资产结构、企业规模与企业价值——基于A股制造业上市公司的研究
Asset Structure, Firm Size and Firm Value—Research Based on A-Share Manufacturing Listed Firms

资产结构体现企业不同类别资产的占比，各类资产的资产形态不同，运用效率就不同，从而影响企业的运营能力和经济效益。合理的资产结构可以优化企业的资源配置，增加企业绩效，提升企业价值。另一方面，不同的企业规模，也会对企业价值产生影响。本文将企业规模纳入到资产结构与企业价值分析框架中，以我国A股制造业上市公司为样本，选取2015~2018年期间相关数据进行回归分析，结果表明：制造业上市公司的流动资产占比与企业价值正相关；企业规模与企业价值负相关；企业规模的扩大会降低流动资产占比对企业价值的正向影响。
The asset structure reflects the proportion of different types of assets in an enterprise. Different asset forms of different types of assets will lead to different operation efficiency, thus affecting the economic benefits of an enterprise. Reasonable asset structure can optimize the allocation of enterprise resources and enhance firm value. On the other hand, different firm sizes will also have an impact on enterprise value. The firm size is included in the asset structure and firm value analysis framework. Taking China’s A-share manufacturing companies as samples, the relevant data during 2015~2018 were selected for regression analysis. The results show that the current assets ratio of manufacturing companies is positively correlated with firm value. Firm size is negatively correlated with firm value. The expansion of firm size will reduce the positive impact of current assets ratio on firm value.