Study On The Relationship Between Economies Of Scale And Asset Structure Of Listed Manufacturing Companies

With the continuous keep pushing on China’s market progress, more and more attention is paid to optimize configuration of assets, which is the core part of the firm’s strategic planning. With optimizing configuration of assets, enterprise can control the annual income, the scale of investment and investment directions. Economies of scale theory are used to explain and evaluate the economic consequences of investment decisions, and it is also indicated that the asset can generate an ideal state through appropriate investment allocation, that is, higher effectiveness and efficiency. Lack or waste of certain assets, that is to say, there is a structural defect, will directly affect the investment effect and hinder the achievement of economies of scale. The value of this research is that, from the point of configuration of assets to study the relationship between economies of scale and asset structure, so that all assets can be configured reasonably to promote the improvement of business efficiency.This paper based on2007-2011Chinese Manufacturing Listed Companies samples, using data envelopment analysis (DEA) to measure the efficiency of the economies of scale. According to the stage of the economies of scale, the samples are divided into two groups, which are economies of scale and diseconomies of scale. Use cash ratio, inventory ratio, fixed assets ratio, intangible assets ratio and solid flow ratio as a proxy variable of the asset structure, and established a multiple regression model of the economies of scale and asset structure to discuss the inter-relationship of economies of scale and asset structure.There are three point of innovation of this paper:(1) use VRS model of data envelopment analysis (DEA) to measure enterprise level economies of scale efficiency. we comply with three principles, that is objectivity, feasibility, applicability, to screen scale econometric method to avoid too many existing methods assumptions, subjective weights,set to limit the number of samples, the stage of the economies of scale difficult to draw.(2) Establish two set of assets structure variable and can be mutually test model with more robust empirical results.(3) Guide investment decision-making in different economies of scale stage direction of basis. Empirical analysis The relationship between enterprise economies of scale efficiency and asset structure, which allows companies to optimize the structure of corporate assets more targeted.