The Influnence Of Assets Structure On Enterprise

With the rapid development of economy, China’s listed companies become more and more, and people begin to pay attention to the study of influencing factors of enterprise value.Most scholars focu on the right end of the balance sheet or capital structure, studying its effect on corporate performance and value.Fewer scholars study the left end of the balance sheet--assets structure.This is a larger defect. Capital structure is the source of enterprise capital, on behalf of the enterprise to raise funds as a result.Although part of the capital structure can reflect the assets structure, but still no substitute for the study of assets structure. With the constant improvement of market mechanism, asset allocation has become the main factors of the enterprise production and development, and further study of assets structure can find problems of asset allocation, and then through the optimization of enterprise assets structure to make enterprises run better. Various assets with different characteristics play a different utility in the production and operation. Fixed assets is the basis of enterprise production, current assets through attachment fixed assets to assist the production of the enterprise. If the enterprise assets structure is reasonable, it can play its proper utility all assets, and then its value will reach the maximum. In addition, according to the current economic situation, agriculture as a share of GDP will be reduced gradually, and the proportion of service industry will be gradually enhanced, but manufacturing is always dominant. Manufacturing as the core of the national economy, has always been to ensure the material supplies for the improvement of living standards, so its importance is self-evident. Therefore, research manufacturing assets structure’s influence on the enterprise value of listed companies is of great significance.Assets structure, just as its name implies is the structure of assets, the proportion relations between the assets of the company, the proportion of various assets to total assets. Some commonly used assets structure indexes mainly include the ratio of monetary funds to total assets, and the ratio of accounts receivable to total assets, the ratio of inventory to total assets, the ratio of fixed assets to total assets, the ratio of intangible assets to total assets and so on. Assets structure represents the company’s business strategy.Good assets structure will create enormous value for companies. Assets structure is mainly influenced by the risks and rewards, companies in the industry, scale of operation, the company’s strategic planning. The arrangement of assets structure generally takes moderate assets structure, conservative asset structure, and risky assets structure.Enterprise value is accompanied by the emergence of the property market. In just a few decades its related theory gets great development in western countries. Rising in deepening reform and opening up and the property market in China began to introduce enterprise value theory, and as time goes on gradually constantly widely used in company management, property rights transactions, financing, etc. Enterprise value is the overall value of enterprises, is the company’s overall value in the future now. Measuring index of enterprise value are many, and the actual often used mainly include tobin Q coefficient, total after the discount of cash flow, net assets yield, relative value, etc.This paper is mainly divided into five parts.The first part is introduction, mainly introducing research background, research purpose, research status at home and abroad, research methods and innovation points. The second chapter is the theoretical part, emphasising on the asset structure, heory enterprise value theory and the relationship between them. Then on the basis of summarizing predecessors’ theory, hammering out the empirical variables which can be used in later. The third chapter is the analysis of the situation.lt firstly bases on certain conditions to select the qualified samples, and then classificates the assets, and in the final it analyes the assets structure of the overall and the present situation of the samples and found problems. The fourth chapter is the empirical part.lt firstly puts forward six assumptions, then chooses the empirical variables, and finally carries on the empirical analysis and verified the proposed assumption is correct. The fifth chapter is conclusion and suggestion part, it firstly puts forward two large pieces of conclusions based on the empirical results, and then finds the problems existing in the enterprise, and then puts forward four suggestions to existing problems, finally puts forward the limitations and prospects.