Research on the Relationship between Assets Structure and Enterprise Value based on the Perspective of Life Cycle
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The aim of this study is to direct the managers to dynamically allocate and manage assets and provide a new way of thinking for the managers to manage enterprise assets. Using the data of listed companies in small and medium manufacturing industry between 2014 and 2018, and the multiple regression model was used to analyze the relationship between assets structure and enterprise value at different stages of life cycle. The results showed that the stronger the liquidity of assets during the growth period and the mature period the higher the enterprise value, however, it was opposite during the recession period and there was no obvious correlation during the turbulent period. These results support the idea that there were differences in the impact of assets structure on enterprise value at different stages of life cycle. The innovation of this article is to study the impact of assets structure on enterprise value with the life cycle as the point cut.
Life Cycle; Assets Structure; Enterprise Value