Chudy R P, Cubbage F W
NORSKOG, Oslo, Norway.
Department of Forestry and Environmental Resources, North Carolina State University, Raleigh, NC, USA.
For Policy Econ. 2020 Oct;119:102273. doi: 10.1016/j.forpol.2020.102273. Epub 2020 Aug 4.
This paper serves as an introduction to a Special Issue (SI) of the dedicated to forest investment and finance. The Special Issue stemmed from an International Forest Business Conference (IFBC2018) held in Poland on 6-8 June 2018. It includes papers based on speeches at that conference, as well as others on similar topics not presented at the conference. Topics addressed in this Special Issue include timberland investments, forest finance, intensively managed plantations, risk, uncertainty and decision-making, business structures and investment strategy, timber prices and forecasts, forestry contractors, and taxes. Details papers on these subjects follow in this Special Issue. Our finance research overview here provides a historical background and summary of forest investments and finance, focusing on forest equity investments made by institutional investors and in forestry real estate investment trusts, not including public lands or individual small private forest landowners. Forest assets as an investment class have expanded due to analytical advances, ownership changes, globalized markets, and sustainable forestry factors. Key components affecting forestry investments are expected asset returns, portfolio diversification, inflation hedge, and liquidity and natural risks. Topics detailed in this Special Issue include timberland investments, forest finance, intensively managed plantations, risk, uncertainty and decision-making, business structures and investment strategy, timber prices and forecasts, forestry contractors, and taxes. Finally, we identify knowledge gaps regarding forest investments for future research.
本文是一期关于森林投资与金融的特刊的引言。该特刊源自2018年6月6日至8日在波兰举行的国际森林商业会议（IFBC2018）。它包括基于该会议上演讲的论文，以及其他关于未在会议上展示的类似主题的论文。本期特刊涉及的主题包括林地投资、森林金融、集约经营种植园、风险、不确定性与决策、商业结构与投资策略、木材价格与预测、林业承包商以及税收。关于这些主题的详细论文将在本期特刊中陆续呈现。我们在此的金融研究综述提供了森林投资与金融的历史背景和总结，重点关注机构投资者进行的森林股权投资以及林业房地产投资信托，不包括公共土地或个体小型私人林地所有者。由于分析方法的进步、所有权变化、全球市场以及可持续林业因素，森林资产作为一种投资类别有所扩展。影响林业投资的关键因素包括预期资产回报、投资组合多元化、通胀对冲以及流动性和自然风险。本期特刊详细阐述的主题包括林地投资、森林金融、集约经营种植园、风险、不确定性与决策、商业结构与投资策略、木材价格与预测、林业承包商以及税收。最后，我们确定了未来森林投资研究方面的知识空白。
