【作者】 李岩峰；

【导师】 曹玉昆；

【作者基本信息】 东北林业大学 ， 林业经济管理， 2008， 博士

【摘要】 伴随着经济全球化步伐的加快,国际国内资源与市场竞争的加剧,国有林区森工企业“走出去”谋发展已成为不争的事实。积极探寻新的对外投融资渠道,利用市场机制进行对外投融资活动,营造良好的投融资环境,吸引社会资金、金融资金投资国有林区森工企业,建立适应国有林区森工企业特点的多元化投融资渠道就成为亟待解决的问题。在计划经济的体制下,国有林区森工企业为我国生产了大量木材和林产品,满足了国民经济建设和人民生活的需要。但国有林区森工企业长期执行以木材生产为中心的林业建设思想,长期的低投入,高产出,盲目追求木材生产高指标,造成了目前森林资源锐减和森工企业发展陷入困境的局面,使国有林区森工企业自身的发展因缺乏资金的支持而举步维艰,困扰国有林区森工企业进一步发展壮大的资金问题日益成为广大林业工作者所迫切关注的问题。随着我国加入世界贸易组织,国际市场的竞争日益激烈,国有林区森工企业与市场经济不相适应的问题越来越突出的表现出来,国有林区森工企业对社会的贡献率呈递减趋势,而且竞争能力和赢利能力都在日益降低。因此,以市场为导向,积极寻找利用国外的林业资源,利用国际上的资本发展本国林业,构建新型的森工企业对外投融资体制就成为迫切需要解决的问题。本文通过对东北国有林区森工企业投融资运营历史和现状的分析,揭示东北国有林区森工企业投融资存在的问题,探讨国有林区森工企业对外投融资的有效途径,拓宽森工企业多元化的市场融资渠道。在新形势下国有林区森工企业的对外投融资进程中,一系列传统的政策和管理体制还在制约着国有林区森工企业对外投融资的发展,国有林区森工企业本身的制度问题和竞争能力,使森工企业的跨国投融资活动充满了风险。如何正视这些问题和风险,并积极寻求解决的途径与应对之策是本文探讨的一个问题。在文中,针对国际资本运营的情势,将PPP、BOT、TOT、ABS等投融资理念和模式应用在不同的森工企业中的创新性应用。本文针对促进国有林区森工企业对外投融资的动因分析,从影响投融资的风险因素出发,重点对东北国有林区森工企业对外投融资环境分析、投融资效益的评价分析研究。突破以往单方面偏重理论研究或仅以单一方式为对象的研究,力求在理论和实证的结合上寻找新的突破,寻求解决特定地域问题的新方法。同时,提出完善国有林区森工企业对外投融资的战略构想和对外投融资发展模式的对策和建议。并结合对黑龙江地区国有林区森工企业的实证分析,提供一套基于国有林区森工企业发展可操作性对策,为完善森工企业投融资体系,提升国有林区森工企业的竞争力做出努力。在此研究的基础上,通过规范分析和实证分析,最终找到国有林区森工企业可持续性发展的对外投融资之路。从整体上构建了东北国有林区森工企业对外投融资的框架体系。这是本文的主要工作和创新点。总之,本文通过探讨东北国有林区森工企业对外投融资的有效途径,来构建国有林区森工企业多元化的市场投融资渠道,完善森工企业对外投融资体系,建立符合国有林区森工企业和森林资源经营特点的对外投融资的理论框架,选择适合东北国有林区森工企业的对外投融资战略和方式,为国有林区森工企业竞争力的提升做出努力。在此研究的基础上,最终找到提升国有林区森工企业投融资能力的有效途径。本文的研究对促进东北林业和国有林区森工企业的跨越式发展不仅具有重要的理论意义,更具有现实实践意义和适应时代要求的历史意义。更多还原

【Abstract】 With the rapid development of economic globalization and severe competition on resources between international and domestic markets,it turns to be a must for the forestry enterprises of state-owned forest region to seek for further development opportunities and supports internationally.Therefore,it is necessary and urgent to find out solutions on finding new foreign investment and financing channels,conducting the foreign investment and financing program by using market mechanism,creating positive environment for foreign investment and financing activities,attracting more social and financial capitals investing on forestry enterprises and establishing multi-channel of investment and financing for forestry enterprises of state-owned forest regions.In the time of Planned Economic System,forestry enterprises of state-owned forest region in Northeast of China had produced plenty of timbers and forest products to meet the requirement of constructing national economy and for life necessities.While the management and construction concept of these enterprises were chronically focusing on producing timbers in a way of emphasizing Low Input High Output and pursuing blindly for higher production index which cause the forest resources decreased sharply,and cause the enterprise run into difficulties in operation due to lack of capital for business development at the current stage. Capital problem at these enterprises is now a big concern.With the facts that China joining WTO and the competition on international markets are fierce,the problem that management of state-owned forestry enterprises is not in tune with development of market economy becomes outstanding.These enterprises are lack of competition and profitability,and contribute less to the society as well.Therefore,establishment of a new market-oriented foreign investment and financing system by using foreign forest resources and international capital to develop national forest industry for these state-owned forestry enterprises come to the priority.This paper analyzes the historical and current investment and financing situation of stateowned forestry enterprises in Northeast China to disclose the existing problems these enterprise encountered on investment and financing and to discuss the possible effective ways for these enterprises to attract foreign investment and financing so as to broaden a multifinancing channel for these enterprises.The development of foreign investment and financing in these enterprises is limited by some traditional policy and management system during the progress under new situation.Furthermore,their activity of international investment and financing is of high risk due to poor management system and lower competition power.How to actively seek for possible solutions for the above mentioned problems and risks after evaluating them properly is one of the key arguments discussed here on this paper,in which investment and financing concepts and modules like PPP,BOT,TOT and ABS are introduced to describe different situations in different forestry enterprises based on the trend of international capital operation.With the analysis of reasons and risk elements on the foreign investment and financing process in the state-owned forestry enterprises,this paper focuses on study and analysis of environment evaluation and profitability appraisement for foreign investment and financing activities by connecting the academic theory with actual examples to find a new way to resolve the specific problems at individual regions,and offer proposals for these state-owned forestry enterprises on strategic planning and development module regarding foreign investment and financing.After the Empirical Analysis of state-owned forestry enterprises in Heilongjiang Province,this paper offers practical suggestions on the development of state-owned forestry enterprises aiming for improving the investment and financing system and increasing the competition power for these enterprises.Based on research and study on the above mentioned key points,the paper concludes with solution for stat-owned forestry enterprises to sustainable developed the foreign investment and financing activities through Normative Analysis and Empirical Analysis.The system frame of foreign investment and financing program in stateowned forestry enterprises has been reconstructed in this paper.These describe the main task and innovation in this paper.In conclusion,this paper is aiming for increasing the competitiveness of state-owned enterprises by using appropriate strategy and adaptable options for their foreign investment and financing activities through expanding a multi-channels,establishing a theory frame which fits the specific operational features of these enterprises and setting up a comprehensive system for attracting foreign investment and financing on the basis of research and study on the effective ways for the state-owned forestry enterprises in Northeast China.Hence the good way to promote the investment and financing ability of these enterprises is also mentioned in the paper. The research done in this paper has theoretical significance for the leap-forwarded development for state-owned forestry enterprises in Northeast China,and realistic and practical meaning as well as the historical significance to accommodate the requirement of times.更多还原