企業(yè)償債能力分析外文文獻(xiàn)

1、 外文文獻(xiàn)原稿和譯文原 稿IntroductionAlthough creditors can develop a variety of protective provisions to protect their own interests, but a number of complementary measures are critical to effectively safeguard their interests have to see the company's solvency. Therefore, to improve a company's solven

2、cy Liabilities are on the rise. On the other hand, the stronger a company's solvency the easier cash investments required for the project, whose total assets are often relatively low debt ratio, which is the point of the pecking order theory of phase agreement. Similarly, a company's short-t

3、erm liquidity, the stronger the short-term debt ratio is also lower, long-term solvency, the stronger the long-term debt ratio is also lower .Harris et al. Well, Eriotis etc. as well as empirical research and Underperformance found that the solvency (in the quick ratio and interest coverage ratio, r

4、espectively, short-term solvency and long-term solvency) to total debt ratio has significant negative correlation. Taking into account the data collected convenience, this paper represents short-term solvency ratios and to study the long-term solvency by the quick ratio and cash flow impact on the r

5、eal estate debt capital structure of listed companies.Listed Companies Solvency AnalysisWhen companies need money, the choice of financing preference order, namely in accordance with retained earnings, issuance of bonds, financing order issued shares. According to this theory, strong corporate profi

6、tability, retained earnings more For financing first will consider retained earnings. Therefore, the profitability of the total debt ratio should be negatively correlated debt avoidance theory based natural surface that under otherwise identical conditions, a highly profitable company should borrow

7、more debt, because they use avoidance of the need for greater debt, and therefore higher debt ratio. rapid growth of the company's financial leverage without the support, based on this, to select 378 samples from the 500 largest US companies, the researchers found that regardless of whether ther

8、e is an optimal capital structure, the company's liabilities are directly correlated with growth.Growth is the fundamental guarantee company solvency, so whether short-term loans or long-term loans and creditors, as the company's growth as a positive signal, so the listed companies in recent

9、 years of growth, the higher its rate and short-term assets The higher rate of long-term assets and liabilities, total assets and liabilities naturally higher, but the impact on growth of real estate companies listed on a smaller debt ratio (coefficient is small). The risk of firm size and capital s

10、tructure affect the growth has a similar conclusion, it appears that creditors, especially banks that the company scale is a measure of credit risk is an important consideration index, the greater the company size, the more stable cash flow, bankruptcy it is smaller, the creditors are more willing t

11、o throw an olive branch large-scale enterprises. The actual controller of the listed companies category to total debt ratio of the impact factor of a 0.040017, indicating that non-state-controlled listed company's total assets and liabilities higher than the state-owned holding companies. The re

12、ason for this phenomenon may be non-state-controlled listed companies pay more attention to control benefits, do not want to dilute their control over equity financing, and therefore more inclined to debt financing, which may also explain the non-state-controlled listed companies better use of finan

13、cial leverage enterprises bigger and stronger impulses. In addition, the actual control of listed companies category short-term impact on asset-liability ratio is a 2.3 times its impact on long-term debt ratio, which shows the non-state-controlled listed companies prefer to take advantage of short-t

14、erm debt to expand its operations.Current research on factors affecting capital structure point of view there are many factors in various industries concerned is not the same, according to industry characteristics and particularity, we mainly focus on the following aspects to analyze the factors ind

15、ustry capital structure. The article explained variable - capital structure for the asset-liability ratio, generally refers to the total debt ratio, but for more in-depth study of capital structure of listed companies, the paper from the total debt ratio, short-term assets and liabilities and long-t

16、erm debt ratio of three angles of Capital structure explanatory.At present, domestic and foreign scholars analyzed factors on capital structure mostly used multiple linear regression, as usual statistical regression function in the form of their choice is often subjective factors, but ordinary regre

17、ssion methods to make function with average resistance, most such functions excellent and objectivity are often difficult to reflect. base stochastic frontier model (Stochastic Frontier) in data envelopment analysis (DEA) method, estimate the effective production frontier using mathematical programm

18、ing method, namely the experience of frontier production function, overcome DEA method assumes that there is no random error term, the better to reflect the objectivity and optimality ¨J function, currently in the field of economic management, sociology and medicine, began to get more and more

19、applications. Therefore, in this paper, stochastic frontier model data on the capital structure factors listed real estate companies conducted a comprehensive analysis, in order to provide a better scientific basis for the study of the optimal capital structure of real estate enterprises.Listed comp

20、any's solvency and overall asset-liability ratio was significantly negatively correlated with short-term liquidity has a decisive influence on the short-term asset-liability ratio. Similarly, long-term solvency also has a decisive influence on long-term assets and liabilities. Industry higher to

21、tal debt ratio particularly high proportion of short-term debt is one of the main business risks, thus increasing solvency of listed companies, especially short-term liquidity (that is, to obtain a stable short-term cash flow). reduce its asset liability ratio and effective risk management choice RO

22、A of listed companies is much greater influence than ROE of asset-liability ratio, and affect the relationship is inconsistent, ROE is higher, the higher the total debt ratio, while the ROA high, the lower the rate of the total assets and liabilities, and short-term liabilities ROA more obvious, thi

23、s difference is mainly due to the special structure of listed companies due to the nature of the capital, and therefore need to improve the capital structure of listed companies, namely to reduce the total assets and liabilities rate debt structure and the need to reduce the proportion of short-term

