Faustmann 식에 의한 조림용 (造林用) 임지의 투자지표 설정 = An Economic Analysis of Land Investment for Plantations by Faustmann's Formula

다국어 초록 (Multilingual Abstract)

The study was conducted to find out the relationship between land cost and financial yield earned by the plantations of Pinus koraiensis, Pinus densiflora and Cryptomeria japonica, and to investigate possible land investment for the given rates of return. The result of the study could be summarized as follows: 1. In the case of Pinus koraiensis plantation on site index 12, the finnancial yield was 6.4 percent when the land cost was 0.5 million Won per hectare, but the yield was reduced to 2.1 percent when the cost was 2.5 million Won. It would be therefore necessary for inducing plantation investment to raise financial yield by control of forest land price. 2. The financial yield on land of zero expectation value, in other words, internal rate of return of land investment was estimated at 10 percent. If the opportunity cost of forest land is higher than this, the economic plantation is not visible even though the land is free. 3. With the expected financial yield of 3 percent, the possible land investment of poor sites was estimated at 1.24, 0.28 and 0.80 million Won per hectare for the plantation of Pinus koraiensis, Pinus densiflora and Cryptomeria japonica, respectively. In any case, however, land cost could not be over 3 million Won per hectare. 4. The rate earned from forest land investment was generally less than 10 percent. Therefore, the annual interest rate in forestry could not be higher than this, and hopeful rate is not exceeding 6 percent.