Research On The Forestry Listed Companies’Capital Structure And Corporate Performance

Forestry as an important component of agriculture, is in the foundation status of China’s national economy, at the same time play an important role in ecological construction. This article research on forestry listed companies’capital structure and corporate performance, and trying to find the path to improve corporate performance through the optimization of the capital structure.This study is divided into six parts. The first part, introduced on the Forestry Capital Structure and Firm Performance research background, purpose and research significance. The second part introduces the theory of capital structure and corporate performance. The third part, the paper selects forestry principles and overview of forestry listed companies. The fourth part, descriptive statistical analysis showed a series of preliminary conclusions of the forestry listed companies,that asset-liability ratio is low, the current liabilities and bank loans rate is high, equity is relatively concentrated, the proportion of outstanding shares continued to expand, and lower levels of profitability and continued downward trend. The fifth part, this part is the core content of this article. Using SPSS statistical software, qualitative and quantitative analysis on China’s forestry listed company capital stnicture and corporate performance. Combine Principal component analysis and multiple linear regression, The results showed that ownership concentration and current liabilities rates with corporate perfonnance is positively correlated, Asset-liability ratio, the proportion of bank loan rate, the proportion of legal person shares and restricted shares get a negative correlation with the performance of the company. Size of the company has no significant effect on performance, year dummies significant impact on corporate performance. Part VI, mainly based on the empirical results presented recommendations to optimize the capital structure optimization forestry listed companies.