| Corporate financial theory focuses on the main issues such as how to finance fund, invest project, operate money and distribute profit. The enterprises will achieve the goal of maximization of firm value by perfectly solve the issue mentioned above. On the purpose of finance management, capital structure theory, dividend policy theory, agency cost theory, corporate control theory and the like come into being successively. These theories emphasize particularly on different aspects of firm finance management. Asset structure theory deals with the problem in process of resources collocation, covering the field of investment and operation, and terminally displays the weight of all kinds of asset or the proportion of different asset. The examination of static and dynamic asset structure shows the collocation state, running character and operating condition. So perfect asset structure efficiently reduces risk of a firm to the extent of equilibrium between risk and profit. In the paper a series of issues about asset structure will be discussed by positive research in order to find proper asset structure.Asset structure has close correlation with many classical financial theories, for example capital structure, dividend policy and corporate control theory. We can find out this kind of view in many research literatures about classical financial problem. Myers (1977), Myers and Majluf (1984) and so on emphasized the effect of asset structure on firm finance policy. Scott (1977) and Stulz and Johnson (1985) discussed the relation between asset structure and takeover likelihood. In addition to the academic research, many authors gave positive evidences on above issues. The paper summarizes research literatures on asset structure home and abroad, furthermore, put forward asset structure design and research system.For the researches on asset structure before are subject to other financial problem, the paper integrate relative research about asset structure to develop a whole appraise and analysis system on the issue. Using literatures before for reference, the paper as the result expands the scope of research, and poses a particular perspective on the analysis method from industry, risk, profit capacity, and growth of enterprises.The paper collects data of listed company in China from year 1999 to 2001 as panel data. Accounting to samples of year 1995, fixed samples were adopted in regression models in order to enhance reliability of the models.Beginning with the analysis on industry characters of listed company in China, the paper estimates distribution nature of samples by descriptive statistics measure. Based on the results of descriptive statistics, nonparametric tests were designed to examine the difference in asset structure among industries, and come to the conclusion that the differences in asset structure among industries is significant. So the samples were divided into two groups based on the nonparametric tests.After the process of industry analysis, we determine four factor—industry, operating risk, financial risk and profit capacity, influencing asset structure, then structure four groups, 9 variables totally, for regression analysis. As a result, five regression models were developed to estimate the firm asset structure for the purpose of finding main factors that significantly affected asset structure.Reviewing the result above, we paid attention to the relativity between asset structure and profit was not significant, which give us a good reason to improve our research. Based on the result of regression, next step was to have more tests on relationship between asset structure and profit, that is to say the sensitive tests. By that means, we conformed the role of profit capacity on the issue we research.At last the paper examine the influence on asset structure from growth of firm. In this section the paper designed growth rank model to calculate the ranks of different firm by which the growth speed can be measured. Then all samples were divided as high-grow or non-high-grow firms.
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