摘要
应用资产组合理论构建林业投资资产组合模型,模拟林业经营者投资资产组合比例决策,分析资产组合比例决策对生态补偿的敏感性。结果表明:在105元/hm^2的生态补偿标准下,当林业资产占总投资的76.21%、其他金融资产占总投资的23.79%时,可满足林业投资者低风险适度收益的要求;随着生态补偿标准提高,林业经营者的林业投资占资产组合的比例会逐渐上升但对生态补偿的敏感度会随之降低。因此,政府应适度提高生态补偿标准,林业经营者除林业投资外还要适当配置其它金融资产。
(1)Background——With the deterioration of the global ecological environment,people pay more and more attention to forest ecosystem services. Forest ecosystem services compensation converts the benefits of forest ecosystem service function into monetary income,which is to economically stimulate forest and environmental protection. How to reasonably harvest trees and allocate assets under the condition of meeting ecological compensation will become an important content and core technology of forestry management.(2)Methods——This paper makes a systematic study on the assets portfolio of forestry management,discusses the forestry management assetsportfolio under the condition of ecological compensation,and maximizes the utility of forestry management,so as to provide decision-making suggestions for the formulation of reasonable ecological compensation standards and forestry management strategies. Based on the ecological compensation mechanism and the theory model of assets portfolio,study on the assets portfolio of forestry management under the ecological compensation mechanism is carried out under the condition of satisfying the constraints.(3)Results——The forestry data of Hunan Province were collected and analyzed by using the forestry investment assets portfolio model. Results are as follows:(1)The overall return rate on forestry management income was not high; bond yield reached a peak in 2004 and 2007 and the overall change was not significant at other time. The stock exchange rate fluctuated to a maximum of 130. 43%,with a minimum of-65. 39%,and the yield is extremely unstable. The change in the yield of the fund is roughly in line with the stock,because the fund is vulnerable to the stock market. In 2011,the management asset return rate of forestry reached the highest level of 16. 25% over the years. The overall rate of return in other years was not high.(2)The benefits of forestry management are slightly greater than the risks: Under the current ecological compensation standards,forestry property ow
出处
《林业经济问题》
北大核心
2018年第2期33-38,共6页
Issues of Forestry Economics
基金
湖南省软科学计划重点项目(2014ZK2061)
关键词
生态补偿
资产组合
林业投资
ecological compensation
assets portfolio
forestry investment
