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(quán)人可以通過制定各種保護(hù)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(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。HarrisEriotis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)期償債能力來研究對(duì)上市公司資本結(jié)構(gòu)的影

24、響。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，即按照內(nèi)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)，內(nèi)部留存收益較多，若需籌資首先會(huì)考慮內(nèi)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，在其它條件相同的情況下，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

25、方法其函數(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（StochasticFrontier）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DEAJ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)以及醫(yī)學(xué)等領(lǐng)域開始得到了越來越多的應(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(gè)方面來對(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)來說明。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)人都視成長(zhǎng)性為一個(gè)公司的積極信號(hào)，所以上市公司這幾年的成長(zhǎng)性越高，其短期資產(chǎn)率和長(zhǎng)期資產(chǎn)負(fù)債率也越高，總資產(chǎn)負(fù)債率自然也就越高。但是成長(zhǎng)性對(duì)房地產(chǎn)上市公司負(fù)債率的影響較?。ㄏ禂?shù)較?。９疽?guī)模對(duì)資本結(jié)構(gòu)的影響與成長(zhǎng)性有著相似的結(jié)