【摘要】 针对森林资源资产评估中因固定投资收益率引起龄组间价值倒挂的现象（幼龄林评估单价异常高于中龄林），提出可变投资收益率的估值模型，基于“重置成本价=收获现值价”（E_n=E_t）的数学约束模型，通过迭代求解各林龄投资收益率，解决传统方法测算结果不相容的问题。实证表明：消除8%固定投资收益率下杉木林龄10年（3 406元/亩）至11年（1 632元/亩）52.1%断崖式下跌的问题，以及6%固定投资收益率下桉树中龄林单价（1 638元/亩）低于幼龄林（1 666元/亩）1.7%的现象，实现经济价值平滑衔接，使全周期评估值随林龄单调递增。案例为林权交易、抵押融资、了解林木资产价值提供了评估技术模型。更多还原

【Abstract】 In forest resource asset valuation, the use of a fixed investment return rate often leads to value inversion across age classes, whereby the assessed unit value of young stands is abnormally higher than that of middle-aged stands. To address this issue, this study proposes a valuation model based on variable investment return rates. The model is constructed under the mathematical constraint that the replacement cost value equals the present value of harvest returns(E_n=E_t), and the investment return rate for each forest age is solved iteratively, thereby resolving the incompatibility inherent in traditional valuation approaches. Empirical results demonstrate that the proposed model effectively eliminates the sharp value discontinuities observed under fixed return rate assumptions. Specifically, it corrects the 52.1% cliff-like decline in unit value of Cunninghamia lanceolata stands from age 10(510% yuan/ha) to age 11(24,480 yuan/ha) under an 8% fixed return rate, as well as the phenomenon under a 6% fixed return rate in which the unit value of middle-aged Eucalyptus stands(24,570 yuan/ha) is 1.7% lower than that of young stands(24,990 yuan/ha). By enabling a smooth economic value transition across age classes, the model ensures that valuation results increase monotonically with forest age over the entire rotation period. The case study indicates that the proposed approach provides a practical valuation technique for forest tenure transactions, mortgage financing, and the accurate understanding of forest asset values.更多还原