Suchergebnisse

Research Highlights: Stumpage price is the most important factor affecting the value of forests. Therefore, an understanding of the factors affecting stumpage prices and trends is critical for effective forest management. Background and Objectives: Chinese fir is the most important fast-growing timber species in China, it is also the tree species with the largest trading volume in the stumpage markets of Southern China. The aim of this study was to analyze the determinants and trends of stumpage prices for Chinese fir timber forests. Materials and Methods: Data on 928 sales of Chinese fir timber forests transacted between 2007 and 2016 were gathered from the stumpage markets in Southern China. We analyzed the relationship between stumpage prices and sales characteristics using the hedonic price method (HPM) and measured the stumpage price index with a dummy time hedonic index. Results: (1) The double logarithmic form of the HPM yielded a more accurate estimate than the semi logarithmic form. The R2ad values in the nine annual prediction models were all above 80%. Stock volume made the greatest contribution to stumpage price, followed by stand age. Stand area had no significant impact on the stumpage price. (2) Stumpage prices of Chinese fir timber forests fluctuated greatly, especially in 2010 and 2015 when the sequential price indexes were 180.01% and 74.95%, respectively. Taking 2007 as the baseline, we calculated the base price index in 2016 to be 197%, with an average annual growth rate of 7.82%. (3) The stumpage market was associated with a higher degree of risk than the timber market. Conclusions: Our findings provide valuable inputs that can guide and facilitate the Chinese government&rsquo ; s efforts to optimize resource allocation and standardize the stumpage market.

For the forestry sector in Russian Federation, the transition from administrative management to market relations will require a large number of political, legislative and management changes. Foremost among these is to recognize the impossibility of maintaining the existing system for establishing, collecting and distributing payments for forest resources, notably for stumpage prices. ; Для Российской Федерации переход от административных методов управления к рыночным экономическим отношениям в сфере лесопользования потребует большого количества политических, законодательных и управленческих решений, первым из ко-торых должно стать осознание невозможности сохранять существующую систему установления, взимания и распределения платежей за лесные ресурсы, в первую оче-редь, древесину на корню.

This study presents results of statistical tests for stumpage market integration on 62 national forests in the Western United States. Quarterly stumpage prices from 1984 to 2007 obtained from cut and sold reports for USDA Forest Service Regions 1, 4, 5, and 6 (Northern, Intermountain, Pacific Southwest, and Pacific Northwest, respectively) were analyzed to establish the presence and extent of national forest timber markets. Statistical evidence suggests that prices from the Beaverhead-Deerlodge and Salmon-Challis Forests and the Kootenai and Idaho Panhandle Forests are linked and that only these two sets of forests can be modeled as integrated stumpage markets. Aside from these four forests, there is no evidence that the law of one price holds for national forest timber markets in the West

Indonesia's natural forest has been persistently declining, even with the fastest rate in the world, regardless of various efforts to stop the decline or at least to reduce the rate significantly. At the same time, development of plantation forest has been very slow. Amongst the various causes of the natural forest loss that have been identified, financial nonprofitability was not one of them. That being said, the fundamental reason as to why utilization of natural forest for timber production will not survive in the long run is because of financial nonprofitability. In order for a business to stay in the industry of the natural forest utilization, the government should provide financial incentives using public's money. Hence, the public support for the forestry is vital for the survival of the industry?. However, improper implementation of forestry laws can have damaging impacts to the public's perception and support. Moreover, the five policies, namely forest land establishment, fees, and royalties, log export ban, certification, and forest management unit establishment, which have failed to deliver sustainable natural production forests, are shortly discussed. Finally, the more appropriate approach of natural forest utilization is basically not as a sustainable forest management but rather as the optimal timber mining, which consequently requires different set of policies.

Capturing economic rent from natural resources, particularly forests, frequently still creates disagreement between the government and businesses. The charges imposed by the government in the forms of reboisation fund (DR) and forest resource provision (PSDH) have been in place for very long time, accepted by all stakeholders, and supported by laws. Government policy regarding compensation for forest stand value (GRNT) creates controvercies. This paper intends to clarify problem of forest charges by returning it to its fundamental theories, e.g. economic theory of natural resouces. Economic rent of forests that are controlled by the government is the right of all Indonesia people. Henece, the government has responsibility for capturing the rent as much as possible in the most efficient way. If the stumpage is too low then it potentially promotes overcutting, whereas if it is too high then it makes forest business less attractive that potentially promotes illegal activities. In forestry, economic rent of forest has a special name, it is stumpage price. There are some difficulties in estimating a competitive stumpage price, wheter the one obtained through a direct competitive auction of standing timber or through calculation of residual price. Partly, the difficulties were generated by the government's own policies that strongly distorted log prices. Log export ban and vertical integration are the two most influential policies in distorting log prices. Actually, the government is able to design and implement a single charge to capture PSDH, DR, and GRNT so that their administration becomes much simpler and more efficient.

