Research On Financing Efficiency And Influencing Factors Of Forestry Listed Companies

Forestry development is an important part of the development of the national economy.Lack of funds is one of the main reasons for the slow development of China’s forestry industry.As a top priority in the development of the national economy,forestry listed companies play an irreplaceable role as the leader of forestry.Forestry listed companies have poor operating capacity and low reputation,and it is difficult to obtain externally integrated funds.Therefore,forestry enterprises are faced with difficulties in financing.The financing efficiency of forestry listed companies directly restricts their performance and company value,and further affects the development and growth of enterprises.Under this background,it is of great significance to study the financing efficiency of forestry listed companies,existing problems and improvement paths for the healthy growth of forestry enterprises.This paper firstly sorts out the relevant literatures on forestry financing efficiency and influencing factors,defines the concepts of forestry,financing and financing efficiency,and analyzes the status of forestry development and financing,and finds that China’s forestry industry is difficult to finance,expensive to finance,and low in efficiency.And other issues.Then based on the panel data of 27 forestry listed companies in China from 2010 to 2017,using DEA-Malmquist method to calculate the static of China’s forestry listed companies with the total assets,total liabilities and fixed assets as input variables,and earnings per share as output variables.And dynamic financing efficiency.We found that during the research period,the financing efficiency of forestry is generally low,the overall average is above 0.7,but 50%of the financing efficiency of forestry enterprises does not reach 0.8,and the financing efficiency of 9 enterprises is less than 0.6,there is room for improvement;most enterprises There is economies of scale,pure technical efficiency is stable and it is the cause of low technical efficiency;Financing efficiency generally showed a downward trend,with an average annual growth rate of-2.3%.The technological development of forestry and internal management of enterprises hindered the improvement of financing efficiency.Using the PVAR model in econometrics,the effects of firm size,ownership structure,financing structure,corporate quality and financial security status on the financing efficiency of forestry listed companies were quantitatively analyzed by GMM estimation coefficient,impulse response function and variance decomposition.It is found that the ownership structure,firm size,financing structure,enterprise quality and financial security status are directly proportional to financing efficiency;Through the impulse response function of each variable to financing efficiency,it can be seen that each variable has a positive long-term impact on the growth of financing efficiency;From the variance decomposition,it can be seen that the fluctuation of the financing efficiency prediction error mainly comes from itself,and the proportion is slowly decreasing,followed by the company’s financing structure and enterprise quality,and the shareholding structure has the lowest contribution rate.According to the results of empirical analysis,the current international economic development situation and the financing efficiency of forestry listed companies raise the importance of increasing forestry technology from the perspective of macro-policy and micro-enterprise,and cracking the "double high" problem and innovation of forestry discount loans.Relevant proposals such as industrial model,expansion of production scale,improvement of financing structure and shareholding structure,and improvement of forestry enterprise system construction.