国外森林资源资产证券化研究综述

森林资源资产证券化正逐步成为世界各国吸引社会投资进入林业领域的首选创新融资模式，而我国的森林资源资产证券化实践仍处于空白。为了促进我国林业投融资的发展，文中介绍国外森林资源资产证券化的理论与模式，并对美国、芬兰、智利、菲律宾4国发展森林资源资产证券化的背景与经验进行深入发掘分析，总结林业地产投资信托基金、林业基金证券化和林业债券这3种主要的森林资源资产证券化模式，认为林业基金证券化更符合我国现有的林业投资环境，可以成为我国森林资源资产证券化发展的优选模式。

A Study of Forest Asset Securitization in Foreign Countries

Forest assets securitization has gradually become the preferred innovative financing mode in most countries to attract social investment into the forest field, while China still waits for starting forest asset securitization. In order to promote the development of forest investment and financing in China, this paper studied the theory and model of forest asset securitization in foreign countries, made a deep analysis of the background and experiences of forest assets securitization in the USA, Finland, Chile and Philippines, and then summed up three major modes of forest asset securitization, including forest REITs, forest-fund-based securitization and forest bond. It was concluded that forest-fund-based securitization is more adaptable to the current forest investment environment in China and can be the preferred mode adopted for China's forest assets securitization.