XIE Dan

(Department of Business Administration，Xiamen Ocean College，Xiamen，F(xiàn)ujian 361000 China)

Transaction of Private Forest Property Right in the United States

XIE Dan

(Department of Business Administration，Xiamen Ocean College，Xiamen，F(xiàn)ujian 361000 China)

Background The United States is a greatest forest country in the world．Research on transaction of private forest property right in US can provide reference to China．However，most of the existing researches are based on the forest land investment，and few of the researches on the motivation for development trend in land trade market．

Methods This article put forward more specific references for collective forest right system reform in China base on analyzing the factors，characteristics and reasons of transaction of private forest property right in American market．

Results Since the 1980s，the most active trade of timberland，trees in American market are private forest mainly，in which are two-thirds of all for the individual，one-third of all for enterprises or institutions．Traditional non-individual owners of timberland are Limited Corporation(Public C-Corp)，Master Limited Partnership (MLP)and Real Estate Investment Trust(REIT)，and Tracking Stock(TS)．In addition，the Timberland Investment Management Organization(TIMO)is the main body．They are subjects of American forest right trade．While the object of American forest right trade was composed of four aspects，such as ownership of timberland or forest，management rights of forest or timberland．The forest right trade in US has 3 characteristics：firstly，the ownership of individual private timberland become fragmentation through the trading way，the ownership of timberland controlled by private institutions become centralization through trading；secondly，the forest land ownership and management were separated in trading; thirdly，the US government attached importance to ecological protection after the forest land ownership transferring．The reasons for timberland trading in the US are diversified，and 3 reasons are the main reasons：the forestry investment income is the most basic reason for timberland trading in the US；the tariff impact on the timberland trading，its basically behave in providing different tax incentive for individual，industry，and so on；the accounting standards and the takeover threat are also the main reasons for timberland trading，because according to the accounting standards，historical cost are used for estimating the value of timberland and forest，in addition，the Public C-Corp mentioned would sell the timberland with investment value for preventing hostile takeover phenomenon which caused by leveraged speculators such as Sir James Goldsmith．

Conclusions and Discussions With collective forest right system reform in China fully implementing in 2003，the value of forest right was recognized，the transfer of forest rights was waning，and the number of forest right available for sale on the market is not rich．The information of trading is fragmentary，so that the forest ownership would be hard to find the suitable buyers．Therefore，most of the forest right trade is limited in the area of transactions parts．Although the nation constructed a large amount of forest rights trading centers，the convenience and promoting effect is not obvious．In US，tax system，social incentives and forest right trade market freedom were used for reducing the cost of holding timberland．And increasing return on investment through diversifying sources of income at the same time，selling the management on-demand segmentation．Moreover，a large number of TIMO separated the forest ownership and forest management right in US，they help forest ownership reduce the trading in timberland，the pressure of transaction base on the advantage as information acquisition，management skills，preferential tax，etc．The forest right trade is not the final purpose in market，for either China or US．And getting profit for everyone，improving forest management level and promoting the development of the ecological environment C-Corp are the hopeful results through trading．

transaction of forest property right；American forest property right；private forest

Original Articlein謝丹．美國林權(quán)交易特征與動因探析．林業(yè)經(jīng)濟問題，2017，37(2)：9-12，18．

10.16832/j.cnki.1005-9709.2017.02.002