Research On The Asset-Liability Ratio Of Automobile Manufacturing Industry Listed Corporation In China

As one of the core content of enterprise financial management, enterprise capital structure, since the MM theory was proposed, has been the research focus of the academic circle and practice circle. Because it runs through each part of enterprise from the initial capital to the final profit distribution, corporate capital structure can intuitively reflect the solvency of enterprises and financial risk. Asset liability ratio is the most intuitive measure of a company’s capital structure, a reasonable rate of assets and liabilities can help enterprises to have healthy operation and enhance corporate value, it is very important to decrease the risk of business failure.As a pillar industry of our national economy, it has an important influence on the development of manufacturing industry in the economic development of our country, and as one of the core manufacturing industry, the healthy development of automobile industry plays an important role in China’s economic growth. Under the background that China’s market economy continues to improve, the capital market is gradually mature and it is in a critical period of development of China’s automobile industry, the research of China’s automobile manufacturing industry listed Corporation’s assets-liability rate can help the enterprises to formulate development strategies and improve the enterprise value.This paper firstly introduces the research background and significance, summarizes the domestic and foreign scholars on the research status of enterprise assets-liability rate. We introduced respectively from four angles of early, classical, modern and sustainable development of enterprises to the enterprise capital structure theory. After collecting the data from2008to2013of assets-liability rate of China’s A shares, Hong Kong stocks, America automobile manufacturing, we made a descriptive statistical analysis and comparison based on the data. We conclude that China’s automobile manufacturing industry listed Corporation has low asset-liability ratio, current liabilities ratio is too high, and has the characteristics of high degree of ownership concentration. On this basis, in order to provides the help for enterprises to formulate corresponding assets-liability rate policy in different internal and external environment and to find out the influence factors of assets-liability rate of China’s automobile manufacturing industry listed Corporation, this paper studies the influence factors for the rate of corporate assets and liabilities from the macro and micro aspects. This paper chose the macro economic factors, firm characteristics factors and corporate governance factors, using factor analysis and multiple regression analysis method to analyze influencing factors of asset-liability ratio of China’s automobile manufacturing industry listed Corporation. This paper concludes that the macro economic factors, short-term debt service ability, dividend policy and working ability have a significant effect on the assets and liability ratio of the China’s automobile manufacturing industry listed Corporation.