Empirical Research On Assets Structure And Performance Of Listed Companies In China

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.This article study based on the Shenzhen-Shanghai stock exchanges'6625 listed corporations of non-finance profession from 2002 to 2006. 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 three finance indexes: namely business profitability, ROE and ROA. Then, we establish multi-dimensional regression model of assets structure and enterprises'proportion. In this article, it carries on the empirical research using the SPSS statistics software. Through the research it discovered that the impact of asset structure on ROA vary from fiscal year to fiscal year. sometimes does have relationship with them and sometimes does not have, affects when the direction the timing negative; The asset structure has the remarkable influence to the ROA; Produced assets, the total asset scale mainly lead to positive affect to manage achievement, but sometimes, in the different industry existence scale uneconomical phenomenon, will appear the negative influence; The revolving property and the consumptive property produce negative influence to manage achievement; The sales rate of incensement have no remarkable influence to manage achievement. The results of research indicated produced assets investment efficiency has the durability, the revolving assets investment efficiency is not high, and the consumptive assets investment effect appearance has the hysteretic quality.In the article , it take empirical analysis of the relationship between the assets structure and the operating performance of the listed companies in this thesis, therefore, we could know more about the relationship between assets structure and operating performance, and provide beneficial policies and suggestion for operator, investor and other stakeholders to optimize the allocation of resources.