Study On Evaluation For Mortgage Loan Value Of Forest Resources Assets

Mortgage loan of forest resources assets (short for FRA) has been developed with the systemreforms of collective forest right and the state-owned forest farm, which effectively solved the financingproblem of the Forestry operators and expedited the beneficial development of forestry and the problemof "agriculture, rural areas and farmers". However, in fact, the study on mortgage loan value of FRAwas not perfectly developed both in theory and in business. It blocked the development of mortgageloan of FRA owing to the lack of the theory guidance and standards in the choices of factors andmethods of evaluation.According to the evaluation theory of mortgage loan of FRA and the purpose of mortgage, it wasproposed that the problems existed in the evaluation theory and techniques in methods based on theinvestigation and study of present development, and then it discussed the conceived theory and methodsinterms of the theory and technique problems, finally it confirmed that the theory and method by thereal cases in this paper.The whole structure of this paper is as followings: Investigate of actuality—The academicestablishment of the evaluation for mortgage loan valuation of FRA—The application of evaluatingmethods for mortgage loan valuation of FRA—The theory and method confirmed by the effectivecases. This paper was divided into four parts as a whole, which was made up of ten chapters.The first part included chapter1, chapter2and chapter3, which mainly introduced the summaries ofcorrelative literatures and the concepts, the partition of research areas and the base of theory. In chapter3, it was the results of investigation that the author investigated in professional evaluation institution ofmortgage loan value of FRA after analyzing actual development in the field of evaluation for mortgageloan value of FRA, the reports and the working paper for the evaluation of mortgage loan value ofassets, investigating the actuality in the methods of interviews with the experts in the evaluation ofmortgage loan value of FRA and certified public valuers. It indicated that it had been continuallyincreasing that the amounts for evaluation business of mortgage loan value of FRA since2006with thedevelopment of evaluation business of mortgage loan value of FRA, but the vocation development ofevaluation for mortgage loan value of FRA trailed in practical requirement. There were two reasons:(1)the research of theory trailed and the business of evaluation was devoid of the guidance of valuationstandards;(2)the choices of evaluation parameters was optionally choose in techniques and methods ofevaluation, which resulted in the results were not impersonally equitable and did not reduced themortgage loan risks of bank finance. It had carried out the researches on the problem analysis of theoryand methods. The second part included chapter4, chapter5, which mainly introduced the analysis of value form ofFRA, impact factors of value and the evaluation characters of mortgage loan value of FRA. The theoryframe for the evaluation of mortgage loan value of FRA was constructed according to the basic theoryof asset evaluation, which included there lays just as evaluation essence—theory concept—technique and methods. It took the type of value—the value of mortgage as the core concept based onevaluation essence, and confirmed every elements of evaluation for the evaluation of mortgage valueand find the technique and methods for the value types of the value of mortgage.The third part included chapter6, chapter7, chapter8, which mainly introduced that the techniqueand methods for mortgage value of FRA were found. In three chapters, it discussed the application ofthree methods in the evaluation of mortgage loan value of FRA according to three methods of assetsevaluation like market method, income method and method cost. It was the whole research route inthree chapters was just as: the applicability analysis of methods in evaluation of mortgage loan value ofFRA—the application of methods and the existent problems of the parameter choices in presentevaluation business—the rout of calculating the mortgage loan value—the methods for confirmingparameters. It was amply analyzed that income in the formula and the confirmed methods for the costparameters in the method of market; It was constructed that the risk system of FRA according to theparameter of discount rate in the method of income and introduced the method of quantitativecalculation; It was improved that the structure of formula and discussed that the confirmed methods ofthe profit margin of cost and interest rate in the method of cost.The fourth part included chapter9, which mainly introduced the analysis of cases and theverification of the methods. The methods were confirmed by the way of the cases of mature forest,mid-age forest, under age forest. The value in market was calculated by the methods in present businessof evaluation, on the other hand, the value of mortgage was calculated by the confirmed methods ofparameters in this research. The results indicated that the mortgage value of many age group forest forwood in business was under the value of market. If calculated the mortgage value of mature forest bythe way of market method, the difference between the mortgage value and market value was the least(the mortgage value was approximately70%of market value). If calculated the mortgage value ofmid-age forest by the way of income method, the difference between the mortgage value and marketvalue was fewer (the mortgage value was approximately50%of market value). But if calculated themortgage value of under age forest by the way of cost method, the difference between the mortgagevalue and market value was the largest (the mortgage value was approximately40%of market value). Itindicated that mortgage loan of mature forest was the first, that of mid-age forest was second, and therisk of under age forest was the largest according to the ability of discount in the market.The thesis initially studied that:(1)Theoretical system of the evaluation for mortgage loan value ofFRA was firstly present, which was based on the actuality of the evaluation for mortgage loan value ofFRA and the research of the evaluation of the assets with the purpose of mortgage.(2)The styles of valuewas analyzed by the way of game theory, which was intensely discussed in the field of academe andactual practice, and the choose styles of mortgage loan value were firstly present in the field of the evaluation for mortgage loan value of FRA, and the actuality that all of the aims of evaluation wasbased on market value had been changed.(3)The choice routes of parameters aimed at mortgage loanvalue were separately presented, which was different from market value in the applications of marketmethod, income market and cost market, and the parameters of evaluation were calculated andconfirmed by the way of the sequential analysis of active time, analytical hierarchy process and fuzzycomprehensive evaluation.