经济林产业上市公司融资影响因素分析

doi:10.12302/j.issn.1000-2006.202008006

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南京林业大学学报（自然科学版） ›› 2021, Vol. 45 ›› Issue (3): 224-232.doi: 10.12302/j.issn.1000-2006.202008006

经济林产业上市公司融资影响因素分析

丁胜¹(), 李颂¹, 梁钰坤¹, 赵庆建¹^,^*(), 曹福亮², 吕柳¹

1.南京林业大学经济管理学院,江苏南京 210037
2.南京林业大学林学院,江苏南京 210037

收稿日期:2020-08-04 修回日期:2020-12-26 出版日期:2021-05-30 发布日期:2021-05-31
通讯作者: 赵庆建
基金资助:
江苏高校哲学社会科学研究重大项目(2020SJZDA073);国家自然科学基金项目(L1724029)

Factors influencing the financing of listed companies in non-timber forest industry

DING Sheng¹(), LI Song¹, LIANG Yukun¹, ZHAO Qingjian¹^,^*(), CAO Fuliang², LYU Liu¹

1. College of Economics and Management,Nanjing Forestry University,Nanjing 210037, China
2. College of Forestry, Nanjing Forestry University Nanjing 210037, China

Received:2020-08-04 Revised:2020-12-26 Online:2021-05-30 Published:2021-05-31
Contact: ZHAO Qingjian

摘要/Abstract

摘要：

【目的】推动经济林产业上市公司发展的必要手段就是在资本市场中获取足够的资本要素,根据可持续增长理论的内在要求,融合产业特性,研究经济林产业上市公司融资影响因素,可以为制定出符合经济林产业上市公司发展的融资策略提供必要的决策依据。【方法】根据可持续理论构建融资策略评价指标,并提出相关假设,对21家经济林产业上市公司105个面板数据的回归处理采用随机效应模型,进行融资影响因素显著性分析。【结果】随机效应模型检验结果显示,总资产对数、总资产周转率、营业利润率和净资产收益率的t统计量分别为5.318 1、3.197 1、2.310 8和-2.684 8,说明我国经济林产业上市公司融资水平与企业规模、运营能力、自身竞争力等因素呈正相关,与企业盈利能力呈负相关;同时显示对企业资本抵押价值、偿债能力和内部积累能力影响不显著。【结论】经济林产业上市公司融资结构以外源性融资为主,内源性融资为辅;外源性融资结构不平衡,公司偏好股权融资,债务融资较少,整体资产负债率不高;经济林产业处于高速发展阶段,实际增长率高于可持续增长率,公司融资需求较大;盈利能力对内源性融资能力有很大的影响,公司规模与现金流量管理也是提升内源性融资能力的重要因素。

关键词: 融资, 经济林产业, 上市公司, 影响因素

Abstract:

【Objective】The non-timber forest industry listed companies have been receiving sufficient capital from the capital market to promote its development. According to the inherent requirements of the sustainable growth theory, integrating the characteristics of the industry by analyzing the factors influencing the financing of non-timber forest industry listed companies can provide the necessary decision-making basis for formulating financing strategies for the non-timber forest industry listed companies. 【Method】We constructed evaluation indexes of financing strategies based on the hypotheses proposed. We applied a random effect model of 105 panel data of 21 non-timber forest industry listed companies in China to analyze the significance of factors influencing the financing. 【Result】The random effect model test results showed that the logarithm of the total assets, total asset turnover, operating profit margin and return on equity (ROE); t-statistics of 5.318 1, 3.197 1, 2.310 8 and -2.684 8, respectively, explained the level of the financing of the non-timber forest listed companies and were positively correlated with operation ability and competitiveness, but negatively correlated with company profitability. The effect of capital mortgage value, debt paying abilities and internal accumulation ability was not significant. 【Conclusion】We found that the financing structure of the non-timber forest industry listed companies in China was dominated by exogenous financing and supplemented by endogenous financing. The external financing structure was not balanced as companies preferred equity over debt. The overall asset-liability ratio was not high. The actual growth rate was higher than the sustainable growth rate during the rapid development of the industry. The company profitability had a significant impact on endogenous financing capacity, while the company size and cash flow management were also important factors.

Key words: financing, non-timber forest industry, listed company, influencing factors

中图分类号:

F124.5

丁胜,李颂,梁钰坤,等. 经济林产业上市公司融资影响因素分析[J]. 南京林业大学学报（自然科学版）, 2021, 45(3): 224-232.

