Research On The Impact Of Forest Certification On Forestry Enterprise Value

Forestry sustainable operation involves the sustainable development of human being, and forest certification is one of international dominant ways to promote forestry sustainable operation. In recent years, China’s forestry enterprises have taken part in the forest certification system, to implement certification and issue the certificates through the third-party certification institutions, so as to direct operation behaviors of forestry enterprises by using market mechanism. Forest certification of forestry enterprises pay more attention to its impact on forestry enterprise value, while seeking for the aim of forestry sustainable operation. Therefore, to research how forest certification influences forestry enterprise value is not only important to promoting forest certification development, but also significant to enlighten forestry enterprises to realize the law of growing value, and to promote forestry sustainable operation. Based on the related theories of forest certification, forestry enterprise value, and sustainable development, and by using methods of game analysis, dynamic analysis, structural equation, and case studies, this research focuses herein on the connotation of forestry enterprise value, and the impact effect, process, mechanism, factors, and pathway. The detailed content is as follows:Based on related theories of forest certification, connotation, characteristics, elements, and certification cost of forest certification are discussed, and different forest certification systems are compared. According to the classification standards of forestry industry, the connotation of forestry enterprises researched herein is identified, from the viewpoint of multiple values of sustainable development, the connotation of composite value of forestry enterprise value is defined, and triple-dimensional forestry enterprise composite value is proposed based on economic value, social value, and ecological value. The measurement indices are proposed of forestry enterprise value, and from the viewpoint of utility theory of value, the measurement and impact elements of forestry enterprise value is defined.On the basis of the analysis on the impact effects of forest certification on forestry enterprise value, and according to the characteristics of market allocation mechanism of forest certification, it is proposed that forest certification in essence is the method to allocate resource by using market competition, and the impact mechanism of forest certification on forestry enterprise value under market allocation mechanism is explored. In asymmetric information condition, gaming equilibrium model is established with forest certification as the third-party certification signal, in-depth analysis is made on the value creation process of forest certification including value identification, value forming, value transferring, and value realization, and the companion mechanism between forest certification signal transferring and forestry enterprise value creation is explored, systematic characteristics of forest certification impact on enterprise value is analyzed by using systematic dynamic principles, and according to the key impact elements in value creation process, dynamic loop of forest certification impact on forestry enterprise value is established, including economic value loop, social value loop, and ecological value loop. Based on that, all loops are incorporated to establish comprehensive causal relation map of forest certification impact on enterprise value, systematic dynamic mechanism of forest certification impact on forestry enterprise value is explored. Internal relation and mutual action mechanism of the three mechanisms are summarized, multi-dimensional, multifaceted and dynamic enterprise composite value creation system that contains benefit level, stakeholder level, and value level is put forward and the value creation process of forestry enterprises in the process of forest certification is analyzed.Based on the conceptual model and related assumptions, combining present literature, related scale table is established,75 comprehensive forestry enterprises were surveyed which have implemented and passed the forest certification, empirical analysis is made on the impact extent and direction of forest certification on forestry enterprise value from the structural perspectives of forest certification law and regulation, operational planning, environmental impact, and public interests, from the structural perspectives of enterprise reputation evaluated by stakeholders, and organization recognition, and from the structural perspectives of economic value, social value, and ecological value of forestry enterprise value. Based on the principles of partial least squares method and structural equation, by using software SPSS 13.0 and SmartPLS2.0, the pathways of weak support or non-support data are deleted, and the pathways of original structural equation model are modified, and finally impact mechanism model of forest certification on forestry enterprise value is established, which reflects the forming, transferring, and realization process and mechanism of forest certification impact on forestry enterprise value. The empirical results explore the impact extent, direction, and mutual interaction of forest certification on forestry enterprise value, meanwhile, forest certification indirectly impacts on enterprise value through improving enterprise reputation, and organizational recognition, among which the performance by enterprise reputation is relatively strong while performance by organizational recognition is relatively weak.Through the practical investigation on the forestry enterprises which have implemented or are implementing forest certification, three typical cases are selected. By using case study method, detailed analysis is made on the impact process, facts, and specific practices of forest certification on forestry enterprise value, which verifies the theoretical framework proposed herein.According to the key elements in the enterprise value forming and realization process, and from the micro-level and macro-level, the forestry enterprise value promotion strategies and suggestions of forest certification are proposed respectively.The theoretical significance of the paper lies in the core definition establishment of forestry enterprise value, improve the theoretical foundation of forest certification, expand theoretical research depth of forest certification impact on forestry enterprise value, and explore the impact mechanism and pathway. The practical significance is contributed to the acknowledge of every stakeholders to the essence forest certification, accelerate forest certification process, and comprehensively promote Chinese forestry enterprise value.