林业上市企业经营绩效影响因素分析

Influencing Factors of Business Performance of Listed Forestry Enterprises

以资本结构、规模经济、利益相关者等理论为基础,结合我国林业上市企业的整体现状进行比较分析。结果认为,企业规模、股权集中度对企业经营绩效具有显著正向影响,研发劳动力投入对企业经营绩效的影响不显著,而企业的多元化经营与研发资本投入则对企业经营绩效产生负面影响;企业的资产负债率与企业经营绩效之间呈倒U型关系。藉此提出优化债务结构,构建完善的股权激励机制,巩固林业产业,激励研发创新等对策、建议,以期提高林业上市企业的经营绩效。

Based on the theories of capital structure,scale economy and stakeholders,this paper made a comparative analysis on the overall situation of China′s listed forestry enterprises.The results showed that enterprise size and ownership concentration had the significant positive impact on business performance,R&D labor input had no significant impact,while diversified operation and R&D capital investment had the negative impact on business performance;there was an inverted U-shaped relationship between asset liability ratio and business performance.In order to improve the operating performance of listed forestry enterprises,this paper put forward some suggestions,such as optimizing debt structure,constructing perfect equity incentive mechanism,consolidating forestry industry,and encouraging R&D innovation.