各位老師，請教個關于森林資源的評估。

　　Dear teachers, may I ask about the assessment of forest resources.

　　背景評估背景是不良債權的司法拍賣涉及的林權評估，評估對象是天然保護林和處于中齡林的用材林，林權剩余年限約20年。

　　The background assessment is the evaluation of forest rights involved in the judicial auction of non-performing loans. The evaluation objects are natural protected forests and timber forests in middle-aged forests, with a remaining tenure of about 20 years.

　　問題1、評估價值是否可定義為清算價值？

　　Question 1: Can assessed value be defined as liquidation value?

　　2、天然保護林的評估方法是什么，是否按年補償金折現來確定評估值?

　　2. What is the evaluation method for natural protected forests, and is the evaluation value determined by discounting the annual compensation?

　　3、對于中齡林的用材林，采用收獲現值法評估，如何確定到主伐期時的木材銷售價格及銷售成本，畢竟評估基準日到主伐期還有十多年的時間？

　　3. For medium aged timber forests, using the present value of harvest method to evaluate, how to determine the sales price and cost of timber until the main cutting period, after all, there are still more than ten years from the evaluation benchmark date to the main cutting period?

　　4、假設基準日林齡為14年，主伐期26年，距主伐期還有12年，可林權剩余年限為20年，則評估時假設到主伐期后一次性全砍伐，那么剩余8年的林權價值如何評估？

　　4. Assuming a forest age of 14 years on the benchmark day and a main logging period of 26 years, with 12 years left until the main logging period, and a remaining tenure of 20 years for the forest right, how to evaluate the value of the remaining 8 years of forest right if all trees are cut down at once after the main logging period?

　　個人認為，首先應當根據不良債權的情況確定林權的價值類型，清算價值的前提不一定符合林權的特點。蔡東倫1、法院司法拍賣的案件，看各地法院的操作思路，浙江這邊一般是由評估機構出具市場價值，法院一拍二拍的時候快速變現系數是由他們自己操作的。

　　In my opinion, the value type of forest rights should be determined based on the situation of non-performing loans, and the premise of liquidation value may not necessarily conform to the characteristics of forest rights. Cai Donglun: For cases involving judicial auctions in courts, depending on the operational strategies of courts in various regions, in Zhejiang, the market value is generally issued by appraisal agencies, and the quick realization coefficient during the first and second auctions is operated by the courts themselves.

　　2、天然保護林大類屬于公益林，需要看一下是屬于國家級公益林還是省級公益林，然后優勢樹種是什么，一般來說也是用材林，公益林按照法律規定是不可以砍伐的，但是為了林木生長的需求，有疏伐的需求，可以考慮這一塊的價值；然后還要關注一下生態公益林的補貼價值，權屬是歸企業所有，還是村集體所有；那么公益林價值就等于疏伐的價值+公益林補貼價值。

　　2. The category of natural protected forests belongs to public welfare forests. It is necessary to determine whether they belong to national or provincial public welfare forests, and what are the advantageous tree species. Generally speaking, they are also timber forests. Public welfare forests cannot be cut down according to legal regulations, but for the needs of forest growth, there is a need for thinning, and the value of this area can be considered; Then we also need to pay attention to the subsidy value of ecological public welfare forests, whether the ownership belongs to the enterprise or the village collective; So the value of public welfare forests is equal to the value of thinning and the subsidy value of public welfare forests.

　　3、收獲現值法中未來木材的銷售價可以跟中國木材價格指數網的統計數據，進行謹慎性的預測。

　　3. The future sales price of timber in the present value of harvest method can be cautiously predicted based on statistical data from the China Timber Price Index website.

