Research On The Impact Of Asset Structure And Operating Risks Of High-end Equipment Manufacturing Companies In My Country On Corporate Value

Under the background of transformation and upgrading of manufacturing industry,compared with the advanced level of developed countries,China has a "big but not strong" situation,and there is a big gap in independent R&D capacity,resource allocation,industrial structure optimization level,information level and so on.With the opening of a new round of scientific and technological revolution and industrial transformation,China has clearly stated in Made in China 2025 that it is necessary to vigorously develop high-end equipment manufacturing industry and make progress towards the strategic goal of manufacturing power.On September 26,2018,General Secretary Xi Jinping inspected two large state-owned equipment manufacturing enterprises in Qiqihar,emphasizing that the equipment manufacturing industry is an important weapon for national development,and the development of high-quality equipment manufacturing industry has become the top priority of China's real economic development.It can be seen that the high-end equipment manufacturing industry has become the main force in the development of China's manufacturing industry.With its strong technological and innovative capabilities,it can drive the development of upstream and downstream industries.As far as the current situation is concerned,on the one hand,our country should base itself on the basic manufacturing industry,on the other hand,we should focus on the development of equipment manufacturing industry,so that our country can change from traditional manufacturing to high-end manufacturing and high added value,so as to enhance the value of enterprises.Guided by asset allocation theory,cash flow theory and asset structure-enterprise value relationship theory,this paper studies the asset structure,operational risk and enterprise value of high-end equipment manufacturing companies by empirical analysis method on the basis of summarizing and analyzing the literature on asset structure,operational risk and enterprise value relationship at home and abroad.The research shows that the asset structure of high-end equipment manufacturing companies is correlated with enterprise value,and there is a significant negative correlation between business risk and enterprise value.From this,we can see that after meeting the daily business needs,China's high-end equipment manufacturing companies can build a reasonable asset structure and reduce business risks,which can improve the value of enterprises.According to the results of empirical research,this paper puts forward countermeasures and suggestions to optimize the asset structure and reduce operational risks from the two levels of government and enterprises.