The Form of the Capital Structure and Optimal Rotation

DOI Web Site

Bibliographic Information

Other Title
  • 資本の所有形態と最適輪伐期
  • 資本の所有形態と最適輪伐期--将来期待される収益の現在価値に基づく考察〔英文〕
  • シホン ノ ショユウ ケイタイ ト サイテキ リンバッキ ショウライ キタイサ
  • 将来期待される収益の現在価値に基づく考察
  • Considerations Based on the Present Value of Future Profits

Search this article

Abstract

First, this paper reports the investigation of the characteristics of the “present value of future profits” (PVFP) and discusses the following points of issue; the defectiveness of the “internal rate of return” (IRR) in evaluation, the problem of discount rates, the need to distinguish between owned capital and borrowed capital, and the relationship with “net present value” (NPV). Next, the optimal rotation is considered by the possessional forms of capital from the viewpoint that the rotation for the maximum PVFP per unit area is rational in forest management. This way of thinking systematically explains the main kinds of optimal rotations, including the soil-rent theory and the forest-rent theory. Finally, this paper proposes a formula for plantations established on owned bare-land with owned capital.

Journal

Details 詳細情報について

Report a problem

Back to top