国有森工企业融资问题研究
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摘要
近年来,我国林业的发展环境在一步一步地优化,林业发展的保障能力明显加强,但林业的投入与需求之间仍然存在巨大的缺口,我国林业“产融弱质性”的特征仍然使林业的发展面临严重的资金短缺问题,单纯的国家投入远远不能满足林业可持续发展的需要,作为我国经济建设和生态建设主体的国有森工企业仍然面临着资本结构单一、负债比率过高、对国家投资较为依赖、资金使用效率低下、企业盈利能力较弱、资本市场融资利用不充分以及缺少林业金融支持等问题。因此,研究森工企业融资问题,提高森工企业融资能力,对于国有森工企业的发展具有重要意义。
本文运用融资理论、资本市场理论以及投资组合理论,结合国内外专家学者对国有森工企业融资问题的研究成果,总结和借鉴国外林业企业融资的成功经验与具体做法,针对我国国有森工企业的融资现状和融资中存在的问题,构建了我国国有森工企业的融资体系,提出了我国国有森工企业的融资对策,最后以吉林森工集团作为案例,对国有森工企业的融资问题作了实证分析,得出融资对森工企业盈利的相关联度较高,融资的合理安排是企业重要的财务安排,建立企业最优融资结构和良好的企业环境是企业取得成绩的关键。
在构建国有森工企业融资体系的过程中,明确了我国国有森工企业价值最大化的融资目标,并在目标的指导下,选择了适合森工企业发展的融资策略和融资工具,分析了我国国有森工企业在其生命周期的不同阶段中应作出不同的融资策略安排,并从投资人和筹资人两个角度,权衡企业融资风险、融资成本和收益,为国有森工企业建立了最优融资结构模型,同时指出模型的局限性。在融资体系的构建中,面对国有森工企业在融资过程中面临的各种风险,建立风险评估体系是很关键的一个环节,具体包括融资风险的评估与识别、融资风险指标的选择以及融资风险的应对,达到对融资风险进行控制的目的,最终为国有森工企业的融资及企业的良好发展提供保证。
针对我国国有森工企业负债融资比例较高、企业对国家投资及银行贷款较为依赖、企业资本结构不合理、盈利能力较弱、资本市场融资力度较低以及外部环境的约束和缺乏有力的林业金融支持体系做保障,提出了我国国有森工企业的融资对策,具体包括切实有效地利用政府的宏观引导和惠农政策,建立林业金融支持体系以及进一步深化国有森工企业林权制度改革。这些举措的实行将为我国森工企业创造良好的融资环境,保证我国森工企业更好更快速地向前发展。
本文在写作过程中运用了实证分析和规范分析相结合、定性分析与定量分析相结合的方法以及理论分析法和文献分析法,对国有森工企业的融资问题进行了全面系统的研究,尤其是从投资人的角度建立融资结构模型反过来供融资方去使用和借鉴,实现了研究的创新。
In recent years, the environment of the forest industry in our country is improving gradually, and support capability of the forest development is enhanced markedly. But there is a substantial gap between the input and output of the forest industry; serious capital shortfall still exists because of its nature of weakness in the forest industry and its financing; the government investment can not meet the need of the sustainable development of the forest industry far from satisfactory. As China's economic construction and ecological construction of State-owned forest industrial enterprises are facing a series of problems, such as single capital structure, high ratio of debts, dependency of the government investments, low efficiency of capital utilization, weak profitability, insufficiency of capital market financing, lack of financial support, etc.
This paper is focus on our country's stated-owned forest industrial enterprises'financing problems, and use financing theory-. capital-market theory and portfolio theory, combine the research results of inside of our country and oversees,then summarize and learn the successful experiences and specific methods from oversees, and raises a financing system for our country's stated-owned forest industrial enterprises.Then,it proposes the financing policies of our country's stated-owned forest industrial enterprises. lastly, as an example of Jilin forest industrial enterprises, make positive analysis of stated-owned forest industrial enterprises'financing problems, and the results show that the relationship of financing and earning of forest industrial enterprises is high, and the rational replacement of financing is a important finance issue for companies, then the optimal financing structure and good environment of companies is the key of its performance.
During the process of build stated-owned forest industrial enterprises'financing system, we make it clear that the financing goal of our country's stated-owned forest industrial enterprises is maximation of its value, then guided by the goal, chose the suitable fiancing strategies and financing tools for them, and analyze the different fiancing strategies arrangement for different life-cycle. Also, we trade-off company's financing risk、financing cost and benefit from the view of investors and company, and build the optimal financing structure for them, at the same time we point its limits.During the process of structuring the financing system, facing the different risks of stated-owned forest industrial enterprises, it's a very important link to build risk evaluation system,and it includes the evaluation and identifing of financing risk, the choice of financing risk items and its policies, so as to control the financing risk,then guarntee the fiancing and development of stated-owned forest industrial enterprises.
To be aimed at the problems of high debt-finance of our country's stated-owned forest industrial enterprises, highly depending on country's investment and bank loan, unrational of capital structure, weak earning ability, lowly capital market financing, restricting of outside enviroment and lacking of powerful forest industrial finance system, we raise the fiancing policies of our country's stated-owned forest industrial enterprises, and it includes using government macro guide effectively and the policies of benetifing agriculture, building finance supporting system of forest industrial, and deeping the equity reform of stated-owned forest industrial enterprises. The enhancement of these policies will creat better financing enviroment for our country's stated-owned forest industrial enterprises, then guarntee these companies develop better and faster
This dissertation use positive and normative methods, combining quantitive and qualitive methods, using theory analysis and literature analysis, and makes overall and systematic research of financing problems of our country's stated-owned forest industrial enterprises. Expecially it raises the financing structure model from the investors respect, vice vser it used by the financing part, so realize the research innovation. Some views of this dissertation support financing policies for our country's stated-owned forest industrial enterprises, then give basis for further research. Because of the limitaiton of research methods, the financing structure model of this diserzation needs further research,and the practice of its use deserves our further discuss.
