Study On The Correlation Between Enterprise Assets Structure And Comprehensive Financial Risk

Asset structure is the result of the enterprises’ capital allocation. It relates eachlink of the enterprise’s fund investment and operation, and reflects the comprehensiveproduction capacity of enterprises. Assets structure directly affects various aspects ofthe enterprises, for example, the profit ability, debt paying ability, operation abilityand development capacity. Through the study of assets structure of the enterprises, wecan know how to arrange the proportion of various assets in the process of the fundinvestment. We can also know how to maintain the assets structure in the process ofproduction and operation. As the enterprises’ operation strategy changes, we canknow how to adjust the assets structure in time. Finally, we can achieve the target ofimproving efficiency, reducing costs and controlling risk.This paper first briefly introduces the research background, research significance,as well as the research methods and content. Combined with the practice of theenterprises, this paper discusses the significance and feasibility of assets structureoptimization. On the basis of a comprehensive analysis of the domestic and foreignresearch results, this paper discusses the basic theoretical problems, for example, theinduction and analysis on the evolution of the theory of asset structure. And this papermakes the meaning of the risk, the meaning of comprehensive financial risk and thequantitative study of the financial risk. On the basis of this, this paper makestheoretical analysis of the comprehensive financial risk and asset structure, anddiscusses the mechanism of asset structure on comprehensive financial risk from thestructure of assets liquidity, occupancy patterns and application. The theoreticalanalysis lays the theoretical foundation of the empirical analysis.In the part of empirical study, this paper chooses listed companies ofmanufacturing industry as the research object, and uses the method of empiricalanalysis on the research of the relevance of the assets structure and comprehensivefinancial risk. Firstly, from the companies which is listed in the year2008,2009and2010of manufacturing industry, this paper selects the published audited financial dataas samples. This paper takes the rate of return on net assets, rate of return on assets,ratio of liabilities to assets, interest earned ratio, assets turnover ratio, receivableturnover ratio, operating income growth rate and net asset growth rate as the8financial indexes of enterprise financial risk evaluation. And this paper uses the objective entropy weighting method to conclude the comprehensive score of eachenterprise, that is, the comprehensive effect coefficient. The index is to measure thefinancial risks level of enterprises. Secondly, this paper conducts the descriptivestatistical analysis of the comprehensive financial risk comprehensive effectcoefficients of each year. And according to the comprehensive financial risk level ofthe enterprises, this paper conducts the grouped descriptive statistics on the assetstructure variables of each year. Finally, this paper established multiple linearregression models, on the base of the proposed research hypotheses, studying theinfluence which the preserved and increased assets, the produced assets and itsinternal structure have on comprehensive financial risk. Also, we did a test of theregression equation of the goodness-of-fit, and the regression coefficient significance.In the end, we come to the conclusion: Chinese manufacturing listed companies’preserved and increased assets and financial risk are related, while the produced assetsand comprehensive financial risk correlation is not significant. This paper furtherstudies the relationship between monetary funds, accounts receivable, otherreceivables, prepayments, fixed assets, intangible assets and financial risk, explainingwhy the relationship between the preserved and increased assets and comprehensivefinancial risk is significant, the relationship between the produced assets and financialrisk is not significant. Through theoretical and empirical analysis, we put forwardrelevant suggestions according to the current situation of the manufacturing industrylisted enterprises’ assets structure.