企业偿债能力分析外文文献
企业偿债能力文献综述范文
企业偿债能力文献综述范文英文回答：Title: Corporate Solvency and Credit Risk: A Literature Review.Introduction:Corporate solvency, the ability of a firm to meet its financial obligations as they become due, is a critical determinant of its financial health and long-term sustainability. Assessing corporate solvency is crucial for investors, creditors, and other stakeholders to evaluate the risk associated with investing in or lending to a particular firm. This literature review aims to provide a comprehensive overview of the existing research on corporate solvency, focusing on the various approaches used to assess it and the factors that influence it.Approaches to Assessing Corporate Solvency:Researchers have developed numerous approaches to assess corporate solvency, each with its strengths and weaknesses. Some of the most widely used methods include:Financial Ratios: Financial ratios, such as the debt-to-equity ratio and the current ratio, provide insightsinto a firm's financial structure, liquidity, and profitability. A high debt-to-equity ratio, for example, may indicate a higher risk of insolvency.Credit Scoring Models: Credit scoring models, such as the Altman Z-Score and the Moody's KMV EDF Score, use statistical techniques to assign a score to a firm based on various financial and non-financial factors. A higher score generally indicates a lower risk of default.Cash Flow Analysis: Cash flow analysis examines the flow of cash into and out of a firm, providing insightsinto its ability to generate cash from operations and meet its obligations. A negative cash flow from operations can raise concerns about solvency.Going-Concern Assessment: Going-concern assessments consider a firm's future prospects and ability to continue operating as a going concern. Factors such as industry trends, competitive pressures, and management effectiveness are evaluated to assess the likelihood of a firm's survival.Factors Influencing Corporate Solvency:The solvency of a firm is influenced by a wide range of factors, both internal and external. Internal factors include:Management Quality: Effective management, with astrong understanding of financial risk and a commitment to sound financial practices, can enhance corporate solvency.Capital Structure: The composition of a firm's debtand equity financing can impact its solvency. A higher proportion of debt financing increases the risk of insolvency.Business Model: The underlying business model,including industry dynamics, competitive pressures, and operating margins, can affect a firm's ability to generate cash and meet its obligations.External factors influencing corporate solvency include:Economic Environment: Economic downturns, recessions, and market volatility can adversely impact a firm's sales, profits, and cash flow, increasing the risk of insolvency.Regulatory Changes: Changes in regulatory policies, such as increased capital requirements or accounting standards, can impose additional financial burdens on firms and affect their solvency.Competitive Landscape: Intense competition, market share erosion, and technological disruptions can reduce a firm's profitability and weaken its financial position.Implications for Investors and Creditors:Understanding corporate solvency is essential for investors and creditors to make informed decisions.Investors need to assess the risk of insolvency associated with potential investments, while creditors need to assess the creditworthiness of firms to mitigate the risk of default. The findings of this literature review provide insights into the approaches used to assess corporate solvency and the factors that influence it, enabling investors and creditors to make more informed judgments about the financial risks involved.Conclusion:Corporate solvency is a complex and multifacetedconcept that should be evaluated using a comprehensive approach that considers both financial and non-financial factors. By employing appropriate assessment techniques and understanding the factors that influence corporate solvency, investors and creditors can better assess the risk associated with investing in or lending to particular firms, enabling them to make more informed financial decisions.中文回答：企业偿债能力文献综述。
企业偿债能力分析论文
目录摘要........................................................................................................ - 1 -第一章我国企业偿债能力简要分析............................................. - 2 -第二章我国企业偿债能力分析中存在的问题................................. - 2 -2.1传统的偿债能力 ...................................................................... - 2 -2.2分析方法存在的问题 .............................................................. - 2 -2.3偿还债务资金来源单一化 ...................................................... - 2 - 第三章出现偿债能力分析的原因 ................................................... - 3 -3.1在短期偿债能力分析上的局限性 .......................................... - 3 -3.2在长期偿债能力分析上存在的局限性 .................................. - 3 -3.3企业偿债能力的分析数据的来源存在一定的局限性。
...... - 3 - 第四章企业偿债能力分析的改进 ..................................................... - 4 -4.1对短期偿债能力的分析 .......................................................... - 4 -4.2对长期偿债能力分析 .............................................................. - 4 - 参考文献： ........................................................................................... - 5 -企业偿债能力分析摘要：在有效的市场经济条件下，负债经营已经成为现代企业的基本经营策略。
上市企业偿债能力外文翻译文献编辑
