To study the ratio of circulation investment in the sum of production investment and circulation investment in manufacturing enterprise, this paper presents the concept of functional cost structure, regards manufacturing enterprises as the combination of the production function and circulation function and analyzes how the manufacturing enterprises weigh the production function and circulation function. This paper builds the target functional cost structure decision model from the production level, the circulation level and the market level, and builds the speed of adjustment model from the financing capacity level, asset turnover level and liquidity level. Then, this paper selects data of A-share manufacturing listed companies in China from 2003 to 2014, using two alternative methodologies: the system GMM method and LSDVC method. Both methods show that, as a whole, it costs about 2.87 years or 3.04 years to adjust to the half of target function cost structure. There is a significant negative correlation between target function cost structure and corporate scale, capital structure, sales dependence, inventory turnover rate. There is a significant positive correlation between the inventory rate and the target function cost. Stronger liquidity will significantly accelerate the function cost structure adjustment speed, but when the total assets turnover speed slows down or the financing capacity is weak, enterprises will tend to accelerate the speed of adjustment too.