CAJ | 학술논문

以理性小农说的农户理论为基础,依据福建省尤溪县油茶丰产林的调研数据,运用风险调整贴现率法对油茶丰产林投资经济效益进行评价,结果表明：在风险调整贴现率选择12%的情况下,油茶丰产林投资项目在经济上是可行的;经营年限在20～50年期间的油茶丰产林投资项目的内部报酬率介于17.12%～17.67%。进一步对油茶丰产林投资经济效益的敏感性分析表明：经营油茶林经济效益与茶籽油毛油销售价格、油茶林产量和茶籽油生产成本的敏感性强,对此,提出相关的政策建议。
이이성소농설적농호이론위기출,의거복건성우계현유다봉산림적조연수거,운용풍험조정첩현솔법대유다봉산림투자경제효익진행평개,결과표명：재풍험조정첩현솔선택12%적정황하,유다봉산림투자항목재경제상시가행적;경영년한재20～50년기간적유다봉산림투자항목적내부보수솔개우17.12%～17.67%。진일보대유다봉산림투자경제효익적민감성분석표명：경영유다림경제효익여다자유모유소수개격、유다림산량화다자유생산성본적민감성강,대차,제출상관적정책건의。
Based on the theory of rational smallholders,the paper uses of risk-adjusted discount rate method toevaluate the investment economic benefits of high-yield camellia oleifera stands according to the research data ofYouxi county Fujian province,results show that：when the risk-adjusted discount rate is 12%,the investmentproject of high-yield camellia oleifera stands is economically viable;the internal rate of return of investment projects of high-yield camellia oleifera stands whose operating life is between 20 years to 50 years is 17.12%～17.67%.Further sensitivity analysis shows that：the net present value on the camellia oleifera stands is sensitiveto the selling price of crude oil,yield of camellia oleifera stands and the production cost of oil.Finally,the paperbring forwards relevant policy recommendations.