Study On The Substitution And Distribution Optimization Of Emerging Factor Capital In Chinese Iron And Steel Industry

In the era of information technology,the factors of production gradually diversified,with technology,knowledge and information as the representative of the emerging factors of production gradually rise,and in the development of enterprises play an increasingly important role.Technology and knowledge and other new production factors in the market gradually recognized,after the property rights recognition and market transactions,factors of production into wealth for the enterprise production capital,technology and knowledge were transformed into technical capital and intellectual capital.From the perspective of financial management,this paper studies the substitution relationship between technical capital,intellectual capital and traditional capital and the influence of capital investment on enterprise income.The research of this paper is based on the factor capital theory,and the financial statements of listed companies are listed as the data sources,and the relevant research is carried out by constructing the production function model.This paper is divided into six chapters.The first chapter is the introduction,which mainly elaborates the background,the problem,the meaning,the method and the innovation of the research.The second chapter is the synthesis of theoretical literature,and introduces the theory and literature related to factor capital.The third chapter is the research design,the main contents include the measurement of factor capital,sample selection and data source,variable definition,model construction and research hypothesis.The fourth chapter mainly uses the perpetual inventory method to calculate and analyze the capital of production factor.The fifth chapter is the empirical analysis,which is divided into the empirical analysis of substitution and the empirical analysis of the capital and enterprise income of each factor.The sixth chapter is the optimization of the capital allocation path and recommendations,mainly to the elements of capital allocation optimization path map,and according to the path map targeted for enterprises to optimize the emerging elements of capital allocation structure proposed feasibility recommendations.In this paper,the author thinks that in the Chinese steel industry,the technical capital and human capital and material capital show an alternative relationship with the monetary capital,and the intellectual capital and human capital,monetary capital and material capital show complementary relationship.There is a positive correlation between the capital stock and the enterprise income.In general,China's iron and steel enterprises should optimize the proportion of capital allocation;priority allocation of emerging elements of capital,improve its capital stock;appropriate allocation of traditional elements of capital,revitalize the existing capital stock.