　　4、這種情況下，一般是林木與林地分開作價。林地根據承包協議約定的林地租金，用年金資本化法來求林地價值，林木就按收獲現值法來算，營林承本中扣除每年的林地租金。李厚東天然保護林不能砍伐，不應作為評估對象;其他商品林需注意受砍伐指標限制。廖愚夫保護林是不能采的，先看一下森林法和相關法律法規，把資料吃透、現行的法律法規了解清楚再說后面的事才妥。原提問人老師，還想請問下，如何確定它是國家級公益林還是省級公益林，因為產權持有人已經聯系不上了，且我們去當地的林業局調檔，因正處于林業局合并到資源局的時期，兩邊人員工作邊界也不太了解，一無所獲。另外對將來木材價格的謹慎性預測是否可以按目前木材現價預測呢？蔡東倫林業二調資料以及地形圖屬于機密文件，如果評估公司自己去拿。估計比較難，建議跟法院溝通一下，開具協助調查函。原提問人林調機構是否可以獲取？蔡東倫可以。

　　4. In this case, trees and forest land are usually priced separately. According to the forest rental agreed upon in the contract agreement, the value of the forest land is calculated using the annuity capitalization method, and the forest trees are calculated using the present value of harvest method. The annual forest rental is deducted from the forest management cost. Li Houdong's natural protected forest cannot be cut down and should not be used as an evaluation object; Other commercial forests should be subject to logging restrictions. Liao Yufu's protection of forests cannot be carried out. First, check the Forest Law and related laws and regulations, thoroughly understand the information, and understand the current laws and regulations before proceeding with the rest of the matter. The original questioner, teacher, would like to ask how to determine whether it is a national level public welfare forest or a provincial-level public welfare forest, because the property rights holder cannot be contacted anymore, and we went to the local forestry bureau to transfer files. As it is currently the period when the forestry bureau is merged into the resource bureau, the personnel on both sides are not very familiar with the work boundary, and we have found nothing. Can the cautious prediction of future timber prices be based on current timber prices? The forestry survey data and topographic maps of Cai Donglun are confidential documents. If the evaluation company obtains them themselves. It is estimated to be difficult. It is recommended to communicate with the court and issue a letter of assistance in the investigation. Can the original questioner, the forest investigation agency, obtain it? Cai Donglun can.

　　1、價值類型如何選擇？根據《人民法院委托司法執行財產處置資產評估指導意見》第十條規定，人民法院委托司法執行財產處置資產評估的價值類型一般為市場價值。

　　1. How to choose value types? According to Article 10 of the Guiding Opinions on Asset Appraisal of Judicial Execution of Property Disposal Entrusted by People's Courts, the value type of asset appraisal of judicial execution of property disposal entrusted by people's courts is generally market value.

　　2、天然保護林如何評估？天然保護林的森林類別屬于生態公益林，生態公益林的價值由2塊構成：

　　2. How to evaluate natural protected forests? The forest category of natural protected forests belongs to ecological public welfare forests, and the value of ecological public welfare forests consists of two parts:

　　①林木價值根據二類小班因子表記載，若該生態公益林的優勢樹種為用材林，如松杉闊。

　　① According to the second-class sub group factor table, if the dominant tree species of the ecological public welfare forest are timber forests, such as pine and fir trees.

　　評估思路如下：根據《中華人民共和國森林法》及相關公益林管理辦法規定，公益林不能砍伐，但為了滿足林木生長的需求，可以適當疏伐，其疏伐指標也需通過林業相關部門審批，取得林木采伐指標。因此在對待天然保護林的評估時，可以考慮在林權證權利時間范圍的疏伐價值，一般其疏伐率根據相關統計，在總蓄積量的5-15%左右。若該生態公益林的優勢樹種為經濟林，則不受其采伐指標的限制，可以用收益途徑來測算其價值。

　　The evaluation approach is as follows: According to the Forest Law of the People's Republic of China and relevant management measures for public welfare forests, public welfare forests cannot be cut down. However, in order to meet the needs of forest growth, appropriate thinning can be carried out, and the thinning indicators also need to be approved by relevant forestry departments to obtain forest harvesting indicators. Therefore, when evaluating natural protected forests, the value of thinning within the time frame of the forest tenure certificate can be considered. Generally, the thinning rate is around 5-15% of the total volume according to relevant statistics. If the dominant tree species of the ecological public welfare forest is an economic forest, it is not limited by its logging indicators and its value can be measured by the income pathway.

