asset structure

Proportion of various assets in total assets of the enterprise

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Asset structure refers to the proportion of various assets Total assets of the enterprise Specific gravity of. Mainly refers to Fixed investment and portfolio investment and working capital The proportion of the launch.

Chinese name: asset structure
Foreign name: asset structure

Concept: It refers to the proportion of various assets in the total assets of the enterprise
Type: Conservative, risky, moderate

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seven Structural optimization

Basic Introduction

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It refers to the proportion of various assets invested by the enterprise, mainly refers to Fixed investment And the proportion of securities investment and working capital investment. Some enterprises have the problem of insufficient working capital, one of the important reasons is that they have not handled it well Fixed capital and working capital The proportion of investment. from profitability Look, based on current assets And fixed assets Profitability If the enterprise net working capital Less means that the enterprise has a larger share Application of funds To the fixed assets with high profitability, so as to increase the overall profitability; But from Risk Look, the less the working capital of the enterprise, it means that the current assets and current liabilities The smaller the difference between Insolvency The greater the danger. In practical work, if too much capital is invested in the fixed assets in the early stage, it is very likely to lead to the negative consequences such as shortage of working capital, inability to purchase goods, arrears of employees' wages, and decline in short-term solvency. The focus of asset structure management is to determine an enterprise that can maintain normal operation operating activities The level of working capital that can bring more profits to the enterprise on the premise of reducing or not increasing risks.

Three types

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When making asset structure decisions, enterprises often pay attention to the liquidity of assets, especially current assets occupy total assets According to the proportion, the asset structure of enterprises can be divided into three types:

1. Conservative asset structure refers to the large proportion of current assets in total assets. Under this asset structure, enterprises Asset liquidity Better, thus reducing the risk of the enterprise, but because Income level Higher Non current assets The proportion is small, and the profit level of the enterprise also decreases. Therefore, the risk and income level of the enterprise are low

2. Risk asset structure refers to the small proportion of current assets in total assets. Under this asset structure, the liquidity and Liquidity Weak, which increases the risk of the enterprise. However, because the proportion of non current assets with high income level is large, the profitability of the enterprise also increases. Therefore, the risk and income level of the enterprise are both high

3. The moderate asset structure refers to the asset structure between conservative and risky.

structural style

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Asset structure refers to the proportion of various assets in the total assets of an enterprise. According to different signs, they can be generally divided into the following main structural forms:

one
Divided into current assets and fixed assets 。
two
Classified into Tangible assets and intangible assets 。
three
Divided into Monetary assets 、 Settlement assets , non commodity material assets, commodity material assets, fixed assets, intangible assets and Deferred assets 。
four
Divided into monetary capital Commodity capital and Productive capital 。
five
According to the quantity and habit of assets, it can be divided into temporary fluctuation assets and permanent fixed assets.

Quality characteristics

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1. Enterprise capital cost The level of Return on assets The comparative relationship of.

2. Enterprise Source of funds The adaptability between the term composition of the enterprise and the asset structure of the enterprise.

3. Corporate financial leverage Status and Enterprise financial risk The financial leverage of the enterprise and the future financing requirements of the enterprise as well as the adaptability of the future development of the enterprise.

4. Enterprise Owner's equity The adaptability between the internal composition and the future development of the enterprise.

capital structure

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1. Reasonable arrangement debt capital The proportion can reduce the enterprise's Comprehensive cost of capital ratio 。

2. Reasonably arranging the proportion of creditor's rights to capital can obtain Financial leverage benefits 。

3. A reasonable arrangement of the proportion of debt capital can increase the value of a company.

Main impacts

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because enterprise operation It is the use of various assets to make them fully play their role and generate the maximum benefits. Therefore, these assets with different divisions and structures have a significant impact on enterprises Production and operation and Financial activities , will have different effects.

1. Risk impact

For the entire enterprise economic activity , which can be divided into simple Production and operation activities And financial activities. The simple production and operation activities are to plan, operate and manage the main business and its affiliated business Realize profits , while financial activities are for production and operation activities and others Investment activities Raising funds, managing funds, improving the efficiency of fund use, etc. Therefore, the risks faced by enterprises are divided into business risk and financial risk 。 If the enterprise Asset management Lack of efficiency or ineffective asset operation will cause losses to the enterprise and have certain operational risks. From the enterprise Financing funds In terms of financial risk, it is mainly because the enterprise cannot repay the principal and interest, and when using the funds, it must ensure that the enterprise recovers the original advance and obtains the corresponding income. It can be seen that, Enterprise financing It faces financial risks, while enterprise assets mainly face operational risks. This paper mainly discusses the operation risk of enterprise assets.

