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试图通过美国林地所有权变动的分析,从资产配置的角度来阐释林地作为一种资产类别的一系列经济学特征,为国内的林地投资价值研究提供借鉴。研究发现,林地投资不但为机构投资者提供了获得风险调整后的高回报的投资机会,还一定程度上对冲非预期的通货膨胀。更重要的是,与其他传统资产类别的低相关性,还为投资组合的风险分散化和多元化提供重要工具。在国内投资渠道缺乏背景下,相关部门应当尽快完善相关法律法规,借鉴国外经验扶持建立专业的林地投资管理机构,使林地成为一种可投资的资产类别,进而引入长期机构投资者,促进林地资源的有效配置。
Attempt to analyze the change of ownership of forestland in the United States, and explain a series of economic characteristics of the forestland as an asset class from the perspective of asset allocation, which can provide reference for the domestic research on thevalue of forestland investment. The study found that investment in forestland not only provided institutional investors with access to risk-adjusted high-return investment opportunities, but also hedge against unanticipated inflation to some extent. More importantly, the low correlation with other traditional asset classes also provides an important tool for diversifying and diversifying the portfolio’s risk. Under the background of a lack of domestic investment channels, relevant departments should improve relevant laws and regulations as soon as possible and use foreign experience for reference to establish a professional forest investment management institution, so that forest land can become an investable asset category, and then introduce long-term institutional investors to promote woodland resources Effective configuration.