Stady On The Relationship Between The Asset Structure And Value Of Listing Corporation Based On The Life Cycle Perspective

The goal of financial management is to maximize the value of the enterprise, many most cholars study from the perspective of management and finance,.focus on the capital structure, governance structure,and dividend distribution,to study the impact of Corporate Finance on corporate value. After then,a few scholars star to pay attention to the asset structure, which is the allocation of funds to study the impact of corporate investment on corporate value, and so far there is no unified conclusion of a comparative authority. Theory of enterprise life cycle from the point of view of bionics that companies also have a life cycle, in different stages, the internal characteristics of an organization and its external environment will vary. So in reality, whether there are differences between the impact the enterprise’s asset structure on the enterprise value? Therefore, this paper star from the perspective of life cycle, using 2008-2014 manufacturing listed companies as samples,and using Tobin’s Q to measure the enterprise value, with the ratio of current assets, fixed assets, intangible assets ratio to present asset structure;refer to cash flow method to judge enterprise’s life cycle stages,to study the correlation between assets structure and enterprise value in different stages of the life cycle. The results show that in the different stages of the life cycle, corporate liquidity ratio has different effects on enterprise value,in growing period,the effect is significant negative,and significant positive in mature period and significant in recession period.For fixed assets ratio,the effect is significant negative in growing period,mature period and recession period; For intangible assets ratio, the effect is significant positive in the various stages of enterprise.Then regression results Of asset structure and hysteresis current corporate value shows that:current assets do not significant effect next enterprise value; fixed assets in growth stage and maturity stage has significant negative effect on the next phase of the enterprise value; intangible assets a in various stages of the life cycle has a significant positive effect on lag phase of enterprise value, indicating that the fixed assets and intangible assets as a long-term asset, not only affect the current corporate value, also affect the lag enterprise value.