Different types of assets will form different operational risks for enterprises. Generally, current assets perhaps Short term assets Because it can complete turnover in a short time, Realize value Therefore, the market expectations of enterprises for such assets are often easy and accurate, and the market changes in the short term are generally few, so there is less inconsistency between market expectations and market changes, which is effective Operating assets It is possible, that is to say, the operational risk of such assets is relatively small. In addition, according to the liquidity of various assets within current assets, and according to the length of time occupied by various assets within short-term assets, the operational risk will gradually increase. As tangible assets are based on physical value, their operational risks are relatively higher than those without physical value intangible assets It is much smaller. without inflation Impact, Monetary capital There is no operational risk.

however fixed assets 、 Long term assets However, the turnover needs to be completed in a long period of time to realize its value. In this long period of time, the market changes unpredictably. It is often difficult and inaccurate for enterprises to make long-term market forecasts. The market expectations of asset quality enterprises can easily deviate from the market changes. From the composition of fixed assets and long-term assets, what they can process Labor products Or merchandise, with relative stability and Uniqueness , once market demand In case of change, these products or commodities cannot be sold, so that fixed assets and long-term assets become waste products accordingly. Therefore, if enterprises want to operate these assets effectively, they will inevitably encounter more Market barriers Therefore, the operational risk of these assets is relatively high. Intangible assets are also like fixed assets. No matter whether the enterprise is operating or not, its transfer value or amortization cost still occurs Fixed expenses Therefore, its operation Risk ratio Physical assets Larger. Different from monetary capital, Commodity capital and Productive capital They must complete sales in the market before they can be converted into monetary capital, so they also face a large market risk 。

It can be seen from the above that different assets face different risks, so the asset structure of enterprises is different, and the risks that enterprises bear are also different. Enterprises should seek an asset structure that can not only meet the needs of production and operation for different assets, but also minimize the operational risk.

2. Revenue impact

Different asset pairs Enterprise income There are also different impacts. According to the relationship between assets and enterprise income, assets can be roughly divided into three categories: first, assets that directly form enterprise income; The second is the assets that do not affect the income of the enterprise in a certain period; The third is the assets that deduct the income of the enterprise in a certain period. Assets that directly generate enterprise income mainly include settlement assets（ Prepayments 、 Other receivables Except), commodities, product assets Investment assets Etc. The assets that have no impact on the income of the enterprise in a certain period are mainly monetary assets. The assets that deduct the income of the enterprise in a certain period mainly include non commodity, product assets, fixed assets Expenditures intangible assets (or Deferred assets ）These assets can contribute to the realization of enterprise income in a certain period of time, or they are indispensable conditions for the realization of enterprise income. However, from the actual income calculation, these Asset transfer Or amortized value is other assets Deduction items of income obtained. So, in total assets Under certain conditions, the more these assets are used, the more income to deduct, Enterprise profit The smaller; And vice versa. So in Total assets of the enterprise As far as possible, we should increase the proportion of assets that directly form the income of enterprises and reduce the proportion of other two types of assets.

In addition, the impact of asset structure on income is also reflected in the internal structure of assets uncoordinated The loss caused by excessive occupation of one asset and insufficient occupation of another asset. This kind of loss is manifested in two aspects: one is the excess of asset occupation, which leads to Cost of capital Unreasonable increase, which is caused by financing cost How much to reflect; The second is the shortage of assets, which will affect Enterprise funds If the turnover benefits are certain, the total turnover benefits will be reduced accordingly.

3. Liquidity impact

The liquidity of assets refers to the rate of realization of assets. Asset liquidity The size is related to the risk and return of assets. On the whole, assets with high liquidity have relatively low risks and relatively high returns; On the contrary, assets with low liquidity have relatively high risks and relatively low returns. However, inconsistency may also occur:

(1) . Highly liquid Short term securities , may be due to adverse market changes, when the enterprise sells it for cash, it will not produce more income, or even loss. On the contrary, securities investment in long-term investment of enterprises Liquidity Small, but due to the economic performance Good, so the enterprise Return on investment Higher;

(2) Once the assets with strong liquidity meet the obstacles of market realization, they cannot be sold and become sluggish products, with high operational risk. In general, the current assets of an enterprise are more than the fixed assets financial assets Compared with physical assets Profitable intangible assets Ratio of expendable intangible assets, short-term assets to long-term assets, and monetary assets Commodity assets and productive assets The liquidity of temporarily fluctuating assets is greater than that of permanently fixed assets.

