Management Decision Criteria for Forestry Based on Land Expectation Value (<i>LEV</i>) in Terms of Mean Annual Increment (<i>MAI</i>) of Plantation Forests

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  • Utsugi Hajime
    Forestry and Forest Products Research Institute, Forest Research and Management Organization
  • Kuboyama Hirofumi
    Forestry and Forest Products Research Institute, Forest Research and Management Organization

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Other Title
  • 年間平均成長量（<i>MAI</i>）から見た土地期望価（<i>LEV</i>）による林業の経営判断
  • 年間平均成長量(MAI)から見た土地期望価(LEV)による林業の経営判断
  • ネンカン ヘイキン セイチョウリョウ(MAI)カラ ミタ トチキボウカ(LEV)ニ ヨル リンギョウ ノ ケイエイ ハンダン
  • Management decision criteria for forestry based on land expectation value in terms of mean annual increment of plantation forests

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<p>Guidelines for the sustainable and effective use of plantation forests are important for national land planning and mountain village development in Japan. Therefore, we analyzed the value of plantation forests in view of forestry using Land Expectation Value (LEV) as an investment indicator. Cash flow from expenditure was defined as production costs (PC), consisting of harvesting and transport costs, and silvicultural costs (SC), while cash flow from income was calculated by multiplying the Mean Annual stem volume Increment per unit of land area (MAI) by the price of standing timber and the rotation age. Assuming an average MAI of 10 m3/ha/year for cedar plantations and assuming current PC (7,000/m3) and SC (1,500,000/ha), they were not eligible for investment management at a discount rate of 1％. If the present cost is accepted, in order to succeed as an investment the MAI needs to be more than 17 m3/ha/year over 91 years of rotation age. If the PC and SC could be made about 10％ less expensive, it would became an investment target at a rotation age of about 40 years. Therefore, it is important to use MAI as a basis for zoning of plantation forests and to make management decisions based on the rotation age derived from production and silvicultural costs.</p>

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