国有森工企业资本结构优化实证研究

Research on the Case of Optimized Capital Structure in the State-owned Forestry Industrial Enterprises

以国有森工企业为研究对象,分析森工企业资本结构的现状及问题,运用主成分分析和回归分析的方法,构建国有森工企业资本结构优化模型。通过实证分析表明,充分利用国有森工企业的天然优势,大力整合林业产业链,以林地、林业资产等为抵押物,拓展拓宽林业资本融资渠道,提升企业成长性,增强盈利性是优化森工企业资本结构的有效途径。

Taking the state-owned forestry industrial enterprises （FIEs） as the subject of the research, the author analyses current situation and problems of its capital structure and constructs the optimal model of capital structure by using the methods of principal component analysis and regression analy- sis. The results of the research show effective way for optimizing capital structure of the FIEs from two aspects. On one hand, it should optimize the use of natural advantage of the FIEs and integrate forestry industry chain efficiently. On the other hand, financing channels for forestry capital should be expand- ed and broadened by taking forest land and forestry property as collateral in order to improve the growth of the enterprise and strengthen the profitability.