Structural equation modeling for effects of enterprise operation on enterprise value

The study aims to judge the influencing factors and degrees of enterprise operation on enterprise value. The paper chooses China listed steel companies as the analytical objects and establishes a structural equation model guided by the theory of enterprise value maximization, to explore the effects of operating aspects on three dimensions of enterprise value which are enterprise's interest, stockholder's interest and customer's interest. The results indicate: human and investment are positive to enterprise value; the most significant human capacity is the ability of employee creating profit; the marketing expense and administration expense are the important positive invests and the ratio of operators is a negative factor. Growth and turnover nearly have no effects on enterprise's and customer's interests, but have a certain positive function on stockholder's interest.