从垂直一体化的角度分析了造纸企业实现林纸一体化的收益和成本。认为通过一体化可获得节约交易成本、稳定生产和销售、增加企业竞争优势等多项“收益”,但也增大了企业的风险和管理难度。探讨了我国目前造纸企业后向一体化的发展趋势,指出走林纸结合的道路是林纸双赢的一种选择。 From the perspective of vertical integration, the paper analyzes the benefits and costs of papermaking enterprises in integrating forestry and papermaking. It is believed that through integration, a number of “benefits” such as transaction costs savings, stable production and sales, and increased competitive advantages of enterprises can be obtained, but the risks and management difficulties of enterprises are also increased. Discussed the trend of the backward integration of papermaking enterprises in our country at present, and pointed out that the road of combining forestry and papermaking is a kind of choice for forestry-paper win-win.