企業(yè)償債能力分析外文文獻

1、外文文獻原稿和譯文原稿IntroductionAlthoughcreditorscandevelopavarietyofprotectiveprovisionstoprotecttheirowninterests,butanumberofcomplementarymeasuresarecriticaltoeffectivelysafeguardtheirinterestshavetoseethecompanyssolvency.Therefore,toimproveacompanyssolvencyLiabilitiesareontherise.Ontheotherhand,thestrong

2、eracompanyssolvencytheeasiercashinvestmentsrequiredfortheproject,whosetotalassetsareoftenrelativelylowdebtratio,whichisthepointofthepeckingordertheoryofphaseagreement.Similarly,acompanysshort-termliquidity,thestrongertheshort-termdebtratioisalsolower,long-termsolvency,thestrongerthelong-termdebtrati

3、oisalsolower.Harrisetal.Well,Eriotisetc.aswellasempiricalresearchandUnderperformancefoundthatthesolvency(inthequickratioandinterestcoverageratio,respectively,short-termsolvencyandlong-termsolvency)tototaldebtratiohassignificantnegativecorrelation.Takingintoaccountthedatacollectedconvenience,thispape

4、rrepresentsshort-termsolvencyratiosandtostudythelong-termsolvencybythequickratioandcashflowimpactontherealestatedebtcapitalstructureoflistedcompanies.ListedCompaniesSolvencyAnalysisWhencompaniesneedmoney,thechoiceoffinancingpreferenceorder,namelyinaccordancewithretainedearnings,issuanceofbonds,finan

5、cingorderissuedshares.Accordingtothistheory,strongcorporateprofitability,retainedearningsmoreForfinancingfirstwillconsiderretainedearnings.Therefore,theprofitabilityofthetotaldebtratioshouldbenegativelycorrelateddebtavoidancetheorybasednaturalsurfacethatunderotherwiseidenticalconditions,ahighlyprofi

6、tablecompanyshouldborrowmoredebt,becausetheyuseavoidanceoftheneedforgreaterdebt,andthereforehigherdebtratio.rapidgrowthofthecompanysfinancialleveragewithoutthesupport,basedonthis,toselect378samplesfromthe500largestUScompanies,theresearchersfoundthatregardlessofwhetherthereisanoptimalcapitalstructure

7、,thecompanysliabilitiesaredirectlycorrelatedwithgrowth.Growthisthefundamentalguaranteecompanysolvency,sowhethershort-termloansorlong-termloansandcreditors,asthecompanysgrowthasapositivesignal,sothelistedcompaniesinrecentyearsofgrowth,thehigheritsrateandshort-termassetsThehigherrateoflong-termassetsa

8、ndliabilities,totalassetsandliabilitiesnaturallyhigher,buttheimpactongrowthofrealestatecompanieslistedonasmallerdebtratio(coefficientissmall).Theriskoffirmsizeandcapitalstructureaffectthegrowthhasasimilarconclusion,itappearsthatcreditors,especiallybanksthatthecompanyscaleisameasureofcreditriskisanim

9、portantconsiderationindex,thegreaterthecompanysize,themorestablecashflow,bankruptcyitissmaller,thecreditorsaremorewillingtothrowanolivebranchlarge-scaleenterprises.Theactualcontrollerofthelistedcompaniescategorytototaldebtratiooftheimpactfactorofa0.040017,indicatingthatnon-state-controlledlistedcomp

10、anystotalassetsandliabilitieshigherthanthestate-ownedholdingcompanies.Thereasonforthisphenomenonmaybenon-state-controlledlistedcompaniespaymoreattentiontocontrolbenefits,donotwanttodilutetheircontroloverequityfinancing,andthereforemoreinclinedtodebtfinancing,whichmayalsoexplainthenon-state-controlle

11、dlistedcompaniesbetteruseoffinancialleverageenterprisesbiggerandstrongerimpulses.Inaddition,theactualcontroloflistedcompaniescategoryshort-termimpactonasset-liabilityratioisa2.3timesitsimpactonlong-termdebtratio,whichshowsthenon-state-controlledlistedcompaniesprefertotakeadvantageofshort-termdebttoe

12、xpanditsoperations.Currentresearchonfactorsaffectingcapitalstructurepointofviewtherearemanyfactorsinvariousindustriesconcernedisnotthesame,accordingtoindustrycharacteristicsandparticularity,wemainlyfocusonthefollowingaspectstoanalyzethefactorsindustrycapitalstructure.Thearticleexplainedvariable-capi

13、talstructurefortheasset-liabilityratio,generallyreferstothetotaldebtratio,butformorein-depthstudyofcapitalstructureoflistedcompanies,thepaperfromthetotaldebtratio,short-termassetsandliabilitiesandlong-termdebtratioofthreeanglesofCapitalstructureexplanatory.Atpresent,domesticandforeignscholarsanalyze

14、dfactorsoncapitalstructuremostlyusedmultiplelinearregression,asusualstatisticalregressionfunctionintheformoftheirchoiceisoftensubjectivefactors,butordinaryregressionmethodstomakefunctionwithaverageresistance,mostsuchfunctionsexcellentandobjectivityareoftendifficulttoreflect.basestochasticfrontiermod

15、el(StochasticFrontier)indataenvelopmentanalysis(DEA)method,estimatetheeffectiveproductionfrontierusingmathematicalprogrammingmethod,namelytheexperienceoffrontierproductionfunction,overcomeDEAmethodassumesthatthereisnorandomerrorterm,thebettertoreflecttheobjectivityandoptimalityJfunction,currentlyint

