吉林森工资本结构优化研究

发布时间：2018-05-15 09:06

本文选题：吉林森工股份有限公司 + 资本结构　；参考：《北京林业大学》2014年硕士论文

【摘要】：国有森工企业的发展兼顾经济效益、社会效益和生态效益,对我国林业的可持续发展有重要影响。近年来,国有森工企业面临“两危”困境,经营管理能力不强,资本运营效率不高,主要依靠政府的财政支持和银行贷款作为发展的营运资金,资本结构比较单一。随着森工企业改制的深化,国有森工企业和国有林区的发展取得了一些成效。其中,吉林森工集团是一个较为典型的案例,其下属的吉林森工股份有限公司作为唯一一家改制后的上市森工企业,尽管在管理机制、资本市场运作等方面有长足的进步,但资本结构还存在一些突出问题。因此,本文对吉林森工股份有限公司的资本结构优化和融资对策进行研究,形成的结论对国有森工企业的发展具有一定的参考意义。本文运用资本结构和融资的相关理论,结合国内外学者在这两个领域的研究成果,总结和借鉴了国外林业企业的融资经验,针对吉林森工股份有限公司资本结构和融资的相关问题,通过模型分析,找出了影响吉林森工股份有限公司资本结构的因素,构建了资本结构优化模型,并提出融资建议。研究过程采用了SPSS20.0统计分析工具进行实证分析,通过因子分析模型,找出了吉林森工股份有限公司资本结构的影响因素有：企业规模、盈利能力、短期偿债能力、成长能力和营运能力。在此基础上,利用模型构建了最优资本结构区间,然后提出了资本结构的优化建议,并提出融资对策：一是合理利用政府的优惠政策,提高长期借款的比例；二是通过资本市场进行股权和债权融资；三是借助林业金融体系获得资金支持。这有助于吉林森工在保持最优资本结构的同时,开拓融资渠道,降低企业的财务风险和经营风险。
[Abstract]:The development of state-owned forest industry enterprises takes into account economic benefits, social benefits and ecological benefits, which has an important impact on the sustainable development of forestry in China. In recent years, the state-owned forest industry enterprises are faced with the dilemma of "two dangers", the management ability is not strong, the capital operation efficiency is not high, mainly depends on the government financial support and the bank loan as the development working capital, the capital structure is relatively single. With the deepening of the reform of forestry enterprises, the development of state-owned forest industry enterprises and state-owned forest areas has made some achievements. Among them, Jilin Forest Industry Group is a typical case. As the only listed forest industry enterprise after restructuring, its subsidiary Jilin Forest Industry Co., Ltd. has made considerable progress in management mechanism, capital market operation, etc. But there are still some outstanding problems in capital structure. Therefore, this paper studies the optimization of capital structure and financing countermeasures of Jilin Forest Industry Co., Ltd., and the conclusion has certain reference significance for the development of state-owned forest industry enterprises. Based on the theory of capital structure and financing, combined with the research results of domestic and foreign scholars in these two fields, this paper summarizes and draws lessons from the financing experience of foreign forestry enterprises. In view of the related problems of capital structure and financing of Jilin Forest Industry Co., Ltd., this paper finds out the factors that influence the capital structure of Jilin Forest Industry Co., Ltd. through model analysis, constructs the optimization model of capital structure, and puts forward some financing suggestions. Through the factor analysis model, the paper finds out the influencing factors of the capital structure of Jilin Forest Industry Co., Ltd.: enterprise scale, profitability, short-term solvency. Ability to grow and operate. On this basis, this paper constructs the optimal capital structure interval by using the model, and then puts forward some suggestions on the optimization of capital structure, and puts forward the financing countermeasures: first, the reasonable use of the preferential policies of the government to increase the proportion of long-term borrowing; Second, through the capital market equity and creditor's rights financing; third, with the help of forestry financial system to obtain financial support. This will help Jilin Forest Industry to open up financing channels while maintaining the optimal capital structure, and to reduce the financial risk and management risk of the enterprise.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F326.2;F302.6

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