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

②待評估資產可以永續經營。

② The assets to be evaluated can be operated sustainably.

(2)注意的問題:

(2) Attention to issues:

①測算年平均純收益時應扣減成本的正常利潤;

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

②投資收益率必須是不含通貨膨脹利率的當地該類資產投資的平均收益率。

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

3.周期收益資本化法

3. Periodic income capitalization method

周期收益資本化法是將被評估林木資產穩定的周期收益作為資本投資的收益，再按適當的投資收益率求出資產的價值。

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)剛擇伐后的林木資產評估。

(1) Assessment of newly selected forest assets.

林木擇伐后要經過一個經營周期才達到下一次擇伐期。

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

(2)擇伐n年后林木資產評估。

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

林木擇伐n年后，隨著林分生長逐漸接近下一次擇伐期，林分的蓄積量在增長，林分的價值在增加。

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.

使用該方法以實現森林資源永續利用為前提條件，適用于異齡林林木資源資產評估。

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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