DING Sheng, LI Song, LIANG Yukun, ZHAO Qingjian, CAO Fuliang, LYU Liu. Factors influencing the financing of listed companies in non-timber forest industry[J].Journal of Nanjing Forestry University (Natural Science Edition), 2021, 45(3): 224-232.DOI: 10.12302/j.issn.1000-2006.202008006.

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序号 No.	股票代码 stock code	公司简称 company	序号 No.	股票代码 stock code	公司简称 company
1	000869	张裕A	12	000019	深粮控股
2	300175	郎源股份	13	600365	通葡股份
3	600084	中葡股份	14	002582	好想你
4	600506	香梨股份	15	601118	海南橡胶
5	600251	冠农股份	16	600500	中化国际
6	300268	佳沃股份	17	000589	贵州轮胎
7	002650	加加食品	18	600469	风神股份
8	000848	承德露露	19	600182	S佳通
9	600962	国投中鲁	20	000599	青岛双星
10	002557	洽洽食品	21	002224	三力士
11	600543	莫高股份

年份 year	法定盈余公积 statutory surplus reserve	未分配利润 undistributed profit	留存收益 retained earnings
2014	133.02	719.41	852.42
2015	144.80	741.45	886.25
2016	154.75	701.90	856.65
2017	162.16	728.98	891.14
2018	196.75	874.26	1 071.01

年份 year	送股 send shares	增发 SEO	转增 turn add	其他变动 other changes	变动总额 total change
2014	669.01	2 417.55	1 818.32	-996.73	3 908.15
2015	752.83	1.16	4 322.56	-711.97	4 364.59
2016	1 239.99	442.45	456.36	147.23	2 286.02
2017	136.91	0.75	926.15	-34.89	1 028.92
2018	0.00	3 802.92	0.00	-23.03	3 779.90

指标 indicators	变量 variable	计算公式 calculation formulas
公司规模company size	总资产对数X₁	ln(总资产)
运营能力operation ability	存货周转率X₂	销售成本/平均存货余额
	总资产周转率X₃	营业收入净额/平均资产总额
公司自身竞争力company competitiveness	营业利润率X₄	营业利润/营业收入
资本抵押价值capital mortgage value	抵押资产价值X₅	(固定资产+存货)/总资产
盈利能力profitability	净资产收益率X₆	净利润/平均所有者权益
偿债能力debt paying ability	速动比率X₇	(流动资产-存货)/流动负债
内部积累能力internal accumulation capacity	未分配利润占资产总额比例X₈	未分配利润/总资产
成长能力growth ability	营业利润增长率X₉	(本年营业利润-上年营业利润)/上年营业利润
成长能力growth ability	营业收入增长率X₁₀	(本年期末主营业务收入-上年期末主营业务收入)/上年期末主营业务收入

变量 variable	面板数 number of panels	最小值 min.	最大值 max.	平均值 mean	标准差 SD	偏度 PD	峰度 kurtosis
Y	105	0.054	0.740	0.355	0.184	0.230	-0.785
X₁	105	19.290	24.744	21.861	1.162	0.055	0.192
X₂	105	0.089	10.041	3.248	2.448	0.887	-0.109
X₃	105	0.020	1.738	0.615	0.359	0.725	0.524
X₄	105	-14.386	0.344	-0.086	1.417	-10.084	102.736
X₅	105	0.123	0.733	0.430	0.144	-0.145	-0.744
X₆	105	-0.390	0.378	0.051	0.094	-0.468	5.646
X₇	105	0.365	21.241	2.274	3.347	3.964	17.922
X₈	105	-1.265	0.611	0.045	0.304	-1.577	4.513
X₉	105	-25.131	11.575	-0.083	3.672	-3.048	22.880
X₁₀	105	-0.911	82.699	1.159	8.669	8.644	78.523

经济林产业上市公司融资影响因素分析

Factors influencing the financing of listed companies in non-timber forest industry

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变量 variable	系数 coefficient	标准误 SE	t统计量 t-statistic	P
C	-2.021 4	0.452 4	-4.467 7	0
X₁	0.109 9	0.020 7	5.318 1	0
X₂	-0.009 1	0.007 8	-1.168 9	0.245 4
X₃	0.120 9	0.037 8	3.197 1	0.001 9
X₄	0.014 2	0.006 1	2.310 8	0.023 1
X₅	-0.082 1	0.080 9	-0.014 6	0.312 9
X₆	-0.452 1	0.168 4	-2.684 8	0.008 6
X₇	-0.005 9	0.003 8	-1.576 3	0.118 3
X₈	0.022 4	0.062 6	0.358 6	0.720 7
X₉	0.001 1	0.002 2	0.426 6	0.670 6
X₁₀	0.101 6	0.000 8	1.951 4	0.054 1

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