24、 debt in particular, in order to enhance the company's profitability ROA. growth and company size has a significant positive impact on the capital structure, which is mainly due to the growth of the company's solvency is fundamental, The size of the company is the main indicator to measure t

25、he bankruptcy creditor risk. Therefore, listed companies should be radically to grow through continuous growth and development of enterprises, so that the total debt ratio has a high margin of safety, through growth to continue to resolve the financial risk than non-state-owned holding companies con

26、trolling more use of financial leverage motivation and apparently relied on short-term liabilities, which may lead to more serious financial risk especially short-term business risks, so that the non-state-owned holding listed companies should establish more strict risk prevention system.譯 文介紹 雖然債權(quán)人

27、可以通過制定各種保護(hù)性條款來(lái)保障自己的利益，但都是一些輔助性的措施，能夠有效保障他們利益的關(guān)鍵還得看公司的償債能力。所以，提高一個(gè)公司的償債能力，負(fù)債有上升的趨勢(shì)。另一方面，一個(gè)公司的償債能力越強(qiáng)也就越容易產(chǎn)生項(xiàng)目投資所需的現(xiàn)金，其總資產(chǎn)負(fù)債率也往往比較低，這與優(yōu)序融資理論的觀點(diǎn)相吻合。同理，一個(gè)公司的短期償債能力越強(qiáng)則短期資產(chǎn)負(fù)債率也就越低，長(zhǎng)期償債能力越強(qiáng)則長(zhǎng)期資產(chǎn)負(fù)債率也就越低。Harris Eriotis等表示短期償債能力和長(zhǎng)期償債能力與總資產(chǎn)負(fù)債率具有顯著的負(fù)相關(guān)關(guān)系?？紤]到數(shù)據(jù)搜集的便利，本文用速動(dòng)比率和現(xiàn)金流量債務(wù)比分別表示短期償債能力和長(zhǎng)期償債能力來(lái)研究對(duì)上市公司資本結(jié)構(gòu)的影響

28、。上市公司償債能力分析企業(yè)在需要資金時(shí)，對(duì)籌資方式的選擇有偏好順序，即按照部留存收益，發(fā)行債券，發(fā)行股票的順序籌資。根據(jù)該理論，盈利能力強(qiáng)的企業(yè)，部留存收益較多，若需籌資首先會(huì)考慮部留存收益。所以，盈利能力應(yīng)與總資產(chǎn)負(fù)債率負(fù)相關(guān)。然面對(duì)于債務(wù)避稅的理論認(rèn)為，在其它條件一樣的情況下，盈利性高的公司應(yīng)當(dāng)借更多債，因?yàn)樗鼈兝脗鶆?wù)避稅的需要更大，因此資產(chǎn)負(fù)債率更高。公司的快速成長(zhǎng)離不開財(cái)務(wù)杠桿的支持，基于此，從美國(guó)最大的500家公司中選取378個(gè)樣本，研究發(fā)現(xiàn)不管是否存在最優(yōu)的資本結(jié)構(gòu)，公司的負(fù)債都與成長(zhǎng)性直接正相關(guān)。目前，大家對(duì)資本結(jié)構(gòu)影響因素的分析大多采用多元線性回歸，由于通常的統(tǒng)計(jì)回歸方法其函

29、數(shù)形式的選擇往往帶有主觀因素，同時(shí)普通回歸方法使函數(shù)帶有平均性，這樣函數(shù)的最優(yōu)性和客觀性往往難以體現(xiàn)。隨機(jī)前沿面模型(Stochastic Frontier)在數(shù)據(jù)包絡(luò)分析(DEA)方法的基礎(chǔ)上，利用數(shù)學(xué)規(guī)劃方法估計(jì)出有效生產(chǎn)前沿面，即經(jīng)驗(yàn)的前沿生產(chǎn)函數(shù)，克服了DEA方法不存在隨機(jī)誤差項(xiàng)的假定，比較好地反映了函數(shù)的客觀性與最優(yōu)性。目前在經(jīng)濟(jì)管理學(xué)，社會(huì)學(xué)以與醫(yī)學(xué)等領(lǐng)域開始得到了越來(lái)越多的應(yīng)用。因此,本文應(yīng)用隨機(jī)前沿面模型對(duì)上市公司資本結(jié)構(gòu)影響因素的數(shù)據(jù)進(jìn)行了比較全面的分析，以期為研究企業(yè)的最優(yōu)資本結(jié)構(gòu)提供較好的科學(xué)依據(jù)。目前關(guān)于資本結(jié)構(gòu)影響因素的研究有很多觀點(diǎn)，各個(gè)行業(yè)關(guān)注的因素也不完全一樣，根據(jù)行業(yè)特征與其特殊性，我們主要圍繞以下幾個(gè)方面來(lái)對(duì)該行業(yè)資本結(jié)構(gòu)的影響因素進(jìn)行分析。本文解釋變量為資本結(jié)構(gòu)為資產(chǎn)負(fù)債率，一般指總資產(chǎn)負(fù)債率，但為了更深入地研究上市公司的資本結(jié)構(gòu)，本文從總資產(chǎn)負(fù)債率，短期資產(chǎn)負(fù)債率和長(zhǎng)期資產(chǎn)負(fù)債率三個(gè)角度研究資本結(jié)構(gòu)來(lái)說(shuō)明。成長(zhǎng)性是公司償債能力最根本的保障，因此不管是短期貸款還是長(zhǎng)期貸款，債權(quán)人