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The Study On The Enterprise Asset Allocation Problem Under The Perspective Of Economic Cycle

Posted on:2017-02-23Degree:DoctorType:Dissertation
Country:ChinaCandidate:Q LiuFull Text:PDF
Abstract/Summary:PDF Full Text Request
The enterprises asset allocation decision is the result of the interaction of internal and external factors.However,due to the opposing situation between economic academics who are engaged in the macroeconomic research and financial academics who study the micro enterprise asset allocation,the economic cycle,and other macroeconomic factors has not been considered in the research of enterprises asset allocation.For the very first time,this paper puts the economic cycle factor into the research framework of the enterprises asset allocation,applying the study method of combing both macro economic and micro economic factors,and tries to examine the effect the economic cycle fluctuation has on the enterprises asset allocation scale,structure and efficiency.Combing both normative and empirical research method,this paper uses normative method to study the working mechanism the economic cycle factors has on enterprises asset allocation,and adopts empirical method to analyze the effect economic cycle has on the enterprises asset allocation scale,structure and efficiency.On the foundation of literature reviews,theoretical basis review,history clues examination and status quo analysis,this paper builds a theory analysis framework,and obtains empirical hypothesis through theory analysis,and finally reaches a corresponding conclusion by using Chinese listed companies as study sample for statistical test.This paper mainly consists of three parts.The first part is starting point of the research,mainly including introduction,literature review,the theoretical basis as well as to the description and analysis of the status quo,and etc.The second part is theory analysis,mainly consists of two stages.The first stage is the general analysis of factors affecting enterprises asset allocation,including external factors such as product market competition,macro economic policy and financial market environment and etc,and internal factors such as commodity demand,ownership structure,company management and accounting information quality and etc.The second stage focus on the discussion of the working mechanism economic cycle has on the enterprises asset allocation scale,structure and efficiency through analyzing factors such as commodity demand,financing constraints,production cost,entrepreneur confidence and industry characteristics and etc.The third part is empirical analysis.Firstly,this paper uses HP filtering,BK filtering and CF filtering method to measure the economic cycle both in expansion period and contraction period.Secondly,examines the interaction of economic cycle and enterprises asset allocation from enterprises asset allocation scale,structure and efficiency three Dimensions,and explores the differences of enterprises asset allocation at different stage of economic cycle.Finally,with asset profitability,value,liquidity and risk as standard,evaluates the enterprises asset allocation economic consequences from the perspective of economic cycle.This paper has a renovation in 3 areas such as research perspective;research method and research conclusion.Regarding the research perspective,this paper breaks away from the usual nonnal existing normative analysis method which examines the enterprises asset allocation from the internal perspective such as financing constraints and agency problems,while including external factors such as economic cycle into the research framework;and it is a deviation from the existing empirical research which bases on the difference between the fitting value of statistical model and the actual enterprise asset allocation to determine the enterprise asset allocation efficiency,and evaluates the enterprise asset allocation economic consequences based on the profitability,value,liquidity and risk indexes.Regarding research method,this paper adopts a more scientific way of applying filtering method to divide the expansion period and contraction period in economic cycle,overcoming the shortcomings of inaccuracy resulting from using the subjective experience to determine the phase of the economic cycle.Regarding research conclusion,this paper reaches a conclusion that during different phases of economic cycle,there is a significant difference among enterprise asset allocation scale,asset allocation structure and asset allocation efficiency.Compared with the economic contraction period,the scale and diversity of the enterprise is higher in the economic expansion period.At the same time,in the economic expansion period,the excessive investment probability of the enterprise is higher;while in economic contraction period,the probability of the lack of investment is higher.In addition,the non-efficiency behaviors of the enterprise such as over investment and lack-of-investment will affect the profitability and value of the asset;while the diversity in the enterprise will help increase the liquidity and lower the risk.Finally,the improvement of the accounting stability will help address the problems arising from over investment and lack-of-investment in different phases of economic cycle.Theoretically,this paper considers economic cycle factors in the research framework of enterprises asset allocation,and expands the enterprises asset allocation research area by combining both macro and micro economic factors;and in practice,provides some guidance and suggestions for the asset allocation decisions of enterprise affected by economic cycle fluctuation.
Keywords/Search Tags:Economic cycle, Asset allocation scale, Asset allocation structure, Asset allocation efficiency, Profitability, Value, Liquidity, Risk
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