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Capital Budgeting Applied to Serbian Poplar Plantations

机译：资本预算应用于塞尔维亚杨树人工林

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Background and Purpose: Capital budgeting is the process in which a business determines and evaluates potential large expenses or investments. These expenditures and investments include projects such as building a new plant or investing in a long-term venture. In the case of poplar plantations in Serbia, a prospective project's lifetime cash inflows and outflows can be assessed in order to determine whether generated potential returns meet a sufficient target benchmark, also known as "investment appraisal". The purpose of this study is to show relative profitability of alternative courses of action in poplar plantations. Material and Methods: The investigated plantations were established from Populus x euramericana cl. I-214 on different soil types, situated in north-western part of Serbia, with planting spacing 6x3 m, differently aged, mainly for technical wood production. The data used in this study were collected from the management and materials books of the "Vojvodina?ume" Public Forest Enterprise , which is the official owner of these stands. All of the plantations are state-owned. At the end the supply chain of poplar wood production is presented. Different capital budgeting techniques and different discount rates are employed to determine which types of poplar plantations, treated as separate projects, will or not will yield the most return over an applicable period of time. Results and Conclusions: The financial effects for sample plot plantations were first evaluated with an external funder prerequisite of 12% discount rate, and continued with different investment appraisal discount rates. For the discount rate r=12%, all tested areas had a negative net present value (NPV). Average internal rate of return (IRR) is 5.63% and payback period is acceptable for the investor at 6% and less. The average benefit-cost analysis amount is 0.36 for all stands with a discount rate of r=12%.
机译：背景和目的：资本预算是企业确定和评估潜在的大笔费用或投资的过程。这些支出和投资包括建立新工厂或投资长期合资企业等项目。以塞尔维亚的杨树人工林为例，可以评估一个预期项目的终生现金流入和流出，以确定所产生的潜在收益是否满足足够的目标基准，也称为“投资评估”。这项研究的目的是显示杨树人工林替代措施的相对收益。材料和方法：所调查的人工林是从杨（Populus x euramericana cl）建立的。 I-214位于塞尔维亚西北部的不同土壤类型上，种植间距为6x3 m，且陈年不同，主要用于工业木材生产。本研究中使用的数据是从“ Vojvodina？ume”公共林企业的管​​理和材料书中收集的，这些企业是这些林分的正式所有者。所有的种植园都是国有的。最后介绍了杨木生产的供应链。采用不同的资本预算技术和不同的折现率来确定哪些杨树人工林类型（作为单独的项目）将在可应用的时间内获得最大回报。结果与结论：首先在外部出资者以贴现率为12％的前提下评估样地人工林的财务效果，然后以不同的投资评估贴现率继续进行。对于折现率r = 12％，所有测试区域的负净现值（NPV）。平均内部收益率（IRR）为5.63％，投资者可接受的投资回收期为6％以下。所有展台的平均成本效益分析量为0.36，折现率为r = 12％。

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