Stora Enson ja Metsäliitto-konsernin metsien omistusjärjestelyt vuosina 2001–2005

Two Manifestations of Market Premium in the Capitalization of Carbon-Forest Estates

“…By definition, inflation of capitalization corresponds to the emergence of a surplus in the capitalization K appearing in the denominator of Eqs. (1) Let us then discuss a few possible manifestations of inflated capitalization. First, one must recognize that the free cash flow is due to sales of products and services and is not directly affected by inflation of estate capitalization.…”

“…Secondly, a bare land value inflated by a factor (1+p) = (1+3) is applied in Eqs. (1) to (4). Both inflation factors are arbitrary.…”

“…During the third millennium, forest estates have been lucrative investments [1,2,3,4,5,6,7,8,9]. Proceedings from timber sales have developed conservatively or declined [10,11,12,13], but there has been a significant development in the valuation of estates [2,5,8,9].…”

“…The positive development of the valuation of forest estates obviously has been related to an ownership change. In North America and in the Nordic Countries, forest products companies have divested forest land to institutions concentrating within the business of investing [24,25,1,2]. Recently, forestry institutions have dominated the estate market in comparison to private individuals [26,9,7].…”

Examining timberland ownership and control strategies in the global forest sector

“…e l s e v i e r . c o m / l o c a t e / f o r p o l been divesting forest land during the past two decades (Yin et al, 2000;Clutter et al, 2005;Bull et al, 2006;Lönnstedt, 2007;Bliss et al, 2010;Viitala, 2010;Lönnsted and Sedjo, 2012;Li and Zhang, 2014). Amidst this expanding literature, there is a gap in the strategic research from a global perspective on the analysis of how forest companies organize their access to and control over timberland, and if organizational factors affect the choice of timberland integration.…”