欧美典型国家林地投资的产权结构演变与组织模式比较

doi:10.18402/resci.2020.07.12

摘要/Abstract

摘要：

林地资产是当前国际投资机构优选的重要替代投资类别,林地产权结构及其关联的组织模式是影响林地投资及资产组合收益的重要基础。本文系统梳理了欧美典型国家的林地产权及结构演变,归纳了不同产权结构下林地投资主体及组织模式选择。研究发现：①欧美林地产权主要涉及以美国和瑞典为代表的私有产权和以加拿大为代表的公有产权两种类型,私人投机行为和林主权益诉求推进了林地私有产权的演变进程,行政公有产权在加拿大等国仍具有显著地位。②以林地投资管理组织（TIMOs）、房地产信托投资基金（REITs）为代表的公司制模式和以林主协会为代表的协会制模式是林地私有产权的主要组织模式,其中TIMOs、REITs等公司主体助推了林地投资全球化发展;林地公有化产权的经营组织以林务局为主体,依赖省级林务局行政协调能力实现林地可持续经营。③欧美林地投资呈现私人林地碎片化和机构林地集中化的特征,林地的所有权和经营权分离趋势明显,其中传统林产品公司由偏好林地占有转向林地剥离,公有林地由单一行政管理转向综合多功能管理,林地认证由传统生态能力评估转向兼顾林地投资需求评价。结合中国林地投资与欧美国家变化趋势的关联性问题,本文从完善林地产权内部治理结构、积极培育适度规模林业经营主体、推进林地认证市场化进程、构建有约束的林业PPP投资回报机制等方面提供了加快中国林地投资市场化的建议。

关键词: 林地投资, 产权结构, 林地投资管理组织（TIMOs）, 房地产信托投资基金（REITs）, 林主协会, 林地剥离, 社会资本

Abstract:

Timberland is an important alternative investment class selected by international investors. Timberland ownership structure and its associated management modes are important to timberland investment and portfolio performance. We reviewed the evolvement of timberland property rights and structure in typical European and North American countries and summarized different investors and management styles of timberland under different ownership regimes. We found that: (1) Most timberlands in European countries (for example, Sweden) and the United States are privately owned, whereas most timberlands in Canada are publicly owned. Private property rights were triggered by market speculations and landowners’ appeals while administrative public property rights still have a significant position in Canada and other countries. (2) Corporate models represented by Timberland Investment Management Organizations (TIMOs) and Real Estate Investment Trusts (REITs), and industry associations such as Forest Landowners Association are typical management organizational modes of private timberland. The TIMOs and REITs have promoted the worldwide development of timberland investment. Management of public timberland takes forestry bureaus as the main body, and its operation depends on provincial forestry bureaus’ administrative coordination ability to realize the sustainable management of timberland. (3) Timberland in European and North American countries shows a tendency of private fragmentation and institutional concentration. The separation of timberland ownership from its management rights is obvious. Traditional forest products companies have shifted from owning timberland to divesting timberland while public timberland management has shifted from a single administrative perspective to a comprehensive multi-functional management. Furthermore, forest certification pays a close attention to timberland investment needs in addition to traditional ecological capacity assessment. At the end of this article, we provided some suggestions for accelerating the marketization of China’s timberland assets based on timberland investment within China and the changing trend of European and American countries, including improving internal governance structure of timberland property rights, cultivating forestry management subjects of appropriate scales, promoting the marketization process of forest certification, and developing constrained forestry public private partnership investment return mechanism.

Key words: timberland investment, ownership structure, TIMOs, REITs, Forest Landowners Association, forestland divestiture, social capital

张楠, 杨红强. 欧美典型国家林地投资的产权结构演变与组织模式比较[J]. 资源科学, 2020, 42(7): 1361-1371.

ZHANG Nan, YANG Hongqiang. Property rights change and management organization of timberland investment in European and North American countries[J]. Resources Science, 2020, 42(7): 1361-1371.

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	TIMOs	REITs	参考文献
主要目的	投资收入	投资收入税收规避	Lars L?nnstedt等^[16] Bin Mei^[32]
资产属性	私募股权资产	私募股权资产上市公司	Daowei Zhang等^[30] Piao等^[33]
资本要求	需要巨额初始资本	不需要巨额初始资本	Lars L?nnstedt等^[16] Le La等^[29]
林地归属	不直接持有林地	直接持有林地	Bob Flynn^[28] Bin Mei^[32]
管理受托	中介性质机构,架构灵活	独立法人实体,架构完善	王桂华等^[14] Yang Wan等^[34]