Research On Relationship Between Asset Structure And Performance From The Perspective Of Enterprise Life Cycle

The asset structure is where the company's capital goes and is the result of the company's allocation of funds.For any company,assets are valuable wealth and research on asset structure is particularly important.Reasonable asset structure can promote the assets to play their own role and have a positive impact on enterprise performance improvement.If the asset structure is unreasonable,the proportion of certain assets is too high or too low is not conducive to the improvement of enterprise performance.Enterprise like living beings in the natural world,experience the process of birth,growth,maturity,decline,and death.The enterprises in different stages of life cycle have differences in production,operation and other aspects.Each type of asset presents different characteristics at different stages and has different effects on performance.China,as a big country in agriculture,has always provided material security for people's lives.The importance of this is self-evident.The report of the "19th National Congress" clearly stated that we must always give top priority to promoting agricultural development and strive to accelerate agricultural modernization.Agricultural listed companies,as representatives of the agricultural industry,should be taken seriously.Therefore,the thesis takes the Chinese agricultural listed company as the target,selects the A-share data from 2000 to 2016 as a sample,and divides the company's life cycle into the introduction period,growth period,maturity period,recession period,and elimination period by cash flow combination method.From the perspective of business life cycle,research on the relationship between asset structure and corporate performance.Using empirical analysis,the company measures corporate performance based on return on net assets,measures asset structure based on current assets ratio,fixed assets ratio,intangible assets ratio,biological asset ratio,and total asset turnover,and selects firm size,asset-liability ratio and equity concentration as a control variable to construct an empirical model.Using statistical software stata to perform descriptive statistics,correlation analysis,huasman test on sample data at different life cycle stages.According to the huasman test results,the fixed effect model or the random effect model are selected,and then the regression analysis of the relationship between asset structure and performance in different life cycle stages.The research shows that:(1)The ratio of current liquidity,fixed assets ratio,and intangible assets of listed companies in agriculture are positively related to corporate performance,and the relationship is significant;the total asset turnover rate is positively related to corporate performance,but the relationship is not significant;biological asset ratio Positively related to corporate performance,but not significant;(2)The liquidity ratio,fixed assets ratio,intangible assets ratio,and biological assets ratio of agricultural listed companies during the growth period were negatively correlated with corporate performance;however,the relationship was not significant,and the total assets turnover rate was positively correlated with corporate performance,and the relationship was significant;(3)The liquidity ratio,intangible assets ratio,biological assets ratio,total asset turnover ratio of mature listed companies in agriculture are positively related to corporate performance,and the relationship is significant.The fixed assets ratio is positively related to corporate performance,but the relationship is not significant;(4)The liquidity ratio and intangible assets ratio of agricultural listed companies during the recession period are positively correlated with corporate performance,but the relationship is not significant.The ratio of fixed assets,biological assets,total assets turnover is negatively correlated with corporate performance,but the relationship is not significant;(5)The liquidity ratio,fixed assets ratio,intangible assets ratio,total asset turnover rate of agricultural listed companies during the phase out period are positively related to corporate performance,and the relationship is significant.The ratio of biological assets is positively related to corporate performance,but the relationship is not significant.