The Research State-owned Forestry Enterprises Financing Problem

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 fasterThis 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.