本文選題：吉林森工股份有限公司 + 資本結(jié)構(gòu)��； 參考：《北京林業(yè)大學》2014年碩士論文

【摘要】：國有森工企業(yè)的發(fā)展兼顧經(jīng)濟效益、社會效益和生態(tài)效益,對我國林業(yè)的可持續(xù)發(fā)展有重要影響。近年來,國有森工企業(yè)面臨“兩�！崩Ь�,經(jīng)營管理能力不強,資本運營效率不高,主要依靠政府的財政支持和銀行貸款作為發(fā)展的營運資金,資本結(jié)構(gòu)比較單一。隨著森工企業(yè)改制的深化,國有森工企業(yè)和國有林區(qū)的發(fā)展取得了一些成效。其中,吉林森工集團是一個較為典型的案例,其下屬的吉林森工股份有限公司作為唯一一家改制后的上市森工企業(yè),盡管在管理機制、資本市場運作等方面有長足的進步,但資本結(jié)構(gòu)還存在一些突出問題。因此,本文對吉林森工股份有限公司的資本結(jié)構(gòu)優(yōu)化和融資對策進行研究,形成的結(jié)論對國有森工企業(yè)的發(fā)展具有一定的參考意義。 本文運用資本結(jié)構(gòu)和融資的相關(guān)理論,結(jié)合國內(nèi)外學者在這兩個領(lǐng)域的研究成果,總結(jié)和借鑒了國外林業(yè)企業(yè)的融資經(jīng)驗,針對吉林森工股份有限公司資本結(jié)構(gòu)和融資的相關(guān)問題,通過模型分析,找出了影響吉林森工股份有限公司資本結(jié)構(gòu)的因素,構(gòu)建了資本結(jié)構(gòu)優(yōu)化模型,并提出融資建議。研究過程采用了SPSS20.0統(tǒng)計分析工具進行實證分析,通過因子分析模型,找出了吉林森工股份有限公司資本結(jié)構(gòu)的影響因素有：企業(yè)規(guī)模、盈利能力、短期償債能力、成長能力和營運能力。在此基礎(chǔ)上,利用模型構(gòu)建了最優(yōu)資本結(jié)構(gòu)區(qū)間,然后提出了資本結(jié)構(gòu)的優(yōu)化建議,并提出融資對策：一是合理利用政府的優(yōu)惠政策,提高長期借款的比例；二是通過資本市場進行股權(quán)和債權(quán)融資；三是借助林業(yè)金融體系獲得資金支持。這有助于吉林森工在保持最優(yōu)資本結(jié)構(gòu)的同時,開拓融資渠道,降低企業(yè)的財務(wù)風險和經(jīng)營風險。
[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.
【學位授予單位】：北京林業(yè)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F326.2;F302.6

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