Research On The Influence Of Asset Structure And Equity Structure On Enterprise Performance In Equipment Manufacturing Industry

Equipment manufacturing industry provide the production,equipment and technology to China's national economy and national defense construction.It is the core component of the manufacturing industry,national economic and industrial development.China's equipment manufacturing industry has been in the forefront of the world in terms of total quantity,but since 2015,China's equipment manufacturing industry has faced a series of problems.The development of an industry cannot be separated from the development of every enterprise in this industry.No enterprise can develop well with poor performance.There are many factors influencing enterprise performance.In this paper,asset structure and equity structure that affect enterprise performance are selected for research.In the enterprise,the asset structure and the equity structure exist simultaneously,both of which affect the enterprise performance.Enterprises can be adjusted from a single aspect,also can further consider the degree of contribution from two aspects.Than select the optimal index adjustment to improve the business performance.In this context,this paper mainly focuses on the core issue of the influence of asset structure and equity structure on enterprise performance.This paper mainly studies the following three problems:(1)How the asset structure indicators of listed companies in China's equipment manufacturing industry affect enterprise performance.(2)How each equity structure index of listed companies in China's equipment manufacturing industry influences enterprise performance.(3)How much more important equity structure indicators and asset structure indicators affect the performance of listed companies in equipment manufacturing industry.According to the conclusions of previous scholars and the current situation of China's equipment manufacturing industry,this paper puts forward a hypothesis on the relationship between asset structure index and equity structure index and enterprise performance.A total of 219 listed companies in China's equipment manufacturing industry were selected as samples to conduct empirical research using stepwise regression analysis,advantage analysis and other methods.The following conclusions were drawn.(1)Among the asset structure indicators,the ratio of current assets is significantly positively correlated with enterprise performance,while the ratio of accounts receivable,inventory and fixed assets is significantly negatively correlated with enterprise performance.Enterprises can adjust the proportion of current assets or adjust the other three indicators to improve their performance.(2)Among the equity structure indicators,there is a significant positive correlation between the shareholding ratio of social legal person shares,social public shares,the shareholding ratio of the second to fifth largest shareholders and the proportion of square shares held by the top ten shareholders and corporate performance.Enterprises can adjust these four indicators to improve their performance.(3)The social legal person share proportion,the first shareholder,the proportions of the inventory and fixed assets,these four indicators are more important to listed companies,the importance degree of sorting for the social legal person share,fixed assets ratio,the proportion of inventories,the first shareholder.Companies can adjust their performance in this order to be more efficient.