中方控股子公司在俄罗斯远东地区租赁7.91万公顷林片内建设年采伐13万立
方米原木及年产 3 万立方米刨切单板建设项目，建设投资 1.3 亿美元，用于建设林
区道路 126 公里，贮木场 6 个，楞场 18 个及沿线桥梁、涵洞建设，采购刨切单板
生产线设备 64 台（套），建设期 2 年，所产原木及刨切单板全部用于返销国内，
用于满足国内木材需求，达产年度营业收入 7.18 亿元人民币。内部收益率、投资
利润率等财务指标均高于行业基本水平。
中资控股子公司在俄罗斯建设原木采伐及刨切单板项目是一项较大的固定资
产投资，具有项目建设周期长、项目一次性投资大、资金回收慢等特点。因此，
在项目投资建设前对项目进行经济上的可行性和合理性分析是必要的。
本文的研究目的在于通过查阅俄罗斯年鉴、互联网和中国期刊网上的著作、
资料和期刊文章，整理和分析国内外相关文献，获取研究相关信息，而后对其进
行进一步的整理、分析和梳理，作为本研究最基本的资料。通过国内林木资源拥
有量、国内原木采伐、单板生产、供给、需求情况与俄罗斯林木资源拥有量、原
木采伐、单板生产、供给情况进行比较分析，得出结论，以此为基础，结合我国
木材市场实际情况，将相关成果融入到研究之中，并用于项目实践。
在详细分析俄罗斯林业行业投资政策、区域经济发展现状、林木资源储量、
林木产品市场历史年度销售价格及销量基础上，结合我国林木产品市场需求情况
及俄罗斯当地实际投资成本、单位造价、对实际投资项目进行经济效益评价，为
国内拟在俄罗斯远东地区境内投资建厂企业提供真实有效的借鉴。
通过对项目的投资效益评价，认为该项目生产技术先进、产品需求广阔、效
益明显、经济上可行。
关键词：
原木采伐加工，投资效益评价
Abstract
Nearly a decade, Russia has been China&39;s largest timber importing countries,
annual imports of logs, sawn timber proportion of more than 30% of China&39;s total
imports of timber. In 2011, China launched the second phase of the project to protect
natural forest resources, timber production projects in the region will be further reduced
to 11.14 million cubic meters, 14.25% decrease compared to 2010. Among them, the
northeast, Inner Mongolia and other key state-owned forest timber production decreased
4.97 million cubic meters more than in 2010. Twelve Five-Year period, China&39;s more
than 40% of goods imported timber by timber will be resolved. The next decade, Russia
will continue to China&39;s largest timber importing countries. Forest resources going out
strategy will become the inevitable trend of forest raw materials market development.
Leasing subsidiary of the Chinese in the Russian Far East 79,100 ha forest piece
construction harvesting an annual output of 130,000 cubic meters of logs and 30,000
cubic meters Sliced veneer construction projects, construction invest $ 130 million for
the construction of forest roads 126 kilometers lumberyard 6, Lenz field 18 and along
bridges, culverts construction, procurement Sliced veneer production line equipment 64
(sets), 2 years of construction, the production of sliced veneer logs and all for domestic
buyback , to meet the domestic demand for wood, producing annual revenues of 718
million yuan. Internal rate of return, investment margins and other financial indicators
were higher than the industry basic level.
Owned subsidiary in Russia in the construction of timber harvesting and sliced
veneer project is a large investment in fixed assets, with a long construction period, a
one-time investment in large projects, such as the characteristics of the slow recovery of
funds. Therefore, before the construction of the project investment feasibility and
rationality of analysis is necessary economy.
The purpose of this paper is a review of Russia&39;s yearbook, the Internet and
Chinese writings online journals, information and journal articles, collate and analyze
relevant literature, access to research-related information, and then carry out further
collation, analysis and combing, as the study the most basic information. Ownership of
forest resources through domestic, domestic timber harvesting, veneer production,
supply, demand and ownership of Russian forest resources, timber harvesting, veneer
production, supply comparative analysis of the situation, concluded on this basis,
combined with our the actual timber market situation, the relevant outcomes into study,
and practice for the project.
In a detailed analysis of the Russian forestry industry investment policy, the status
of regional economic development, forest reserves, forest products annual market sales
prices and sales volume history, based on the combination of forest products to local
market demand and the actual investment cost of China, Russia, the unit cost of the
actual investment project economic evaluation, intended for domestic investment in the
territory of the Russian Far East factories providing real and effective learning.
Through the project&39;s investment benefit evaluation that the project advanced
production technology, product demand broad, obvious benefits, economically viable.
Key words:
logs harvesting, investment benefit evaluation.
第 1 章 绪论
1.1 课题研究背景
根据全国森林第七次资源清查结果，我国森林总面积为 1.95 亿公顷，森林覆
盖率 20.36%，人均森林面积为 0.145 公顷，不足世界人均占有量的 1/4，人均森林
蓄积 10.151 立方米，只有世界人均占有量的 1/7。我国是世界上森林资源缺乏的国
家之一，每年需进口大量木材，在俄罗斯建设原木采伐及刨切单板建设项目对缓
解国内木材短缺，改善国内生态环境、增加中国劳务输出和提高国企经济效益等
方面将起到一定的积极作用，对进一步推动中俄两国经贸合作进程，具有十分重
要的意义。
近十年，俄罗斯一直是我国最大木材进口国家，年度进口原木、锯材比例占
我国进口木材总量的 30%以上。2011 年，我国启动天然林资源保护二期工程，工
程区内木材产量将进一步调减至 1114 万立方米，较 2010 年减少 14.25%。其中，
东北、内蒙古等重点国有林区木材产量比 2010 年减少 497 万立方米。“十二五”
期间，我国 40%以上商品木材仍将通过进口国外木材解决。未来十年，俄罗斯将
继续为我国第一大木材进口国。林木资源“走出去”战略将成为我国林木原材料
市场发展的必然趋势。
1.2 研究意义
中资控股子公司在俄罗斯建设原木采伐及刨切单板项目是一项较大的固定资
产投资，具有项目建设周期长、项目一次性投资大、资金回收慢等特点。因此，
在项目投资建设前对项目进行投资效益评价是必要的。
本文的研究目的在于通过查阅俄罗斯年鉴、互联网和中国期刊网上的著作、
资料和期刊文章，整理和分析国内外相关文献，获取研究相关信息，而后对其进
行进一步的整理、分析和梳理，作为本研究最基本的资料。通过国内林木资源拥
有量、国内原木采伐、单板生产、供给、需求情况与俄罗斯林木资源拥有量、原
木采伐、单板生产、供给情况进行比较分析，得出结论，以此为基础，结合我国
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