The Empirical Research On How The Asset Structuer Influence The Coporate Performance

Asset structure is the result of investment, reflecting the allocation of corporateresult. Each kind of asset structure plays a different role and contribute differently tothe corporate production and operation. Enterprise should accord its production andoperation features to select proper assets structure and avoid the shortcomings andwasting then enhancing the asset profitability. Therefore, how to effectively allocationof assets structure on the production and operation of enterprises has had a significantimpact. And manufacturing is the core industry in our country, the national economyplays an important role, so this paper selects manufacturing as the research object,that is how the manufacturing assets structure affect the performance.This article starts from the company assets structure and the influence factor ofthe listed company and then analyze how the assets structure influence corporateperformance. This article selects Shanghai and Shenzhen2008-2010years ofmanufacturing the listed company as a valid sample, use CSMAR database data, useExcel2007and SPSS18.0software data screening and empirical analysis. Firstly, thispaper puts forward the research background, the manufacturing enterprise assets thathow importance of the structure, and then put forward this research method and theresearch significance,and then summarizes the domestic and foreign variousscholars’ study of the assets structure and performance of the research, and discussesthe capital structure and other impact performance review. In combination withliterature review and portfolio theory and the related theory of assets structure afterproposed seven assumed, validation of different assets ratio respectively the influencedegree of the performance; Then the study design, from the previous study design thestudy of the impact of the assets structure performance model; The reaction to theperformance of more effective variables, this article takes the principal component analysis, in11performance indicators extracted5main component to get relevantcomprehensive performance index. Through the description of the independentvariables and statistical analysis points out their variable characteristic of itself, andexpands the use of variance factor method to inspect the independent variablebetween multiple linear. Finally using multiple regression analysis to obtain how theassets structure affect the performance.The analysis results show that the fixed assets ratio and enterprise performanceis a significant negative correlation. The enterprise which holds too much of the fixedassets will reduce performance that is by reducing the amount of fixed assets canimprove the enterprise performance. Current assets ratio and enterprise performanceis a significant positive correlation, that is an appropriate increase in liquidity ratiocan increase the enterprise performance. Intangible assets ratio and performancesignificantly positive correlation, but the relationship is not significant, which meansthat intangible assets of manufacturing enterprises don’t play the competitiveness oftheir due role. Monetary capital ratio and enterprise performance significantlypositive correlation, different from the assumption, corporate can use the appropriateincreasement of the money hold to improve performance. Long-term investmentratios and enterprise performance are related, but not significantly, which means thatno long-term investment play their role to profitable. Accounts receivable ratio andenterprise performance is significantly positive correlation, but is not significantrelationship, manufacturing enterprise can relax restrictions on the selling on creditpolicies to improve performance, but it is very difficult to explain what the selling oncredit remains strategy is the best. Inventory ratio and enterprise performance arerelated, but different from the assumptions and not significantly, that is also becausethe manufacturing complex composition of the decision.