基于多层次多目标模糊优选模型的林业上市公司资本结构评价研究

企业的资本结构通过资本成本、盈利能力、偿债能力和风险水平等多方面影响企业的经营水平和企业价值.在已有的国内外有关上市公司资本结构评价因素的基础上,该研究总结了资本结构影响公司经营水平的4个因素,并选择了8个与资本结构效果相关的指标,通过建立多层次多目标模糊优选模型,对20家林业上市公司2013年的资本结构现状进行了实证研究.结果显示,公司000910的资本结构最为合理,资本成本、盈利能力、偿债能力和风险水平情况最好的公司分别为000820、000910、002043、002078.林业上市公司要根据内部外环境动态的调整资本结构,充分发挥财务杠杆作用.

Research on Evaluation of Capital Structure in Forestry Listed Companies Based on Multi-Objective and Multi-Level Fuzzy Optimization Model

The capital structure affects capital cost, profitability, debt paying ability, financial situation of the companies, therefore it hasgreat impact on the management and value of the companies. This article extracted the four aspects that capital structure influences on the com-panies, chose 8 capital structure related indicators, set up a multi-objective and multi-level fuzzy optimization model, evaluated the capitalstructures in forestry listed companies in 2013. The empirical results showed that company 000910 had the most reasonable debt ratio, compa-ny 000820 had the lowest capital cost, company 000910 had the best profitability, company 002043 had the best debt paying ability, company002078 had the most suitable risk level. Forestry companies should adjust their debt ratio according to inner and outer situations to fully utilizethe function of debt.