Relative Analysis Of Assets Structure And Performance Based On Panel Data

Assets structure ultimately expresses the proportion of all types'enterprise assets in the total assets,and the various types assets mutual ration relationship.Because of unreasonable distribution of resources,the problem of the listed companies'reinvestment loses the balance of assets structure and the inefficiency of assets becomes more and more serious.In fact,the indexes that are used to evaluate the performance of firm affect the enterprises'direction and continuity of development.Then what is the relationship between the assets and companies'performance,whether both are related or not,how about their related degree.There is few articles study on this question.So this research about the relation between assets structure and the performance of firm will be great significance, and can provide the basis for company's rational allocation of resources.Via the two dimensional spaces of the time and the cross-section,panel data can reflect the regularity of the data variety,also have the characteristics of controlling the individual heterogeneity and reducing the multicollinearity among the regressors,so it is applied extensively to the economic research and becomes one of the hotspots in the econometric research field. This article study based on the China's listed steel companies and the United States' listed's steel companies from 2006-2009. The article breaks through the assets structure from"accountant" property.The article divides the assets into produced assets,the revolving assets and the consumptive assets, the index of companies'performance mainly uses the finance indexes:ROA. Then, we take the econometric models of panel data as the main,it carries on the empirical research using the STATA9.0 statistics software.Through the research it discovered that the impact of asset structure on ROA vary from China's listed steel companies to the United States'listed steel companies. Produced assets mainly lead to negative affect to manage achievement in chinese listed steel companies,but it have positive influence in the United States. The revolving property have noremarkable influence to manage achievement both in China and the United States.The results of research indicated the consumptive assets have remarkable influence to manage achievement in United States,but it is not remarkably in China.The text researches the differences between China and United States onthe results of research, and gives suggestions on the the asset management of China's listed steel companies.