The Research On An Empirical Study On The Influencing Factors Of Leverage Ratio Of Listed Forestry Companies

Under the new situation that the state advocates the combination of the sustainable development of social economy and the construction of ecological civilization,the forestry industry should give full play to its positive role in ecology and social economy.The State Council,the Central Committee of the Communist Party of China,pointed out that the spirit of the party must be fully implemented.The Scientific outlook on Development must be thoroughly implemented and China’s forestry development strategy,which focuses on ecological construction,must be vigorously pursued.Take the sustainable development theory as the foundation and the instruction,we will constantly innovate the management system and institutions of China’s collective forestry operations,clarify forestry intellectual property rights,relax management right,regulate the circulation of forestland and reduce taxes and fees according to law.Further emancipate and expand China’s forestry productivity,promoting the transition from traditional forestry to modern forestry in China.As an important part of the socialist national economy,forestry engineering is not only a social public department that specializes in the production and sale of timber and other forest products,and performs its function of forestry environmental protection,but also promotes the coordinated development of economy,society,environment and resources.Although the overall situation of China’s forestry is good in recent years,based on the theory of sustainable development of forestry,the economic development of China’s forestry enterprises is not balanced,and the lever ratio of forestry enterprises presents the phenomenon of polarization,this will seriously affect the ability of paying debts and operating,and reduce the economic benefit of the enterprise.The leverage ratio is an important index in the sustainable development of the Forestry Enterprise Economy,which directly affects the sustainable economic development of Forestry Enterprises.The present situation of the leverage ratio of different economic fields and industries is different,and the standards of evaluation and research are distinct.Based on the characteristics of Forestry Enterprises,this paper studies the main influencing factors of the leverage ratio of Forestry Enterprises,and discusses how to adjust the leverage ratio of forestry enterprises efficiently.using the data of 50 listed forestry companies from 2009 to 2018,and using the global principal component analysis.Summarize the main influencing factors of the leverage ratio of listed forestry companies,construct an effective analysis index system.Based on the comprehensiveness and accuracy of data analysis,mixed,random,fixed and two-way regression effect analysis is carried out firstly,combined with the rationality and preciseness of the data analysis results,the most suitable model was finally determined.Through the effect of two-way fixed panel,this paper analyzes the intensity of the main factors influencing the leverage ratio.Based on the optimal level of leverage ratio,this paper puts forward the adjustment strategy of leverage ratio which is beneficial to the development of forestry enterprises from different perspectives.It is concluded that the effective analysis index system of forestry enterprise leverage ratio is composed of six factors:Enterprise reimbursement,profit,innovation,operation,corporate governance and macro factors.The study shows that the forestry enterprises generally have the characteristics of uneven lever ratio,quick change and big change,high current debt ratio,single investment and financing mode,small scale,insufficient operation ability and weak financial competitiveness.This paper studies the optimal leverage ratio of listed forestry companies based on the performance perspective,innovation perspective and Operation Perspective respectively.The results show that 45.61%-46.69%is the optimal range of leverage ratio.Therefore,enterprises should establish a development model based on the national policy and the characteristics of Forestry Enterprises;Strengthen the innovation of forestry investment and financing models and tools;Build an internal digital forestry platform,carry out multi-way innovation and improve the forestry industry chain.We should standardize the ownership structure and improve the decision-making ability of forestry enterprises.