经济林产业上市公司融资影响因素分析

【目的】推动经济林产业上市公司发展的必要手段就是在资本市场中获取足够的资本要素,根据可持续增长理论的内在要求,融合产业特性,研究经济林产业上市公司融资影响因素,可以为制定出符合经济林产业上市公司发展的融资策略提供必要的决策依据。【方法】根据可持续理论构建融资策略评价指标,并提出相关假设,对21家经济林产业上市公司105个面板数据的回归处理采用随机效应模型,进行融资影响因素显著性分析。【结果】随机效应模型检验结果显示,总资产对数、总资产周转率、营业利润率和净资产收益率的t统计量分别为5.318 1、3.197 1、2.310 8和-2.684 8,说明我国经济林产业上市公司融资水平与企业规模、运营能力、自身竞争力等因素呈正相关,与企业盈利能力呈负相关;同时显示对企业资本抵押价值、偿债能力和内部积累能力影响不显著。【结论】经济林产业上市公司融资结构以外源性融资为主,内源性融资为辅;外源性融资结构不平衡,公司偏好股权融资,债务融资较少,整体资产负债率不高;经济林产业处于高速发展阶段,实际增长率高于可持续增长率,公司融资需求较大;盈利能力对内源性融资能力有很大的影响,公司规模与现金流量管理也是提升内源性融资能力的重要因素。

Factors influencing the financing of listed companies in non-timber forest industry

【Objective】The non-timber forest industry listed companies have been receiving sufficient capital from the capital market to promote its development. According to the inherent requirements of the sustainable growth theory, integrating the characteristics of the industry by analyzing the factors influencing the financing of non-timber forest industry listed companies can provide the necessary decision-making basis for formulating financing strategies for the non-timber forest industry listed companies. 【Method】We constructed evaluation indexes of financing strategies based on the hypotheses proposed. We applied a random effect model of 105 panel data of 21 non-timber forest industry listed companies in China to analyze the significance of factors influencing the financing. 【Result】The random effect model test results showed that the logarithm of the total assets, total asset turnover, operating profit margin and return on equity (ROE); t-statistics of 5.318 1, 3.197 1, 2.310 8 and -2.684 8, respectively, explained the level of the financing of the non-timber forest listed companies and were positively correlated with operation ability and competitiveness, but negatively correlated with company profitability. The effect of capital mortgage value, debt paying abilities and internal accumulation ability was not significant. 【Conclusion】We found that the financing structure of the non-timber forest industry listed companies in China was dominated by exogenous financing and supplemented by endogenous financing. The external financing structure was not balanced as companies preferred equity over debt. The overall asset-liability ratio was not high. The actual growth rate was higher than the sustainable growth rate during the rapid development of the industry. The company profitability had a significant impact on endogenous financing capacity, while the company size and cash flow management were also important factors.