【精品】企业偿债能力分析外文文献

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 a re 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 t hey 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

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 a nd 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

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 a nd 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

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.

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。

目前关于资本结构影响因素的研究有很多观点，各个行业关注的因素也不完全相同，根据行业特征及其特殊性，我们主要围绕以下几个方面来对该行业资本结构的影

响因素进行分析。本文解释变量为资本结构为资产负债率，一般指总资产负债率，但

为了更深入地研究上市公司的资本结构，本文从总资产负债率，短期资产负债率和长

期资产负债率三个角度研究资本结构来说明。

成长性是公司偿债能力最根本的保障，因此不管是短期贷款还是长期贷款，债权

人都视成长性为一个公司的积极信号，所以上市公司这几年的成长性越高，其短期资

产率和长期资产负债率也越高，总资产负债率自然也就越高。但是成长性对房地产上

市公司负债率的影响较小(系数较小)。公司规模对资本结构的影响与成长性有着相似

的结论，看来债权人尤其是银行都认为公司规模是衡量贷款风险的一个重要考虑指

标，公司规模越大，越具有稳定的现金流量，破产的风险也就更小，债权人也更愿意

把橄榄枝抛给规模大的企业。上市公司实际控制人类别对总资产负债率的影响系数为O.040017，这说明非国有控股上市公司的总资产负债率高于国有控股上市公司。产生

这种现象的原因可能是非国有控股上市公司更重视控制权收益，不希望股权融资稀释其控制权，因而更倾向于债务融资，这可能也说明非国有控股上市公司更有利用财务

杠杆做大做强企业的冲动。另外，上市公司实际控制人类别对短期资产负债率的影响

是其对长期资产负债率影响的 2.3倍，这说明非国有控股上市公司更倾向于利用短期

负债来扩大经营。

上市公司的偿债能力与总资产负债率呈显著的负相关关系，短期偿债能力对短期资产负债率具有决定性的影响。同样，长期偿债能力也对长期资产负债率具有决定性

的影响。行业较高的总资产负债率尤其是极高的短期负债比重是其主要的经营风险之

一，因此提高上市公司的偿债能力尤其是短期偿债能力(也就是要获得稳定的短期现

金流)，是降低其资产负债率和经营风险的有效选择。上市公司的ROA对资产负债率的影响要比ROE大得多，而且影响关系不一致，ROE越高，总资产负债率也越高，而ROA越高，总资产负债率却越低，而且短期负债对ROA的影响更加明显，这种差异主

要是由于上市公司特殊的资本结构特征所引起的，因此上市公司需要改善资本结构，

即降低总资产负债率并在负债结构中特别需要降低短期负债的比重，以提升公司的盈利能力ROA。成长性和公司规模对资本结构具有显著的正面影响,这主要是由于成长性是公司偿债能力的根本,而公司规模则是债权人衡量企业破产风险的主要指标。因此，上市公司从根本上应该通过不断成长发展来壮大企业，从而使总资产负债率具有较高

的安全边际，通过成长性来不断化解财务风险。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，而且明显倚重短期负债。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该建立更加严格的风险防范体系。