The Study On The Effect Of Forest-paper Integration Project On Papermaking Enterprise Performance

In this thesis，the research object is paper listed companies in China，I draw someconclusions as followings through researching the impact on the enterprise performance of thepaper by integration of forest-paper project.This thesis is to make the study on integration offorest-paper project from the perspective of vertical integration theory，aiming to have a deepunderstanding about the China’s paper industry and integration of forest-paper projectsystematically and wish the result of the study can supply reference for the development strategymaking process of those paper manufacturing enterprises in China.The thesis starts with the researeh about the integration of forest-paper by collecting andanalysis amounts of literature，which includes the implementation background，basic situation，economic theories and so on.Meanwhile，for understanding the forest-paper integration andenterprise performance better，I make a review on enterprise performance evaluation based on therelevant domestic and foreign literature，pave the way for the further study.I analysis from the perspective of macro and micro qualitative. First，from a macro point ofthe industry，I put forward vertical integration theory through the introduction to industrychain.Based on the interpretation of vertical integration，I point out the relationship between theintegration of forest-paper and vertical integration，while studies on the influence on the upstreamand downstream enterprises of paper-making enterprises. On the other hand，I pointed out thedynamic mechanism of forestry-paper integration by understanding the overall development ofChina’s paper industry.From the microscopic point of the enterprise， I study the effect of verticalintegration on performance， reach this conclusion that paper companies can reduce the cost ofbusiness，promote technological innovation and improve market environment through theintegration of forest-paper，thus affecting the performance of the enterprise.After qualitative analysis，this paper turns to empirical analysis about the degrees ofintegration of paper-making companies.It uses the method called VAS to get the index of verticalintegration，in which all capital earnings rate and the main business profit year-on-year growthrate as explained variable and the vertical integration index，asset size，asset-liability ratio，marketconcentration as explanatory variables and adding to integrate content as the moderator;Addition， from paper companiesˊactual situation，use raw material forest area as theexplanatory variables for regression analysis on firm performance.While no significant positivecorrelation between the raw material forest area and papermaking enterprise performance.