The Empirical Research About Asset Structure’s Influence On Corporate Performance

The capital only will create new value when maintaining moving.Capital can be showed as every specific kind of assets which are the basicmaterial for the activity of enterprise’s production and management. Thefunction of every kind of assets is irreplaceable in the process of creatingvalue. The business’ profit is actually generated by the assets with thestrong ability to make profits, so it has of vital significance for theresearch about corporate performance from the asset structure perspectivewhen it comes to the improvement of enterprise’ asset structure andcorporate governance. As a result, the research on asset structure’sinfluence on corporate performance has not only high academic value butalso important application.Regarding the empirical data during2006-2011of our country’s44listed companies in automobile manufacturing industry as researchsamples, from two respects of internal asset structure and total assets thearticle separately chooses five indexes to describe asset structureincluding the proportion of the current assets, the fixed assets, the total ofproject under construction and engineering materials, the firm size (totalassets’ natural logarithm) and the operating cash flow’s natural logarithm(taking it as zero when its figure is a minus) and uses factor analysis toexpress synthetically the comprehensive corporate’s integratedperformance indicator. And by the multiple regression of the asset structure indexes and comprehensive performance indicator and theanalysis combining norms and empirical studies, it discusses the currentsituation of our country’s listed companies in automobile manufacturingindustry and its influence on corporate performance. In the last place,according to the empirical results, the article comes up with the relativepolicy recommendations on how to optimize the structure of corporateasset for corporate performance’s enhancement in our country’sautomobile manufacturing industry.