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Stumpage price determination in China's collective forest region, Zhejiang as an example

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  • Li, Lanying
  • Shen, Yueqin
  • Xu, Xiuying
  • Zhang, Yong
  • Gu, Guangtong

Abstract

Few studies have analyzed the performance of stumpage sales ensuing the tenure reform and market liberalization in China's southern collective forest region. In this paper we investigate the price formation and determination of recent stumpage sales in southwestern Zhejiang, using a line hedonic pricing model, robust bootstrap semi logarithmic quantile regression hedonic pricing model and transaction data from the four sample counties there and matching analysis. Our results reveal that in general, better-stocked forests have higher stumpage value, larger tracts tend to sell for a relatively lower price, and contract duration and distance to market for sales on the spot markets are significant but they are not for sales at the trading centers. Also, substantial heterogeneities are present in the forest conditions and the behaviors of different groups of buyers and sellers. When the sales on spot markets and trading centers are combined, it is found that sales at the trading centers result in a higher stumpage price. But it is too soon to generalize that a higher price of sales exists at any centralized trading platform, and this higher price must be weighted against such drawbacks as infrequent activity and transaction cost. Meanwhile, the spot markets seem more sensitive to local conditions.

Suggested Citation

  • Li, Lanying & Shen, Yueqin & Xu, Xiuying & Zhang, Yong & Gu, Guangtong, 2020. "Stumpage price determination in China's collective forest region, Zhejiang as an example," Forest Policy and Economics, Elsevier, vol. 117(C).
    • Handle: RePEc:eee:forpol:v:117:y:2020:i:c:s1389934120300046
    DOI: 10.1016/j.forpol.2020.102215
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    References listed on IDEAS

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    1. Hyde, W.F. & Newman, D.H. & Sedjo, R.A., 1991. "Forest Economics and Policy Analysis," World Bank - Discussion Papers 134, World Bank.
    2. Liu, Ping & Yin, Runsheng & Li, Hua, 2016. "China's forest tenure reform and institutional change at a crossroads," Forest Policy and Economics, Elsevier, vol. 72(C), pages 92-98.
    3. Yin, Runsheng & Newman, David H., 1997. "Impacts of rural reforms: the case of the Chinese forest sector," Environment and Development Economics, Cambridge University Press, vol. 2(3), pages 291-305, July.
    4. Han, Xiao & Kant, Shashi & Xie, Yi, 2018. "A spatial hedonic stumpage analysis of standing timber auctions in Jiangxi Province of China," Forest Policy and Economics, Elsevier, vol. 96(C), pages 63-74.
    5. Shahidur R. Khandker & Gayatri B. Koolwal & Hussain A. Samad, . "Handbook on Impact Evaluation : Quantitative Methods and Practices," World Bank Publications, The World Bank, number 2693, September.
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    Cited by:

    1. Xu, Chang & Lin, Fanli & Li, Chaozhu & Cheng, Baodong, 2022. "Effects of designating non-public forests for ecological purposes on farmer's forestland investment: A quasi-experiment in southern China," Forest Policy and Economics, Elsevier, vol. 143(C).
    2. Li, Lanying & Lu, Gang & Shen, Yueqin, 2021. "The evolution and impact of timber markets in China's southern collective forest region," Forest Policy and Economics, Elsevier, vol. 123(C).

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