16、hefieldofeconomicmanagement,sociologyandmedicine,begantogetmoreandmoreapplications.Therefore,inthispaper,stochasticfrontiermodeldataonthecapitalstructurefactorslistedrealestatecompaniesconductedacomprehensiveanalysis,inordertoprovideabetterscientificbasisforthestudyoftheoptimalcapitalstructureofreal

17、estateenterprises.Listedcompanyssolvencyandoverallasset-liabilityratiowassignificantlynegativelycorrelatedwithshort-termliquidityhasadecisiveinfluenceontheshort-termasset-liabilityratio.Similarly,long-termsolvencyalsohasadecisiveinfluenceonlong-termassetsandliabilities.Industryhighertotaldebtratiopa

18、rticularlyhighproportionofshort-termdebtisoneofthemainbusinessrisks,thusincreasingsolvencyoflistedcompanies,especiallyshort-termliquidity(thatis,toobtainastableshort-termcashflow).reduceitsassetliabilityratioandeffectiveriskmanagementchoiceROAoflistedcompaniesismuchgreaterinfluencethanROEofasset-lia

19、bilityratio,andaffecttherelationshipisinconsistent,ROEishigher,thehigherthetotaldebtratio,whiletheROAhigh,thelowertherateofthetotalassetsandliabilities,andshort-termliabilitiesROAmoreobvious,thisdifferenceismainlyduetothespecialstructureoflistedcompaniesduetothenatureofthecapital,andthereforeneedtoi

20、mprovethecapitalstructureoflistedcompanies,namelytoreducethetotalassetsandliabilitiesratedebtstructureandtheneedtoreducetheproportionofshort-termdebtinparticular,inordertoenhancethecompanysprofitabilityROA.growthandcompanysizehasasignificantpositiveimpactonthecapitalstructure,whichismainlyduetothegr

21、owthofthecompanyssolvencyisfundamental,Thesizeofthecompanyisthemainindicatortomeasurethebankruptcycreditorrisk.Therefore,listedcompaniesshouldberadicallytogrowthroughcontinuousgrowthanddevelopmentofenterprises,sothatthetotaldebtratiohasahighmarginofsafety,throughgrowthtocontinuetoresolvethefinancial

22、riskthannon-state-ownedholdingcompaniescontrollingmoreuseoffinancialleveragemotivationandapparentlyreliedonshort-termliabilities,whichmayleadtomoreseriousfinancialriskespeciallyshort-termbusinessrisks,sothatthenon-state-ownedholdinglistedcompaniesshouldestablishmorestrictriskpreventionsystem.譯文介紹雖然債

23、權人可以通過制定各種保護性條款來保障自己的利益，但都是一些輔助性的措施，能夠有效保障他們利益的關鍵還得看公司的償債能力。所以，提高一個公司的償債能力，負債有上升的趨勢。另一方面，一個公司的償債能力越強也就越容易產生項目投資所需的現(xiàn)金，其總資產負債率也往往比較低，這與優(yōu)序融資理論的觀點相吻合。同理，一個公司的短期償債能力越強則短期資產負債率也就越低，長期償債能力越強則長期資產負債率也就越低。HarrisEriotis等表示短期償債能力和長期償債能力與總資產負債率具有顯著的負相關關系?？紤]到數(shù)據(jù)搜集的便利，本文用速動比率和現(xiàn)金流量債務比分別表示短期償債能力和長期償債能力來研究對上市公司資本結構的影

24、響。上市公司償債能力分析企業(yè)在需要資金時，對籌資方式的選擇有偏好順序，即按照內部留存收益，發(fā)行債券，發(fā)行股票的順序籌資。根據(jù)該理論，盈利能力強的企業(yè)，內部留存收益較多，若需籌資首先會考慮內部留存收益。所以，盈利能力應與總資產負債率負相關。然面對于債務避稅的理論認為，在其它條件相同的情況下，盈利性高的公司應當借更多債，因為它們利用債務避稅的需要更大，因此資產負債率更高。公司的快速成長離不開財務杠桿的支持，基于此，從美國最大的500家公司中選取378個樣本，研究發(fā)現(xiàn)不管是否存在最優(yōu)的資本結構，公司的負債都與成長性直接正相關。目前，大家對資本結構影響因素的分析大多采用多元線性回歸，由于通常的統(tǒng)計回歸

25、方法其函數(shù)形式的選擇往往帶有主觀因素，同時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)。隨機前沿面模型（StochasticFrontier）在數(shù)據(jù)包絡分析（DEA）方法的基礎上，利用數(shù)學規(guī)劃方法估計出有效生產前沿面，即經驗的前沿生產函數(shù)，克服了DEAJ法不存在隨機誤差項的假定，比較好地反映了函數(shù)的客觀性與最優(yōu)性。目前在經濟管理學，社會學以及醫(yī)學等領域開始得到了越來越多的應用。因此，本文應用隨機前沿面模型對上市公司資本結構影響因素的數(shù)據(jù)進行了比較全面的分析，以期為研究企業(yè)的最優(yōu)資本結構提供較好的科學依據(jù)。目前關于資本結構影響因素的研究有很多觀點，各個行業(yè)關注的因素也不完全相同，根據(jù)行業(yè)特征及其特殊性，我們主要圍繞以下幾個方面來對該行業(yè)資本結構的影響因素進行分析。本文解釋變量為資本結構為資產負債率，一般指總資產負債率，但為了更深入地研究上市公司的資本結構，本文從總資產負債率，短期資產負債率和長期資產負債率三個角度研究資本結構來說明。成長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期貸款，債權人都視成長性為一個公司的積極信號，所以上市公司這幾年的成長性越高，其短期資產率和長期資產負債率也越高，總資產負債率自然也就越高。但是成長性對房地產上市公司負債率的影響較?。ㄏ禂?shù)較?。?。公司規(guī)模對資本結構的影響與成長性有著相似的結