Abstract: The value of a listed company is influenced by many factors, among which the assets structure is an important factor. The paper applied multivariate statistics analysis method to test the relations between asset structure and firm value under different life cycles, and used ratio of current assets to represent the asset structure. The empirical results indicated that the relations between assets structure and firm value were different in different stages of life cycle. The relations between ratio of current assets and firm value were positive in the introduction stage, declining stage and elimination stage but were negative in growth stage and mature stage. Accordingly, the government should increase or decrease ratio of current assets considering different stages of the firms'life cycle and apply resources reasonably to make reasonable adjustment of asset structure, so as to increase the value of companies.