关键词: 资本配置, 资本要素配置效应, 影响因素

Abstract: This paper selects the financial figures of high-and-new technology firms in manufacturing industry in A share market during the period of 2013 to 2015 as samples and use the multiple liner regression method to make an empirical analysis of allocation effect on capital factors. The research finds that each capital factor has positive correlation with the allocation effect of capital factors. Human capital, financial capital, physical capital and technological capital play important roles in creation of corporate value; they are essential capital factors for the further development of a firm. The main factors of the enterprise growth are technological capital, capital input and output and its structural behavior, which produce a directly effect on a firm's core competitiveness. The profit rate of asset has strong positive correlation with the allocation effect of a firm's capital.This illustrates that there will be a rise in the allocation effect on a firm's capital as the firm's ability of making profit increases; total assets turnover ratio has positive correlation with the firm's capital allocation efficiency. As the rate of total assets turnover increases, the flexibility of firm's capital increases and the allocation effect on a firm's capital increases; profit rate of assets has significantly positive correlation with the allocation effect on a firm's capital. It means that there will be more allocation efficiency in the firm, which has potential effect on further development; the allocation effect on firm's capital may be affected by the size of the firm etc. The analysis of regression concludes that the size of the firm has positive correlation with a firm's capital allocation effect. This empirical analysis proposes solutions so as to increase the allocation effect of a firm's capital factors and promote the firm's health growth.

Key words: Capital allocation, Allocation effect of a firm's capital, Influencing factors