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1、外文文件原稿和译文原 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 companys solvency Liabilit

2、ies 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 short-term liquidity, the st

3、ronger 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, respectively, short-te

4、rm 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 real estate debt capit

5、al 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 profitability, retained ear

6、nings 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 more debt, becausethey

7、 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优选文库select 378 samples from the 500 largest US companies, the researchers found regardless of whether there is an optimal capital struct

8、ure, 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 years of growth, the higher its rate an

9、d short-term assets The higher rate of long-term assets and liabilities, total assets and liabilities naturally higher, but theimpact on growth of real estate companies listed on a smaller debt ratio (coefficient is small). The risk of firm size and capital structure affect the growth has a similar

10、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 to throw an olive branch large-scale enter

11、prises. 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 assetsand liabilities higher than the state-owned holding companies. The reason for this phenomenon may be non-state-contr

12、olled 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 financial leverage enterprises bigger and stronger i

13、mpulses. 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 operations.Current resea

14、rch 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 structure. The article explained

15、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-term debt ratio of three angles of Capital struc

16、ture explanatory.At present, domestic and foreign scholars analyzed factors on capital structure mostly2优选文库used multiple linear regression, as usual statistical regression function in the form of their choice is often subjective factors, but ordinary regression methods to make function with average

17、 resistance, most such functions excellent and objectivity are often difficult to basestochasticfrontier model(StochasticFrontier)in dataenvelopmentanalysismethod, estimate the effective production frontier using mathematical programming method,namely the experience of frontier production function,

18、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 medicine, began to get more and more applications. Therefore, in this paper, stochasticfrontier model data on the

19、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 solvency and overall asset-liability ratio was significantly negatively c

20、orrelated 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 particularly high proportion of short-term debt is one of the main b

21、usiness 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 companies is much greater influence than ROE of asset-liability ratio,

22、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 difference is mainly due to the special structure of listed companies due to the

23、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 particular, in order to enhance the companys profitability ROA. growth an

24、d 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 creditor risk. Therefore, listed companies should be radically to grow through

25、 continuous growth and development of enterprises, so that the3优选文库total debt ratio has a high margin of safety, through growth to continue to resolve financial risk than non-state-owned holding companies controlling more use of financial leverage motivation and apparently relied on short-term liabi

26、lities, which may lead to moreserious financial risk especially short-term business risks, so that the non-state-owned holding listed companies should establish more strict risk prevention system.4优选文库译 文介绍固然债权人能够经过拟订各样保护性条款来保障自己的利益,但都是一些协助性的举措,能够有效保障他们利益的重点还得看公司的偿债能力。所以,提高一个公司的偿债能力,欠债有上涨的趋向。另一方面,一个

27、公司的偿债能力越强也就越简单产生项目投资所需的现金,其总财产欠债率也常常比较低,这与优序融资理论的看法相符合。同理,一个公司的短期偿债能力越强则短期财产欠债率也就越低,长久偿债能力越强则长久财产欠债率也就越低。 HarrisEriotis等表示短期偿债能力和长久偿比率和现金流量债务比分别表示短期偿债能力和长久偿债能力来研究对上市公司资 本构造的影响。上市公司偿债能力剖析公司在需要资本时,对筹资方式的选择有偏好次序,即依照内部保存利润,刊行债券,刊行股票的次序筹资。依据该理论,盈余能力强的公司,内部保存利润许多,若需筹资第一会考虑内部保存利润。所以,盈余能力应与总财产欠债率负有关。然面对于债务避

28、税的理论以为, 在其余条件相同的状况下, 盈余性高的公司应当借更多债, 因为它们利用债务避税的需要更大,所以财产欠债率更高。公司的迅速成长离不开财务杠杆的支持,鉴于此,从美国最大的 500 家公司中选用 378 个样本,研究发现不论能否存在最优的资本构造,公司的欠债都与成长性直接正有关。当前,大家对资本构造影响要素的剖析大多采纳多元线性回归,因为往常的统计回归方法其函数形式的选择常常带有主观要素,同时一般回归方法使函数带有均匀性,这样函数的最优性和客观性常常难以表现。 随机前沿面模型 (Stochastic Frontier)在数据包络剖析 (DEA)方法的基础上,利用数学规划方法预计出有效生

29、产前沿面,即经验的前沿生产函数,战胜了 DEA 方法不存在随机偏差项的假设,比较好地反应了函数的客观性与最优性。当前在经济管理学,社会学以及医学等领域开始获取了愈来愈多的应用。所以 , 本文应用随机前沿面模型对上市公司资本构造影响要素的数据进行了比较全面的剖析,以期为研究公司的最优资本构造供给较好的科学依照。5优选文库当前对于资本构造影响要素的研究有好多看法, 各个行业关注的要素也不完整相同,依据行业特点及其特别性,我们主要环绕以下几个方面来对该行业资本构造的影响要素进行剖析。本文解说变量为资本构造为财产欠债率,一般指总财产欠债率,但为了更深入地研究上市公司的资本构造,本文从总财产欠债率,短期

30、财产欠债率和长久财产欠债率三个角度研究资本构造来说明。成长性是公司偿债能力最根本的保障,所以不论是短期贷款仍是长久贷款,债权人 都视成长性为一个公司的踊跃信号,所以上市公司这几年的成长性越高,其短期财产率 和长久财产欠债率也越高,总财产欠债率自然也就越高。可是成长性对房地产上市公司 ( ) 看来债权人特别是银行都以为公司规模是权衡贷款风险的一个重要考虑指标,公司规模 越大,越拥有稳固的现金流量,破产的风险也就更。ㄈ艘哺敢獍验祥ε赘婺4蟮墓。 上市公司实质控制人类型对总财产欠债率的影响系数为O.040017 ,这说明非国有控股上市公司的总财产欠债率高于国有控股上市公司。产生这类现象

31、的原由可能是非国有控股上市公司更重视控制权利润,不希望股权融资稀其控制权,因此更偏向于债务融资,这可能也说明非国有控股上市公司更有益用财务杠杆做大做强公司的激动。此外,上市公司实质控制人类型对短期财产欠债率的影响是其对长久财产欠债率影响的 2.3 倍,这说明非国有控股上市公司更偏向于利用短期欠债来扩大经营。上市公司的偿债能力与总财产欠债率呈明显的负有关关系, 短期偿债能力对短期财产欠债率拥有决定性的影响。相同,长久偿债能力也对长久财产欠债率拥有决定性的影响。行业较高的总财产欠债率特别是极高的短期欠债比重是其主要的经营风险之一,所以提高上市公司的偿债能力特别是短期偿债能力( 也就是要获取稳固的短

32、期现) ROA ROE ROE 越高,总财产欠债率也越高,而ROA ROA 的影响更为显然,这类差别主假如因为上市公司特别的资本构造特点所惹起的,所以上市公司需要改良资本构造,即降低总财产欠债率并在欠债构造中特别需要降低短期欠债的比重,以提高公司的盈利能力 ROA。成长性和公司规模对资本构造拥有明显的正面影响 , 这主假如因为成长性是公司偿债能力的根本 , 而公司规模则是债权人权衡公司破产风险的主要指标。 所以,上市公司从根本上应当经过不停成长发展来壮大公司,进而使总财产欠债率拥有较高6优选文库的安全边沿,经过成长性来不停化解财务风险。非国有控股比国有控股上市公司更有利用财务杠杆的动机,并且显然倚重短期欠债。这可能会带来比较严重的财务风险特别是短期经营风险,所以,非国有控股上市公司应当成立更为严格的风险防备系统。7

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