Research On Asset Structure Optimization Of China’s Textile And Apparel Industry

In the context of China’s implementation of the carbon peak and carbon neutral strategy and double control of energy consumption,it is urgent for industries to transform their production and operation methods,improve corporate value and achieve high-quality development.The reasonable allocation of asset structure can help enterprises reduce costs in production and operation,contribute to the improvement of capital operation efficiency and promote enterprise value appreciation.Brand,as an important part of intangible assets,is less mentioned in the past studies on the relationship between asset structure and enterprise value,so this paper selects the industry of people’s livelihood to which the Party and the state attach great importance--textile and garment industry as an example to study the influence of each asset structure ratio on enterprise value and explore the specific path of brand value enhancement of enterprises in this industry has certain theoretical and practical significance.This paper first introduces the research background from the perspectives of policy,industry and facts,respectively,and systematically organizes and reviews academic articles on asset structure,brand value and their relationship with enterprise value.Then the relevant definitions including asset structure and brand economics are introduced,and the analysis on the influence mechanism of asset structure and brand value on enterprise value is carried out to prepare the theoretical ground for the following econometric analysis and case study.The econometric part uses quarterly financial data of listed textile and apparel enterprises in China to conduct a regression study on the impact of asset structure on enterprise value,and selects different indicators to represent enterprise value for robustness testing to verify the results of the regression analysis.The case study selects the representative companies in the casual apparel sector,Meibang and Senma,and measures the brand creditworthiness and brand premium of the two companies through the TBCI model.The following conclusions can be drawn from the above analysis and research:(1)there is no significant correlation between current asset ratio and value enhancement of listed textile and apparel enterprises in China;(2)cash asset ratio,fixed asset ratio,inventory ratio and intangible asset ratio all have significant positive impact on enterprise value;(3)receivable-type asset ratio has significant negative impact on enterprise value;(4)fixed asset ratio,receivable-type asset ratio and intangible asset ratio have the greatest degree of impact on enterprise value;(5)Meibang Apparel and Senma Apparel are the two very different market performance due to the gap of brand credit.Based on the results of this paper,to improve the value of China’s listed textile and apparel enterprises,one needs to optimize the asset structure from the industry’s perspective,and the other is to strengthen the brand from the enterprise’s perspective in order to achieve high-quality development in the surplus market economy.