Research On The Asset Quality Evaluation Of Listed Companies In The Manufacturing Sector

The manufacturing industry is an important part of the real economy,as well as the powerhouse and backbone of the country’s economic development.Studying the asset quality of listed companies in the manufacturing sector can prompt companies to focus on and optimize their asset quality,improve their management and achieve sustainable and high-quality development.At the same time,it also helps information users to judge the overall operation and development potential of the company through asset quality information and make investment decisions,thus guiding high-quality capital to high-quality enterprises,helping manufacturing enterprises to develop and grow,and ultimately realizing the overall improvement of China’s manufacturing industry.Based on classical theories such as asset-liability view,asset allocation theory and principal-agent theory,this paper takes Company A as the case study object and combines research methods such as literature research method and case study method to explore how manufacturing enterprises evaluate asset quality.Firstly,based on the seven characteristics of asset quality:structure,existence,turnover,profitability,cash ability,safety and development,a system of asset quality assessment indicators for manufacturing enterprises is constructed.Secondly,based on the questionnaire survey data of 21 financial experts,we used the questionnaire survey method and the hierarchical analysis method to determine the weights of asset quality evaluation indicators,and combined with the efficacy coefficient method to construct an asset quality evaluation model for manufacturing enterprises.Again,using the self-constructed asset quality evaluation model,the financial index data of 323 state-owned manufacturing listed companies for a total of eleven years from 2011 to 2021 were used as samples to calculate the asset quality evaluation index scores and total scores of 323 companies for eleven years.Finally,Company A,a steel company,was selected as a typical case,and the assessment indicators and evaluation model were applied to analyze and evaluate the asset quality of the case in detail and depth.The results of the study show that the asset quality assessment index system and asset quality evaluation model constructed in this paper are feasible and applicable;the total asset quality score of Company A from 2011 to 2021 has an average score of 54.97,which is relatively poor compared with the performance of the industry,and the evaluation results reflect the asset quality level of Company A in a more realistic and objective manner.Among them,Company A’s existential score performs well,however,there are still problems such as the allocation of financialized assets is not reasonable,the turnover efficiency of operating long-term assets needs to be improved,the overall profitability is poor,the quality of cash ability is not high,the ability to resist risks is insufficient,and the innovation potential is poor.In response to the problems of Company A’s asset quality,this paper puts forward targeted recommendations to rationally allocate corporate assets,enhance operating long-term turnover,improve profitability,enhance cash ability,improve asset security and enhance innovation capability.The paper constructs an asset quality assessment index system and an asset quality evaluation model for manufacturing enterprises,and applies them to the asset quality evaluation of 323 companies for a total of eleven years from 2011 to 2021.Company A is selected as a case study for in-depth analysis and detailed exploration of asset quality evaluation.The research in this paper not only has reference value and significance for Company A,other manufacturing enterprises and information users of the company in evaluating asset quality,but also enriches and supplements the methods,contents and cases of asset quality evaluation research,and provides research ideas and methodological support for theoretical research.