Based on the financial data selected from 77 companies during four quarters in 2009 in the comprehensive-class listing companies, two methods, including normal analysis and panel-data model analysis are used to analyze deeply the path of optimization in corporate asset structure. The empirical analysis comes to a memorable conclusion that path-dependence is the character of asset structure optimization. Enterprise asset structure is not only dynamic, but also depended on the balance of profitability and mobility made by managers of enterprise.

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This paper documents that there is no relationship between ultimate ownership structure and firm performance among non-financial listed firms in Europe. The use of the control leverage by some ultimate owners is value destroying however. We show that firms rely on debt to counterbalance this effect because they face market pressures. These results are obtained from a large sample that allows to carry out a simultaneous equation system estimation of firm performance and financial structures where these variables are treated as endogenous. JEL classification: G32, G34