Research On The Relationship Between Enterprise Asset Structure And Capital Structure Based On Industry Characteristics

Capital structure represents the "source" of an enterprise.By raising funds from creditors and shareholders,a reasonable capital structure becomes the basis for the sustainable development of listed companies.The asset structure represents the "destination" of the enterprise.The enterprise will use the funds raised for production and operation activities,and distribute the resources reasonably,so as to generate greater economic benefits.Due to the different nature of the industry,the asset structure of enterprises will be different,so the matching capital structure is not the same.Asset structure and asset structure are two aspects of the balance sheet of an enterprise,which have an impact on the capital cost,operation and financial risk of the enterprise.A reasonablle proportion of the capital structure and asset structure of an enterprise is conducive to reducing all kiinds of risks and capital cost of the enterprise,thus improving the utilization rate of enterprise resources.Most scholars have studied capital structure deeply,but few have studied the combination of asset structure and capital structure.This paper takes the asset structure and capital structure of listed companies in different industries as the research object,and makes a detailed analysis on the impact of the capital structure and capital structure of listed companies in different industries.In this paper,from the selection of vendors data of 3480 listed companies of five years(2013-2018)data,and according to the classification of industry of listed companies "guide"will be divided into 19 types of listed companies,respectively,for different industries to analyze the capital structure and asset structure,at the same time,according to the proportion of fixed assets to select four types of representative industry,of the four industry assets structure and capital structure of the regression analysis,and draw the conclusion:the different sectors of different assets structure on the influence of capital structure.Due to the inherent differences and uniqueness of the industry itself,listed companies in different industries have certain differences in the composition of asset structure,and different asset structures have different degrees of influence on enterprise value,which leads to different degrees of influence of assets in different industries on the company's capital structure.At the same time,this paper puts forward corresponding Suggestions for different industries,hoping to put forward strategies and schemes with practical value through the study of this paper,so as to further optimize the capital structure and asset structure of listed companies.