The Empirical Research About Relationship Between Assets Structure And Operating Performance Of Home Appliance Industry Listed Companies

Problems of the assets structure and corporate performance has always been an important topic discussed in academic circles,assets structure will affect its own competitiveness and corporate performance.At the same time the capital structure will be affected by the size,industry,capital markets,government policies and other factors,and these factors are changed constantly,especially with the popularity of the network,the external market environment has undergone major changes,having brought opportunities and challenges for the enterprise.As a more mature consumer electronics companies,on the one hand began to carry out a new business model,to establish a network of sales channels,on the other hand,for comply with the regulatory requirements for the structure,and gradually shift focus from the pursuit of cheap pursuit of quality,brand,sale,experience and so on.Facing with this new economic environment and the consumer market,the home appliance industry need to increase capital investment in the channel and technology innovation.For this reason,in order to adapt to the new environment,to improve their competitiveness,household electrical appliance enterprises need to rationalize the design of its funding structure.Therefore,this paper hopes to explore the relationship between the appliance industry capital structure and assets performance,to provide the theoretical guidance for the appliance industry to fund their financing arrangements in the new market environment.This paper takes the home appliance industry listed company’s capital structure and corporate performance as the research object.First,through the descriptive statistical analysis to understand the status of Assets Structure and Corporate Performance of home appliance industry,and analyze the sources of financing;then select 22 indicators of the ability of profitability,operational,solvency,development capacity,profitability and shareholders to measure the performance,and building the corporate performance by factor analysis of the comprehensive evaluation function F as the dependent variable;asset-liability ratio,current liabilities debt ratio,short-term borrowing rate,long-term debt to capitalization ratio and interest-bearing debt ratio as the independent variables;the company size and growth as the control variable,to build a multiple regression model,then from the overall sample and the overall sample average divided into two sub-samples by the company size,quantitative analysis of the relationship between the appliance industry capital structure and corporate performance followed by regression analysis.The study found both the overall sample and the group of samples,the company performance and asset-liability ratio radiate significant negative correlation;Current liabilities ratio was significantly positive correlation;and short-term borrowing rate,long-term debt ratio,interest-bearing debt ratio wassignificantly negative correlation;But the strength of the degree of performance measures for the different size companies affected are not the same,in which the asset-liability ratio,current liabilities ratio,long-term debt to equity ratio,interest-bearing debt ratio level on a large sample size companies more than the smaller companies;Finally,according to the research findings,to optimize the capital structure of the listed appliance industry companies,to improve corporate performance,On the one hand,companies should not only arrange its capital structure reasonably on the macroscopic,also should arrange the properties of different funding reasonably on the microscopic,to reducing the cost of capital effectively;on the other hand the government should improve the bond market,improve the bankruptcy mechanism for making the effective market environment for the development of business.