Research On Improving Allocation Efficiency Of Mature Public Companies’ Physical Capital

Manufacturing plays a dominant role in China’s economic development, accounting for about40percent of GDP. Since2013, with the upgrading of industrial structure of China’s manufacturing industry, China’s manufacturing industry has been the first labor and resource intensive industries gradually transition to capital and technology-intensive industries. March2014, China’s manufacturing purchasing managers index was50.3%, indicating that China’s manufacturing industry is generally stable for the better. But most of our manufacturing public companies is still not completely out of the rough development model of high input, high consumption, high emissions, rising labor costs in the current and the dual pressure of RMB appreciation, cost advantage of China’s manufacturing company has been broken, there is a potential crisis of the development.After manufacturing public companies come into maturity, compared to enter a period of stability, the company direction and size are stabilized. But in this relatively stable performance, how to extend the maturity of public companies to achieve optimal allocation of physical capital, improve allocation efficiency, promote the upgrading industry is the urgent problem to solve. Public companies’physical capital is the fundamental capital to exist and develop, is also the carrier of all capital. Improving public companies’physical capital allocation efficiency is better to public companies’overall development and upgrading the industry structure.The risk-benefit theory, agency theory, the theory of company value, the company life cycle theory as the theoretical basis research of public companies’ physical capital allocation efficiency. By the analysis of the allocation of public companies, put forward public companies’macro factors and micro factors of physical capital allocation. Through the analysis of influencing factors, established the influence of mature public companies physical capital allocation model. Through the analysis of the influence factors of descriptive statistics analysis and regression test results, put forward countermeasures to improve the macro and micro mature public companies. Finding out the conclusion that technology investment level and physical capital structure is the most influence factor to public companies’ physical capital allocation efficiency.