However, if the quality of assets is abnormal, liquidity ranking must also be based on Asset quality To proceed. The asset quality here refers to the marketability of its market, which can be divided into best-selling assets, flat selling assets, unsalable assets, and discontinued assets. Among them, unsalable assets are those that are oversupplied but still marketable. Suspension of sales means that the assets are completely eliminated by the market. It can be seen that asset quality is mainly related to inventory quality. Once the asset is stopped selling, its liquidity is zero. Therefore, the liquidity of inventory may become the smallest among all assets.^[1]

Structural optimization

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Many enterprises cannot create profits that meet the requirements of capital return in their operations because they have too many Non operating assets For example, many domestic enterprises have their own conference centers, canteens, staff dormitories, etc; Another example is that many enterprises have a large amount of inventory without realization value on their books Accounts receivable 。 Obviously, these assets do not directly generate value for the enterprise, but they occupy a large amount of funds and generate considerable opportunity cost 。 If these enterprises want to improve the efficiency of capital use and reduce capital cost On the one hand, through flexible management strategy To realize inventory and accounts receivable, on the other hand, financial means can be considered to strip off non operating assets. Now let's focus on the financial means that enterprises can consider to optimize asset structure, improve capital efficiency and achieve profit growth.

1. Spin off assets

Spin off assets can be used when the asset value of a listed company is higher for the market than when it is taken as a whole. For example, Marriott In 1993, the hotel divided its assets into two parts“ Marriott International ”And "Marriott Service". Marriott Services has mastered the Group's real estate and debt; Marriott Group instead sold Marriott services to Gao Tax Because they are willing to buy these real estate and debt at a premium Tax shield *To help reduce income tax Fu. However, Marriott International has transformed itself into a pure service organization, signing long-term management agreements with investors to conduct Operation management 。 This split, on the one hand Asset sales It directly generates cash for the enterprise. On the other hand, it provides a stable source of income for the enterprise through long-term management agreements.

two debt financing and Lease financing

Of course, asset splitting is not always the best way for enterprises to improve capital efficiency. In many cases, the market cannot provide a reasonable Asset price ； For service industry companies, there may not be so many available Tangible assets 。 In this case, debt financing is to promote sustainable growth A suitable method of. The funds brought by debt financing can provide more expansion opportunities for enterprises. However, enterprises Financial Supervisor Also consider Corporate debt And Capital structure , and cash flow And whether profits can cover debt financing costs:

How about the liquidity of assets. The cash on hand of the enterprise can be regarded as the guarantee of debt, and the enterprise can also adjust the amount of debt by controlling Cash position ；
The impact of interest tax deduction income on cash flow;
Other debt financing schemes, such as some interest deferred loans that match cash flow outflows and inflows;

For many enterprises, especially Small and medium-sized enterprises For example, they entered Capital market financing There is often a gap between their ability to raise funds and their desire to raise funds. They need to connect more closely with the market and meet the return expectations of capital suppliers. New companies unfamiliar with the market often need to acquire Financial credit , and good assets in this process Debt structure Undoubtedly, it can play an important role.

What enterprises can consider Assets and liabilities management There is also lease financing: when the opportunity cost of funds is lower than Rental expenses When, Direct purchase Assets are a better choice; On the other hand, if leasing is more economical, enterprises should Asset sales Then rent it back. Sanjiu Group Through Shenzhen financial leasing firm Financing to help develop Wanjia chain drugstores (Of course, in this case, Sanjiu Group actually controls the drugstore business with 100% of its shares financial risk Transferred to its 50.29% holding leasing company, including Conflict of Interest Suspicion).

3. Handling non Core assets , source of retained revenue

Asset liability ratio Excessive enterprises can have multiple solutions optimized Balance Sheet : Financing through realization of non core assets; Or reduce through outsourcing agreement Administrative expenses 。 In some cases, the combination of the two methods may be more appropriate.

Enterprise assets Of book value Often much lower than the market fair value Therefore, the enterprise can gain premium income by selling these assets, which will Fixed expenses Convert to variable expenses, and then improve Balance Sheet And improve Financial ratios 。 In addition, enterprises from purchaser Leaseback assets can be disposed, and the production or Business process Control of.

However, in some cases, the financial director may take the non core Business outsourcing To a third party. If the business can be managed more effectively after outsourcing to a third-party professional operator cost reduction It is undoubtedly good for enterprises to ensure the quality of products while maintaining the quality of products.^[1]

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