AbstractThe failure of forestry to contribute to poverty reduction in Central America is due to public policies which inhibit its profitability. Absence of public regulation of harvesting and competing subsidies to agriculture keep forestry stumpage prices artificially low. This encourages destruction of the forest resource, which damages both the environment and the potential to reduce poverty. A comparison of Costa Rica and Honduras reveals two dissimilar approaches toward forest policy. While Costa Rica attempts to raise producer and grower stumpage prices by tax credits, soft loans and differential species fees, Honduras enforces price ceilings and uses centralized authority to control forest production and export. Both countries exhibit weaknesses in the management control cycle of programming, budgeting, implementing and evaluating their forest policies. Yet the Costa Rican approach has increased stumpage prices already, which bodes well for their forest sector. By contrast, the major beneficiary of Honduran forest policy has been COHDEFOR, the state enterprise responsible for forestry management, controlling production, and running its national system of agroforestry cooperatives. Despite greater public authority and resources than the Costa Rican forest service (DGF), the Honduran forest policy is not likely to increase producer profitability or reduce poverty in the near future.

While Costa Rica attempts to raise producer and grower stumpage prices by tax credits, soft loans and differential species fees, Honduras enforces price ceilings and uses centralized authority to control forest production and export. Both countries exhibit weaknesses in the management control cycle of programming, budgeting, implementing and evaluating their forest policies

Abstract.  The paper tests Hotelling's prediction that scarcity rent for a non‐renewable resource will rise at the rate of discount in a market equilibrium. We perform the test using data for old‐growth timber, a resource that is effectively non‐renewable. In contrast to previous studies, for this resource a measure of scarcity rent is directly observable in the form of stumpage price bids in timber auctions. We construct a model that allows for replanting and captures the institutional framework of the western U.S. timber market. The modified Hotelling rule that we derive is not rejected in several of our specifications.

The establishment of commercial forest plantations requires the selection of sites where reasonable profitability can be attained. A financial analysis was made for the identification of the most suitable areas for the establishment of new Pinus patula plantations in the central region of Antioquia, Colombia. The analysis was performed assuming basic silvicultural treatments at the establishment but no management during the entire rotation period. A volume yield data at the stand level was obtained from a previously fitted model that uses biophysical variables and stand density as predictors. The estimated stand volume, a detailed cash flow, and a derived stumpage price were combined to perform a financial analysis. The Land Expectation Value (LEV) and Internal Rate of Return (IRR) at the optimal rotation age, along with their spatial variation, were calculated in this study. Results suggest that the estimated volume and the current stumpage price are not sufficient to guarantee reasonable profitability for new timberland investments. While the LEV was negative, the IRR was in the range 4.1±1.5%, which is less than the discount rate of 6.8% used in the financial analysis. However, a positive LEV and an IRR at 8% would be achieved if forest productivity increases by 20% because of silvicultural practices or costs reduction in a similar proportion (obtaining IRRs up to 8.4%). Moreover, if the government provide subsidies, the IRR would increase up to 10.3% (without requiring an increase in productivity or a decrease in costs) on sites with high growth potential (mean annual increment greater than 16 m3 ha-1 year-1), and close to the mills (less than 45 km radii). ; El establecimiento de plantaciones forestales comerciales requiere seleccionar sitios que garanticen una rentabilidad razonable para inversiones forestales. Se realizó un análisis financiero con el fin de identificar las áreas con mejor aptitud para el establecimiento de nuevas plantaciones de Pinus patula en la zona central de Antioquia, Colombia. El análisis se realizó asumiendo tratamientos silviculturales básicos en el establecimiento, pero ningún manejo durante el período de rotación. Información de rendimiento forestal en volumen a nivel de rodal se obtuvo de un modelo previamente ajustado, el cual depende de variables biofísicas y de la densidad de rodal. El volumen estimado a nivel de rodal, un flujo de caja detallado, y el precio de la madera en pie, se usaron en el análisis financiero. Se calcularon como criterios de bondad de inversión el Valor Económico del Suelo (VES) y la Tasa Interna de Retorno (TIR) a la edad óptima de rotación, así como su variación espacial. Los resultados sugieren que el volumen estimado de madera y los actuales precios no son lo suficientemente altos para garantizar una rentabilidad razonable para el establecimiento de nuevas plantaciones. Mientras el VES estimado fue negativo, la TIR encontrada se ubicó en el rango 4,1±1,5%, la cual es menor a la tasa de descuento de 6,8% usada en el análisis financiero. No obstante, valores positivos de VES pueden alcanzarse si se realizaran tratamientos silviculturales que conlleven a un aumento de la productividad forestal de 20%, o a una reducción de costos de la misma magnitud, alcanzando una TIR de hasta 8,4%. En un escenario de subsidios a la reforestación proporcionados por el gobierno, la TIR podría incrementar hasta 10,3%, sin requerir aumentos en la productividad o disminución de los costos, en sitios con alto potencial de crecimiento (incremento medio anual mayor a 16 m3 ha-1 año-1), y localizados a un radio de 45 km de los centros de transformación.