1、北京化工大學(xué)北方學(xué)院畢業(yè)設(shè)計(jì)（論文）外文文獻(xiàn)原稿和譯文外文文獻(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 companys solvency. Therefore, to improve a

2、 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. Similarly, a companys s

3、hort-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 interest coverage ra

4、tio, 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 cash flow impact on

5、 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. Accordingtothistheory, strongcorporateprof

6、itability, retainedearningsmoreFor 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 mo

7、re because they use avoidance of the need for greater debt, and therefore higher debt ratio.0北京化工大學(xué)北方學(xué)院畢業(yè)設(shè)計(jì)（論文）外文文獻(xiàn)原稿和譯文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 regardless of whe

8、ther 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 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 st

10、ructure 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 bankruptcy it is smaller, the creditors are more willing to throw

11、 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 reason for thi

12、s 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 inclinedtodebtfinancing,whichmayalsoexplainthenon-state-controlledlisted companies better use of financial leverage enterpri

13、ses 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-term debt to expand its

14、 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 industry capital structur

15、e. The article explained variable - capital structure for the asset-liability generally refers to the total debt ratio, butfor more in-depth study of capital structure of listed companies, the paper from the total debtratio, short-term assets and liabilities and1北京化工大學(xué)北方學(xué)院畢業(yè)設(shè)計(jì)（論文）外文文獻(xiàn)原稿和譯文long-term

16、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 regressio

17、n 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 programming

18、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 applicatio

19、ns. 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 companys solve

20、ncy 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 ratio

21、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 listed com

22、panies is much greater influence than ROE of asset-liability ratio, and affect the relationship is 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 difference is mainly due to

23、 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 toreduce the total assets and liabilities rate debt structure and the need to reduce the proportion of short-term debt in particular, in order

24、to enhance the companys profitability ROA. growth and company size has a significant positive impact on the capital structure, which is mainly2北京化工大學(xué)北方學(xué)院畢業(yè)設(shè)計(jì)（論文）外文文獻(xiàn)原稿和譯文due to the growth of the companys solvency is fundamental, The size of the company is the main indicator to measure the bankruptcy creditor risk. Therefore, listed companies should be radically to grow through continuous growth and development of enterprises, so that the total debt rat