吉林森工集团融资结构对企业经营绩效影响研究  

Research on the Impact of Jilin Forest Industry Group's Financing Structure on Business Performance

作　　者：田刚[1] 齐晶 TIAN Gang;QI Jing(College of Economics and Management,Northeast Forestry University,Harbin150040 China)

机构地区：[1]东北林业大学经济管理学院,哈尔滨150040

出　　处：《林业经济问题》2019年第3期292-299,共8页Issues of Forestry Economics

摘　　要：基于2000—2017年吉林森工企业经营财务指标的数据,通过主成分分析方法对企业经营绩效进行综合研究,得到2000—2017年的企业经营绩效综合得分。对融资结构和企业经营绩效之间进行多元回归分析的结果表明:吉林森工集团自上市以来债务融资率总体不断上升,股权融资率总体不断下降,企业经营绩效总体下降;内源融资、股权融资和债务融资均与企业经营绩效呈正相关关系,促进企业经营绩效提升;股权融资的效率较高,债务融资的效率比较低,内源融资效率最低。因此,吉林森工集团应加强企业内部融资结构优化;健全股权融资模式,合理改善企业经营治理结构;进一步强化债务融资,积极投入资本场。⑴ Background-- Since the Natural Forest Resources Protection Project was launched in China 20 years ago,commercial logging has been gradually prohibited in natural forests.China s forestry has entered a new stage of reform and development.It is necessary to innovate financial support policies and focus on solving financing difficulties,so that traditional forestry enterprises can better adjust their financing structure,which has an important impact on the improvement of forestry enterprises business performance and enterprise value.⑵ Methods-- Jilin Forestry Industry Group from 2000 to 2017 are selected.Eight indicators are selected from four aspects that measure the business performance of enterprises to reflect the business performance of enterprises.Through principal component analysis,the comprehensive analysis of business performance of the company has obtained a comprehensive performance score of business performance from 2000 to 2017.Then,multiple regression analysis of financing structure and business performance is carried out to study the relationship between business performance and financing structure.⑶ Results-- Since the listing of Jilin Forest Industry Group,the debt financing rate has continued to rise(from 30.33% in 2000 to 57.36% in 2017),and the body equity financing rate has been declining(from 57.86% in 2000 to 34.05% in 2017).The business performance of enterprises has shown a downward trend.However,the equity financing rate has started to rise, the debt financing rate has begun to decline, and the overall score of business performance has increased slightly since 2015.The results of regression analysis show that debt financing rate,equity financing rate and endogenous financing rate have a certain positive impact on the performance of Jilin Forestry Industry Group.Among them,endogenous financing( P=0.06 ),equity financing( P=0.01 ) and debt financing( P=0.05 ) pass the significance test at the level of 10%,1% and 5% respectively,and all of them have a positive correlation with the bus

关 键 词：吉林森工 融资结构 经营绩效 

分 类 号：F272.5[经济管理—企业管理]