Research On The Influence Of Asset Structure Of Listed Companies In Automobile Industry On Enterprise Growth Capability

As one of the important pillar industries of China's national economy,the auto industry has played an increasingly important role in stimulating the development of the national economy and promoting employment.With the Chinese economy entering a “new normal”,all walks of life are facing transformation and upgrading,as is the auto industry.At present,China's auto market has gradually entered a mature period from the development period,so the growth rate has gradually slowed down and resulted in a serious overcapacity.Therefore,it is very important to study the growth of enterprise in automobile companies.Assets are the blood and foundation of the production and operation activities of automobile manufacturing enterprises.Different asset structures will bring different levels of income and risk,and there will be differences in the impact on the growth of enterprises.At present,academic research at home and abroad has less research on asset structure and enterprise growth ability,so this thesis takes the listed companies in China's auto industry as the research object,mainly discusses the relationship between asset structure and enterprise growth ability.The aim of this study is to explore some ways to enhance the growth ability of enterprises from the perspective of optimizing asset structure.This thesis firstly expounds the purpose and significance of the research,and makes a preliminary definition and selection of the research content and methods,focusing on the domestic and international research status of asset structure and enterprise growth ability.Drawing on the foundation of previous research results,this thesis introduces the relevant theories of asset structure and enterprise growth ability in detail.Then this thesis constructs a company's growth capacity comprehensive index evaluation system including four dimensions: profitability,operation ability,risk response capability,market development potential,innovation ability and human capital.This thesis selects the financial indicators of 75 listed companies in China's auto industry from 2011 to 2017 as the research samples,calculates the growth ability score of listed companies in China's auto industry by principal component analysis and designs asset structure variables from total asset and current asset.Then through multiple regression analysis,the relationship between asset structure and corporate growth ability was tested in this thesis.At the same time,after distinguishing the vehicle manufacturers and parts companies,the relationship between the two was further tested.Finally,the conclusion of the study is proved again by changing the evaluation methods,introducing the variable of nature of property right into the model and so on.The main conclusions of this thesis are as follows: The proportion of current assets is significantly positively correlated with the growth capacity of enterprises in listed companies in China's auto industry;the proportion of fixed assets and the proportion of inventories are significantly negatively correlated with the growth capacity of enterprises;the proportion of intangible assets is not correlated with the current growth capacity of enterprises but is positively correlated with the future growth ability;the positive relationship between the proportion of monetary funds and the growth capacity of enterprises is significant positive.However,the relationship between monetary funds and growth ability is different in automobile enterprises and parts enterprises.Based on the above research,this paper proposes to take measures to improve the growth ability of listed companies in China's auto industry from macroscopic and microscopic two aspects.