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北京化工大学北方学院毕业设计（论文）——外文文献原稿和译文

外文文献原稿和译文

原 稿

Introduction

Although 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 company's solvency. Therefore, to improve a company's solvency Liabilities are on the rise. On the other hand, the stronger a company's 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 company's 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 interest 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 cash flow impact on the real estate debt capital structure of listed companies.

Listed Companies Solvency Analysis

When 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 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 company should borrow more debt, because they use avoidance of the need for greater debt, and therefore higher debt ratio. rapid growth of the company's financial leverage without the support, based on this, to

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北京化工大学北方学院毕业设计（论文）——外文文献原稿和译文

select 378 samples from the 500 largest US companies, the researchers found that regardless of whether there is an optimal capital structure, the company's 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 company's growth as a positive signal, so the listed companies in 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 capital 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 willing 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 company's total assets and liabilities higher than the state-owned holding companies. The 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 financial 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 short-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 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 long-term debt ratio of three angles of Capital structure explanatory.

At present, domestic and foreign scholars analyzed factors on capital structure mostly

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北京化工大学北方学院毕业设计（论文）——外文文献原稿和译文

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 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 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 applications. 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'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 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 listed 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 difference 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 particular, in order to enhance the company's profitability ROA. growth and company size has a significant positive impact on the capital structure, which is mainly due to the growth of the company's 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

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北京化工大学北方学院毕业设计（论文）——外文文献原稿和译文

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 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.

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北京化工大学北方学院毕业设计（论文）——外文文献原稿和译文

译 文

介绍

虽然债权人可以通过制定各种保护性条款来保障自己的利益，但都是一些辅助性的措施，能够有效保障他们利益的关键还得看公司的偿债能力。所以，提高一个公司的偿债能力，负债有上升的趋势。另一方面，一个公司的偿债能力越强也就越容易产生项目投资所需的现金，其总资产负债率也往往比较低，这与优序融资理论的观点相吻合。同理，一个公司的短期偿债能力越强则短期资产负债率也就越低，长期偿债能力越强则长期资产负债率也就越低。Harris Eriotis等表示短期偿债能力和长期偿债能力与总资产负债率具有显著的负相关关系。考虑到数据搜集的便利，本文用速动比率和现金流量债务比分别表示短期偿债能力和长期偿债能力来研究对上市公司资本结构的影响。

上市公司偿债能力分析

企业在需要资金时，对筹资方式的选择有偏好顺序，即按照内部留存收益，发行债券，发行股票的顺序筹资。根据该理论，盈利能力强的企业，内部留存收益较多，若需筹资首先会考虑内部留存收益。所以，盈利能力应与总资产负债率负相关。然面对于债务避税的理论认为，在其它条件相同的情况下，盈利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，因此资产负债率更高。公司的快速成长离不开财务杠杆的支持，基于此，从美国最大的500家公司中选取378个样本，研究发现不管是否存在最优的资本结构，公司的负债都与成长性直接正相关。

目前，大家对资本结构影响因素的分析大多采用多元线性回归，由于通常的统计回归方法其函数形式的选择往往带有主观因素，同时普通回归方法使函数带有平均性，这样函数的最优性和客观性往往难以体现。随机前沿面模型(Stochastic Frontier)在数据包络分析(DEA)方法的基础上，利用数学规划方法估计出有效生产前沿面，即经验的前沿生产函数，克服了DEA方法不存在随机误差项的假定，比较好地反映了函数的客观性与最优性。目前在经济管理学，社会学以及医学等领域开始得到了越来越多的应用。因此,本文应用随机前沿面模型对上市公司资本结构影响因素的数据进行了比较全面的分析，以期为研究企业的最优资本结构提供较好的科学依据。

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