CAJ | 학술논문

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，与其他传统资产类另Ⅱ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。
시도통과미국임지소유권변동적분석，종자산배치적각도래천석임지작위일충자산유별적일계렬경제학특정，위국내적임지투자개치연구제공차감。연구발현，임지투자불단위궤구투자자제공료획득풍험조정후적고회보적투자궤회，환일정정도상대충비예기적통화팽창。경중요적시，여기타전통자산류령Ⅱ적저상관성，환위투자조합적풍험분산화화다원화제공중요공구。재국내투자거도결핍배경하，상관부문응당진쾌완선상관법율법규，차감국외경험부지건립전업적임지투자관리궤구，사임지성위일충가투자적자산유별，진이인입장기궤구투자자，촉진임지자원적유효배치。
From the perspective of asset allocation, this papernses the data in the United States to understand the characteristics of the forest land as an asset. This study can provide reference for the domestic forest land investment. The study found that forest land investment not only provides the institutional investors higher risk-adjusted returns, also hedge some expected inflation. More importantly, becanseofits low correlation with other traditional asset properties, forestlands provide an important tool for portfolio diversification of risk.We suggest the government departments draw lessom from foreign experience,perfect relevant laws and regulations as soon as possible, build a professional investment management institution on forest land. All of these could introduce the long-term institutional investors and promote the effective allocation of forest resources.