Empirical Research Of The Asset Structure And Enterprise Growth Capability

The significance of the existence of the enterprise is to maintain steady growth inthe increasingly competitive market, to achieve sustainable operation and to createsocial wealth. However, in the process of growing, there is a polarization phenomenonbetween "evergreen" and "short-lived", and enterprise growth capability attracts theattention of most entrepreneurs and theorists. Based on the reality market structureand industrial system background, facing the status quo of China’s listed companies,this paper analyses the formation and evolution mechanism of enterprise growthcapability from systems engineering and dynamic perspective, and answers twopropositions, one is the fundamental formation path of enterprise growth capability,the other is the intrinsic relationship between asset structure and enterprise growthcapability.This paper takes the intrinsic relationship between asset structure and enterprisegrowth capability as the main line. Through literature comparison and theoreticalinterpretation, this paper clearly defines two core concepts of asset structure andenterprise growth capability, builds some theoretical models, such as the formationand evolution mechanism model of enterprise growth capability, the interactive modelbetween asset structure and enterprise growth capability. After selecting quantitativeindicators to build enterprise growth capability composite index, this paper combinesfactor analysis method with Tobin’Q classification method to evaluate enterprisegrowth capability of listed companies, and then makes the further empirical researchon the internal logic between asset structure and enterprise growth capability. Basedon the theoretical analysis and empirical research, combined with China’s marketstructure and industrial system background, this paper builds the enterprise growth capability tetrahedral management system model by optimizing the asset structure toimplement the four major strategies to enhance the enterprise growth capability.The content and main conclusions of this paper:Through literature comparison and theoretical interpretation, this paper accountsthat asset structure is the continuously adjusted and optimized asset combination ratiowith the change of industrial structure and market competition environment, is thematching result between the assets of different forms and the enterprise objectives,enterprise strategies in the different growth stages, is also a comprehensive reflectionof the characteristics of product chain and value chain in the different growth stages.The enterprise growth capability is the survival and development resources andpotentials which come from the continuous accumulation and integration in theprocess of enterprise operation under the conditions of industrial structure adjustmentand an increasingly competitive market, is the integration performance of resistingrisks, regulating assets, maintaining profitability and expanding market, is a collectionof enterprise capability that promoted by risk respond capacity, driven by assetregulation ability, supported by core support capability, towed by strategic expandcapacity, is the accumulation effect of enterprise asset optimal allocation, is thecomprehensive reflection of future development trends and development speed ofenterprise, is the optimal matching result between asset structure and enterprisedevelopment stage.The formation of enterprise growth capability is the accumulation and integrationof different knowledge that inside and outside of enterprises. According to theenterprise endogenous growth theory based on resource and enterprise capabilitytheory, this paper puts forward the Learning-Memory-Innovation (LMI) formationprocess model of enterprise growth capability, and forms the enterprise growthcapability forming process chain of Organizational learning-Organizational memory-Organizational innovation. Using the ideas of system engineering and structuralmechanics, this paper builds the enterprise growth capability system structure model,accounts that enterprise growth capability is made up by strategic expand capacity,asset regulation ability, risk respond capacity and core support capability, and makes adeep analysis of the formation process and formation mechanism of eachsub-capability.This paper deeply analyzes the evolution force of enterprise growth capability bylearning the physics force field principle, builds the enterprise growth capabilityevolution dynamic field GRH model, and accounts that evolution force is the combined force of enterprise growth capability, resistance and gravity. Enterprisegrowth capability is made up by core support capability, asset regulation ability,strategic expand capacity and risk respond capacity, which represents the supportingforce, driving force, traction force and promoting force of enterprise growthrespectively. Enterprise growth rate shows an inverted "U" shaped trend in the processof enterprise growth. According to the internal logic among asset structure, enterprisestrategy and growth capability, this paper builds the Enterprise asset structure-strategy-growth capability (ASG) model, and accounts that enterprise growthcapability formation and evolution process is the optimal matching process amongenterprise asset structure, strategy and growth stage.According to theoretical models, this paper builds enterprise growth capabilitycomposite index from four perspectives of risk respond capacity, asset regulationability, core support capability and strategic expand capacity, uses the factor analysismethod to evaluate enterprise growth capability of listed companies, and gets theresult of456high-growth companies,430low-growth companies. Based on takingmarket expectations into account, this paper takes Tobin’Q classification method asthe indicator to measure enterprise growth, and gets the result of181high-growthcompanies,196low-growth companies through tertile method. After considering thedifferent strengths of these two classification methods, selecting to combine bothmethods to measure enterprise growth and get the result of117high-growthcompanies,125low-growth companies finally.According to the ASG interactive model, building logistic regression model,taking2009-2011data of high and low growth enterprises under combinationclassification method as the study samples, this paper makes empirical analysis ofinternal logic relations between asset structure and enterprise growth capability. Theresults show that there is a significant correlation between the proportions of currentassets, intangible assets, inventories, monetary funds, fixed assets divided byintangible assets and enterprise growth capability, there is no significant correlationbetween the proportion of fixed assets and enterprise growth capability. Besides, thecorrelation between the proportions of current assets, intangible assets, monetaryfunds and enterprise growth capability is significantly positive, but the correlationbetween the proportions of inventories, fixed assets divided by intangible assets andenterprise growth capability is significantly negative.According to the empirical results, combined with the reality market structureand industrial system background, following the formation and evolution mechanism of enterprise growth capability, this paper builds the enterprise growth capabilitytetrahedral management system model and suggests that enhancing the risk respondcapacity, asset regulation ability, core support capability and strategic expand capacitythrough implementing risk control strategies, resource integration strategy,organizational learning strategy and enterprise innovation strategy, and promoting theenterprise growth capability successfully by the combination of these forces.The possible contributions of this paper are reflected as follows: Firstly, thispaper builds the Learning-Memory-Innovation (LMI) formation process model andsystem structure model, describes the enterprise growth capability formation processfrom three aspects of organizational learning, organizational memory andOrganizational innovation, at the same time, deeply analyzes the enterprise growthcapability system internal structure according to organisms internal systemcharacteristics. Secondly, this paper builds the enterprise growth capability evolutiondynamic field GRH model by learning the physics force field principle to analyzeenterprise growth capability evolution mechanism, and make the specific analysis ofenterprise growth capability evolution paths and stages by using the dynamic ideas.Thirdly, in the empirical research methods, this paper builds the enterprise growthcapability composite index, combines financial indicators with market expectations todo the empirical analysis of enterprise growth capability to classify the high and lowgrowth companies, makes the empirical research on the intrinsic relationship betweenasset structure and enterprise growth capability by building the logistic regressionmodel. Fourthly, this paper builds the enterprise growth capability tetrahedralmanagement system model from the perspective of enterprise growth capabilitysystem internal structure and suggests that promoting the enterprise growth capabilityby optimizing asset structure, implementing risk control strategies, resourceintegration strategy, organizational learning strategy and enterprise innovationstrategy.