资产结构与企业经营绩效的最优化配置研究——以中国飞乐股份有限公司为例
Research on the Optimal Allocation of Assets Structure and Corporation Management Performance——A Case Study of China Feile Co., Ltd.
DOI: 10.12677/MSE.2012.14007, PDF, HTML, 下载: 3,494  浏览: 11,131 
作者: 许拯声*, 于诺:东华大学旭日工商管理学院,上海
关键词: 资产结构曲线拟合最优资产配置Assets Structure; Curve Fitting; The Optimal Allocation
摘要: 本文认为,较之资本结构,资产结构的研究更具实际应用价值和普适意义,它们才是创造公司价值和抵御各项风险的源泉。基于此,本文试图从逻辑和实证两个角度评价资产结构与企业绩效之间的关系,并希望通过评价实证结论的相关性程度,来求得各变量之间的函数方程式。在此基础上,本文再分别进行各变量的曲线拟合,试图通过在建立拟合方程模型的基础上,求出其最优资产配置值。
Abstract: This paper argues that the research of assets structure has more practical value and universal sig-nificance than capital structure. They are the main source of creating corporate value and warding off risks. As a result, this paper tries to evaluate the relationship between assets structure and business performance through the correlation of the demonstration about listed company. On this basis, the paper separately and then curve fitting each variable, trying to fit in the established model based on the equation, find the optimal asset allocation values. This paper will get the multivariate linear regression equation.
文章引用:许拯声, 于诺. 资产结构与企业经营绩效的最优化配置研究——以中国飞乐股份有限公司为例[J]. 管理科学与工程, 2012, 1(4): 41-49. http://dx.doi.org/10.12677/MSE.2012.14007

参考文献

[1] J. Dean. Capital budget. New York: Columbia University Press, 1951: 131.
[2] H. Markowitz. Mark 52: Portfolio selection. Journal of Finance, 1952, 7: 77-91.
[3] F. Modigliani, M. Miller. The cost of capital, corporation finance and the theory of investment. The Ameri-can Economic Review, 1958, 48(3): 261-297.
[4] 刘淑莲. 企业价值评估与价值创造战略研究——两种价值模式与六大驱动因素[J]. 会计研究, 2004, 9: 67-71.
[5] 吴树畅. 融资结构、资产结构对企业绩效的影响[J]. 统计与决策, 2003, 8: 60-96.
[6] H. X. Ni, Z. S. Xu. The relationship between asset structure and business performance. Technical Economic and Management Research, 2003, 6: 110-111.
[7] G. M. Gelles, D. W. Mitchell. On the robustness of factor structures to asset repackaging. Journal of Mathematical Eco-nomics, 1999, 31: 309-320.
[8] F. L. Lu. Asset structure, empirical research on the impact of capital structure on the corporate perform-ance. Market Journal, 2004, 1: 24-25.
[9] A. Krause. Risk, capital requirements, and the asset structure of companies. Managerial Finance, 2006, 9: 774-785.
[10] American Accounting Association. Accounting and reporting standards for corporate financial statements, 1957: 4.