The Impact Of Asset Structure On Corporate Performance

The research of the relationship between the assets structure and the performance of the listed companies in our country is the outcome of the development of our economy. With the development of our market economy and the standardization of the companies' rules, the research of the relationship between the assets structure and the performance becomes the focus of the theoretical research and practical research. Now, under the running condition of capital market in our country, it has practical significance to research the relationship between the assets structure and the performance of the listed companies.Assets structure problem is an important problem in enterprise financial decision. It reflects the degree of the use of the fund. Rational assets structure functions as a necessary condition that keep enterprises operation normal and help realize sound cycle of their economic activities. If the assets structures of China enterprises are not rational enough, it seriously menaces the existence and development of enterprises, and yields unfavorable affection upon the entire national economy.Based on capital structure theory, this paper choose 8 industries classified according to the CSMAR, analyzed the financial data of the listed companies in stock market A and B from year 2004 to 2006, showed their difference in assets structure among industries. The conclusions are as follows: The difference in assets structure is significant among different industries. The difference in the relationship between the assets structure and the performance of the listed companies is significant among different industries. Now, Companies should consider the industry characteristic as well as other factors to optimize its assets structure.The paper has six chapters: The first chapter generally introduces the significance of the study, the background of the study, the study area, the study method, the structure arrangement and creative points of the paper; The second chapter are theory basis and literature analysis, introducing the relative theory and relative empirical literatures on assets structure and the corporate performance; The third chapter is defining the samples to study, choosing corporate performance and assets structure index, bringing up study hypothesis, establishing empirical model; The forth chapter is empirical analysis, drawing the empirical theory, analyzing the empirical result; The fifth chapter are policies and advice, pointing the problems exiting in the listed companies, giving advices on how to optimize the assets structure and the performance of the listed companies in our county; The sixth chapter are innovation and deficiency.