　　②補貼價值關于生態公益林的補貼價值，評估人員需了解該塊補貼價值的權屬情況，是歸企業所有，還是歸村集體所有，各地的生態公益林補貼價通過林業部門查詢可得。

　　② Regarding the subsidy value of ecological public welfare forests, evaluators need to understand the ownership of the subsidy value of the block, whether it belongs to the enterprise or the village collective. The subsidy price of ecological public welfare forests in various regions can be obtained by querying the forestry department.

　　3、中齡林用材林評估思路問題根據《森林資源資產評估技術規范》（LY/T 2407-2015），中齡林及近熟林資產評估宜采用收獲現值法。主伐時間u應取該林分所屬森林經營類型的主伐年齡的齡級上限、下限之間的年齡，并應恰當確定標準林分u年主伐時的凈收益，技術經濟指標按評估基準日時點取值。

　　3. According to the Technical Specification for Forest Resource Asset Evaluation (LY/T 2407-2015), the current value of harvest method should be adopted for the asset evaluation of middle-aged and near mature forests. The main cutting time u should be taken as the age between the upper and lower limits of the main cutting age of the forest management type to which the stand belongs, and the net income of the standard stand u during the main cutting should be appropriately determined. The technical and economic indicators should be taken at the evaluation benchmark date.

　　收獲現值法：是利用收獲預測被評估林木資產在主伐時凈收益的折現值，扣除評估基準日后到主伐期間所指出的營林生產成本折現值的差額，作為被評估林木資產評估值的一種方法。其計算公式為：式中：

　　The present value of harvest method: It is a method of using the discounted value of the net income of the evaluated forest assets at the time of main logging to predict the harvest, and deducting the difference between the discounted value of forest production costs indicated from the benchmark date to the main logging period, as the evaluation value of the evaluated forest assets. The calculation formula is:

　　E—評估值；K—林分質量綜合調整系數，綜合調整系數的確定見附錄C；Au—參照林分u年主伐時的凈收益；Aa、Ab—參照林分第a、b年的間伐和其他純收益（n>a，b時，Aa、Ab=0）；u—經營周期；n—林分年齡；Ci—評估后到主伐期間的年營林生產成本；P—投資收益率。

　　E - Evaluation value; K - comprehensive adjustment coefficient of forest stand quality, as determined in Appendix C; Au - net income of the reference forest stand during the main cutting in year u; Aa, Ab - Referring to the thinning and other net income of the forest in the a and b years (when n>a, b, Aa、Ab=0）； U - Business cycle; N - stand age; Ci - Annual forest production cost from evaluation to main logging period; P - Investment return rate.

　　關于主伐期的木材銷售收入、及成本如何預測的問題，實務操作中分為2個思路。

　　There are two approaches to predicting the sales revenue and cost of timber during the main logging period in practical operations.

　　①.因林業行業投資回報期長，且木材價格波動較小，同時此類項目想獲得相關財務數據的難度較大，可采取基準日的木材售價跟相關成本來進行測算。

　　①. Due to the long investment return period and small fluctuations in timber prices in the forestry industry, as well as the difficulty of obtaining relevant financial data for such projects, the timber selling price and related costs on the benchmark date can be used for calculation.

　　②.查閱中國木材價格指數、魚珠木材價格指數，統計分析近幾年被評估對象涉及的木材價格增長率進行謹慎性預測。

　　②. Refer to the China Wood Price Index and Fish Ball Wood Price Index, and statistically analyze the growth rate of wood prices involved in the evaluated objects in recent years for cautious prediction.

　　一般使用第一種思路的較多。

　　Generally, the first approach is more commonly used.

　　4、主伐期屆滿后，剩余林地使用權如何評估？林地使用權可根據林地承包協議，采用年金資本化話進行單獨評估。具體租金參考市場周邊案例，有租約的按租約約定的測算，同時需注意在中齡林收獲現值法中的營林成本中將林地租金納入成本范疇，避免出現重復評估。

　　4. How to evaluate the remaining forest land use rights after the main logging period expires? The right to use forest land can be evaluated separately through annuity capitalization based on the forest land contracting agreement. The specific rent should refer to the surrounding market cases, and for those with leases, it should be calculated according to the lease agreement. At the same time, attention should be paid to including forest rent in the cost category of forest management in the present value of harvest method for middle-aged forests to avoid duplicate evaluations.

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