Timber investment returns for selected plantations and native forests in South America and the Southern United States
Timber investment returns for selected plantations and native forests in South America and the Southern United States
复制标题
DOI：
10.1007/s11056-006-9025-4
复制
发表时间：
2007-05-01
期刊：
影响因子：
2.2
通讯作者：
Alvarez, Jose
中科院分区：
文献类型：
--
作者：
Cubbage, Frederick;Mac Donagh, Patricio;Alvarez, Jose
对拉丁美洲南锥体和美国南部主要外来树种和选定的本土树种的木材投资回报进行了估算。南美洲的外来桉树种植园利润最高，内部收益率 (IRR) 为 13% 至 23%，其次是外来火炬松，内部收益率为 9% 至 17%。美国南部火炬松人工林的平均回报率较低，IRR 约为 9.5%，而南部天然林管理的 IRR 为 4% 至 8%。最好的南洋杉和山毛榉树种的亚热带本地物种种植园具有合理的财务回报，IRR 范围为 5% 至 13%。亚热带或热带原生森林的商业用材品种较少，增长率和回报也低得多。他们的 IRR 低于 4%，对于无人管理的展位甚至为负值。国家对人工林或林地改良的补贴在一定程度上增加了内部收益率，而环境保护保护区则略微降低了内部收益率。将土地成本纳入现金流量大大降低了这些内部回报率。拉丁美洲的自然林分回报率远低于种植园，但对这些林分的管理比仅持有土地能提供更高的回报率。
Timber investment returns were estimated for the principal exotic and selected native species in the Southern Cone of Latin America and in the Southern United States. Exotic eucalyptus plantations in South America were most profitable, with internal rates of returns (IRRs) ranging from 13% to 23%, followed by exotic loblolly pine, with IRRs from 9% to 17%. Average loblolly pine plantation returns in the US South were less profitable, with an IRR of about 9.5%, and natural forest management in the South had IRRs of 4% to 8%. Subtropical native species plantations of the best araucaria and nothofagus species had reasonable financial returns, with IRRs ranging from 5% to 13%. Subtropical or tropical native forests had fewer commercial timber species, and had much lower growth rates and returns. Their IRRs were less than 4%, or even negative for unmanaged stands. State subsidy payments for forest plantations or for timber stand improvements increased IRRs somewhat and reserving areas for environmental protection reduced their IRRs slightly. Including land costs in the cash flows decreased these internal rates of return substantially. Natural stand returns in Latin America were much less than those of plantations, but management of those stands offered better rates of return than only holding the land.