Study On The Influence Of Specific Assets Investment To Enterprise Competitiveness

Enterprise competitiveness is an external market force that a company shows in the competition of the market. It is a kind of ability they show when compete with others, win the market share or get profits. It is a comprehensive ability that has important influence to the future development of a company. With the development of specific assets theory, the situation that every enterprise has specific assets investment come to be realized. More and more research show that specific assets investment can influent the product market competition ability, financing ability and capital structure of a company, and etc. Therefore, in the view of specific assets to study the influence of enterprise competitive power has higher theory and practical significance.According to the division of the asset specificity of Williamson, two kinds of assets which are intangible assets and human capital have been chose in this article to explore the relationship between specific assets and enterprise competitiveness.First of all, the concept of specific assets and enterprise competitiveness are defined based on the theory of asset specificity and enterprise competitiveness. The current situation of theory researching both in domestic and foreign is analyzed, and the view of asset specificity theory is becoming one of the main researching trends.Secondly, the research model is established and the relevant assumptions are proposed. The model has two aspects which are specific assets investment and enterprise competitiveness. Specific assets investment includes specific intangible assets investment and specific human capital investment, and the competitiveness consists of enterprise growth capacity, enterprise operation ability, market competition ability and sustainable development ability. The quantitative method of each index is introduced in this paper, and the assumptions are tested by an empirical analysis. Finally, based on the model and empirical results, the influence path of specific assets investment to enterprise competitiveness can be obtained. Namely, the specific intangible assets investment has no significant influence to the enterprise growth capability and sustainable development ability, has a positive impact on the operation ability and a negative impact on the product market competition ability. The specific human assets investment has no significant influence to the enterprise growth capability and the operation ability, has a positive impact on product market competition ability and a negative impact on the sustainable development ability. Overall, the specific assets investment has a positive effect on the enterprise competitiveness.