Research On The Impact Of The Capital Structure Of Chinses Forestry Listed Companies On The Efficiency Of Financial Management

The Fifth Plenary Session of the Nineteenth Central Committee of the Communist Party of China proposed that industrial policies should be based on competition policies,encouraging the use of industrial innovation and enhancing market effectiveness.However,for a long time,chinese forestry companies have been facing problems such as irrational capital structure,financing difficulties,and insufficient technology content.How can forestry companies seize existing opportunities,change investment strategies,and how to make full use of corporate capital to improve financial operations? Efficiency has become an urgent problem to be solved at this stage.On the basis of summarizing the literature and analyzing the development status,this paper takes 42 listed forestry companies as the research objectives,and obtains the current status of the financial operation efficiency of forestry listed companies in my country through the traditional DEA efficiency analysis of their panel data from 2017 to 2019.In addition,focusing on the operating efficiency of 19 listed forestry companies,the impact of stripping environmental factors and super-efficiency DEA analysis were carried out,and the final financial operation efficiency was obtained,and the financial management of forestry listed companies was set up from the three dimensions of property rights structure,equity structure,and liability structure.Efficiency affects the index system.Through the fixed effects model,the influence of factors such as property rights,equity,and liabilities on the efficiency of financial operations is discussed:(1)The financial operation efficiency of listed forestry companies is generally optimistic,but there are still invalid conditions of technical efficiency and scale efficiency.In addition,the financial operation efficiency of enterprises will also be affected by external macro factors such as government support and industrial structure;(2)In the equity structure,the degree of equity balance has a negative correlation with the financial operation efficiency of listed forestry companies,and it is more significant.Although the shareholding ratio also has a negative effect on the financial operation efficiency,it is not significant;(3)In the debt structure,bank loans also have a significant impact on the financial operation efficiency of listed forestry companies,showing a negative correlation.Although commercial loans have a negative effect on forestry The financial operation efficiency of listed companies has a positive effect,but the effect is not significant;(4)The size of the enterprise has a significant negative correlation effect on the financial operation efficiency,Operation ability has a significant positive impact on it.Based on the above research conclusions,corresponding suggestions are put forward:(1)Appropriately adjust the equity structure to improve corporate governance efficiency;(2)Broaden financing channels and enhance operational flexibility;(3)Reasonably adjust the scale and layout to promote scientific and technological innovation.