1、【精品文檔】如有侵權，請聯系網站刪除，僅供學習與交流企業償債能力分析外文文獻.精品文檔.外文文獻原稿和譯文原 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 companys solvency. Theref

2、ore, to improve a companys solvency Liabilities are on the rise. On the other hand, the stronger a companys 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. Simila

3、rly, a companys short-term 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 int

4、erest coverage ratio, respectively, 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 ca

5、sh flow impact on the real 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,

6、 strong corporate profitability, 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

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

8、ss of whether there is an optimal capital structure, the companys 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 companys growth as a positive signal, so the listed companies i

9、n recent 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 c

10、apital structure 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 w

11、illing to 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 companys total assets and liabilities higher than the state-owned holding companies. The

12、 reason 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 fi

13、nancial 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 shor

14、t-term 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

15、industry 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 lon

16、g-term 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 re

17、gression 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 progr

18、amming 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 app

19、lications. 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 company

20、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 total debt

21、 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 ROA of lis

22、ted 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, this differ

23、ence 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 debt in

24、 particular, in order to enhance the companys profitability ROA. growth and company size has a significant positive impact on the capital structure, which is mainly due to the growth of the companys solvency is fundamental, The size of the company is the main indicator to measure the bankruptcy cred

25、itor 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 controlling more use

26、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 雖然債權人可以通過制定各種保護性條款來保障自己

27、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金，其總資產負債率也往往比較低，這與優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。Harris Eriotis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。考慮到數據搜集的便利，本文用速動比率和現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響。上市公司償債能力分析企業在需要資金

28、時，對籌資方式的選擇有偏好順序，即按照內部留存收益，發行債券，發行股票的順序籌資。根據該理論，盈利能力強的企業，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，研究發現不管是否存在最優的資本結構，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，由于通常的統計回歸方法其函數形式的選擇往往帶有主觀因素，

29、同時普通回歸方法使函數帶有平均性，這樣函數的最優性和客觀性往往難以體現。隨機前沿面模型(Stochastic Frontier)在數據包絡分析(DEA)方法的基礎上，利用數學規劃方法估計出有效生產前沿面，即經驗的前沿生產函數，克服了DEA方法不存在隨機誤差項的假定，比較好地反映了函數的客觀性與最優性。目前在經濟管理學，社會學以及醫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據進行了比較全面的分析，以期為研究企業的最優資本結構提供較好的科學依據。目前關于資本結構影響因素的研究有很多觀點，各個行業關注的因素也不完全相同，根據行業特征及其特殊性，我們主要圍繞以下幾個方面來對該行業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，