本文运用融资理论、资本市场理论以及投资组合理论,结合国内外专家学者对国有森工企业融资问题的研究成果,总结和借鉴国外林业企业融资的成功经验与具体做法,针对我国国有森工企业的融资现状和融资中存在的问题,构建了我国国有森工企业的融资体系,提出了我国国有森工企业的融资对策,最后以吉林森工集团作为案例,对国有森工企业的融资问题作了实证分析,得出融资对森工企业盈利的相关联度较高,融资的合理安排是企业重要的财务安排,建立企业最优融资结构和良好的企业环境是企业取得成绩的关键。
在构建国有森工企业融资体系的过程中,明确了我国国有森工企业价值最大化的融资目标,并在目标的指导下,选择了适合森工企业发展的融资策略和融资工具,分析了我国国有森工企业在其生命周期的不同阶段中应作出不同的融资策略安排,并从投资人和筹资人两个角度,权衡企业融资风险、融资成本和收益,为国有森工企业建立了最优融资结构模型,同时指出模型的局限性。在融资体系的构建中,面对国有森工企业在融资过程中面临的各种风险,建立风险评估体系是很关键的一个环节,具体包括融资风险的评估与识别、融资风险指标的选择以及融资风险的应对,达到对融资风险进行控制的目的,最终为国有森工企业的融资及企业的良好发展提供保证。
针对我国国有森工企业负债融资比例较高、企业对国家投资及银行贷款较为依赖、企业资本结构不合理、盈利能力较弱、资本市场融资力度较低以及外部环境的约束和缺乏有力的林业金融支持体系做保障,提出了我国国有森工企业的融资对策,具体包括切实有效地利用政府的宏观引导和惠农政策,建立林业金融支持体系以及进一步深化国有森工企业林权制度改革。这些举措的实行将为我国森工企业创造良好的融资环境,保证我国森工企业更好更快速地向前发展。
本文在写作过程中运用了实证分析和规范分析相结合、定性分析与定量分析相结合的方法以及理论分析法和文献分析法,对国有森工企业的融资问题进行了全面系统的研究,尤其是从投资人的角度建立融资结构模型反过来供融资方去使用和借鉴,实现了研究的创新。
In recent years, the environment of the forest industry in our country is improving gradually, and support capability of the forest development is enhanced markedly. But there is a substantial gap between the input and output of the forest industry; serious capital shortfall still exists because of its nature of weakness in the forest industry and its financing; the government investment can not meet the need of the sustainable development of the forest industry far from satisfactory. As China's economic construction and ecological construction of State-owned forest industrial enterprises are facing a series of problems, such as single capital structure, high ratio of debts, dependency of the government investments, low efficiency of capital utilization, weak profitability, insufficiency of capital market financing, lack of financial support, etc.
This paper is focus on our country's stated-owned forest industrial enterprises'financing problems, and use financing theory-. capital-market theory and portfolio theory, combine the research results of inside of our country and oversees,then summarize and learn the successful experiences and specific methods from oversees, and raises a financing system for our country's stated-owned forest industrial enterprises.Then,it proposes the financing policies of our country's stated-owned forest industrial enterprises. lastly, as an example of Jilin forest industrial enterprises, make positive analysis of stated-owned forest industrial enterprises'financing problems, and the results show that the relationship of financing and earning of forest industrial enterprises is high, and the rational replacement of financing is a important finance issue for companies, then the optimal financing structure and good environment of companies is the key of its performance.
During the process of build stated-owned forest industrial enterprises'financing system, we make it clear that the financing goal of our country's stated-owned forest industrial enterprises is maximation of its value, then guided by the goal, chose the suitable fiancing strategies and financing tools for them, and analyze the different fiancing strategies arrangement for different life-cycle. Also, we trade-off company's financing risk、financing cost and benefit from the view of investors and company, and build the optimal financing structure for them, at the same time we point its limits.During the process of structuring the financing system, facing the different risks of stated-owned forest industrial enterprises, it's a very important link to build risk evaluation system,and it includes the evaluation and identifing of financing risk, the choice of financing risk items and its policies, so as to control the financing risk,then guarntee the fiancing and development of stated-owned forest industrial enterprises.
To be aimed at the problems of high debt-finance of our country's stated-owned forest industrial enterprises, highly depending on country's investment and bank loan, unrational of capital structure, weak earning ability, lowly capital market financing, restricting of outside enviroment and lacking of powerful forest industrial finance system, we raise the fiancing policies of our country's stated-owned forest industrial enterprises, and it includes using government macro guide effectively and the policies of benetifing agriculture, building finance supporting system of forest industrial, and deeping the equity reform of stated-owned forest industrial enterprises. The enhancement of these policies will creat better financing enviroment for our country's stated-owned forest industrial enterprises, then guarntee these companies develop better and faster
This dissertation use positive and normative methods, combining quantitive and qualitive methods, using theory analysis and literature analysis, and makes overall and systematic research of financing problems of our country's stated-owned forest industrial enterprises. Expecially it raises the financing structure model from the investors respect, vice vser it used by the financing part, so realize the research innovation. Some views of this dissertation support financing policies for our country's stated-owned forest industrial enterprises, then give basis for further research. Because of the limitaiton of research methods, the financing structure model of this diserzation needs further research,and the practice of its use deserves our further discuss.
引文
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