文献信息文献标题：Firm’s Size and Solvency Performance: Evidence from the Malaysian Public Listed Firms（公司规模和偿债能力：来自马来西亚上市公司的证据）文献作者：AK Ramin等文献出处：《Journal of Engineering and Applied Sciences》,2017, 12(5): 1240-1244字数统计：英文3045单词，15732字符；中文4929汉字外文文献Firm’s Size and Solvency Performance: Evidence from theMalaysian Public Listed FirmsAbstract Firm solvency is one of the important indicators in measuring firm’s performance. Firm ability to grow and sustaining their business in the highly competitive business environment depends significantly on its cash flow management capacity that subsequently results to a business stay solvent at every phase of business life cycle. Early detection of financial distress is important for every firm of various sizes. Previous findings on firm’s size and solvency performance varies which tendency on agreeing to the assumption that larger firms have the advantages to avoid insolvency as compare to smaller firms. However, previous studies have also revealed that larger firms such as public listed company were not escape from facing financial distress which eventually lead to insolvency. Therefore, the study was aimed to mdentify the influence of firm’s size and solvency performance of public listed firms in Malaysia. A total of 149 firms were used to measure their financial data performance for a period between 2011 and 2014. Firm total assets and paid capital were used as a proxy to firm size. The current ratio and debt ratio were used as a proxy to measure the solvency performance. The study found that firm size measuredby total assets has moderately influence the solvency performance of firms indicated by the debt ratio and current ratio. However the firm size measured by paid-up capital has lesser influence on solvency performance measured by debt ratio and no influence on current ratio.Kev words: Current ratio, debt ratio, firm size. Insolvency, liquidity, SolvencyINTRODUCTIONIn any situation, firms should be able to meet short and long term obligation to achieve operational sustainability. In this situation, firms with operational sustainability were regarded as in the position of solvency. Insolvency occurs when a firm’s total liabilities exceeded a fair valuation of its total assets. Previous study by Brigham and Houston (2012) described technical insolvency as the position whereby firms were unable to meet their current obligations as they fall due (that is the firm’s current assets are lower than its current liabilities) despite having higher total assets than the total liabilities. Early detection of financial distress is important in avoiding insolvency. Public listed firms were relatively capable in managing liquidity to ensure that they remain in solvency position sustainably. Previous findings on the relation ship between firm’s size and solvency performance shows mixed result which tendency on agreeing to the assumption that large firms have the advantages over small firm to remain solvent. However, prior studies have also revealed that larger firms such as public listed companies were not immune from having financial distress which eventually leads to insolvency. Firm ability in servicing and repaying debts was the main indicator of the solvency position measurement of any firms (Zhang and Zhang, 2010). Earlier empirical studies by Coleman (2002), Obert and Olawale (2010) that focus on larger firm in various developed countries suggest that large firms showed that size have significant impact on the ability in serving debts lead to greater chances in sustaining their solvency position. This finding consistent with a study by Sahudin et al. (2011 ) in which larger firms allows a greater level of debt management towards their ability to sustain the solvency position. Despite many findings revealed that larger firms have an advantages over the smaller firms in managing their liquidity,there were cases particularly in which Practice Note (PN 17) was served to considerably large firms listed in Bursa Malaysia as a result of liquidity issues. PN 17 is the control procedure specifically for public listed companies which are facing financial distress and to be delisted from the stock exchange. There were 21 firms subjected to PN 17 as at first half of 2015 bringing the total listing of financial distress firms to 2.32% of the total listed firms on the stock exchange. Shareholders and investors continue to demand for healthy firms to ensure their investments. Solvency and liquidity of firms would remains significant elements for managers to manage for sustainability of the firms. It is pertinent for managers to understand about business failures, its causes and its possible remedies (Sulub, 2014). Therefore, the study was aimed to mdentify the influence of firm’s size on solvency performance of public listed firms on the Bursa Malaysia (BM).LITERIATURE REVIEWPast researchLun and Quaddus (2011 ) in their study among Hong Kong electronic industry propagated that firm size does influence the performance of business. In other findings suggested that smaller firms were more likely to issue equity while larger firms are more likely to issue debt rather than equity which influence the liquidity. Past study done by Cassar and Holmes (2003) and Esperanca et al. (2003) found a positive relationship between firm size and long-term debt but a negative relationship with short-term debt which eventually influence the liquidity. Other study suggested that firm size and capital structure strategy may influence firm’s solvency performances. Other finding by Beck et al. (2008) indicated that firms size influence the firm’s performance which includes the solvency and liquidity operation. Findings from Rajeev indicated that small firms were much faced higher risks of liquidity as compared to those larger firms. Therefore, these two findings show a risk versus return trade-off that exists at the firm performance level in relation to firm’s size. Justification of this findings propagated that larger firms have the advantages to access for better resources and skill competencies to better manage the firm. Otherproponent to this hypothesis added that economies of scale only can only be found at larger firms (Nguyen and Reznek, 1991). Despite many findings propagated that larger firms have better performance in term of solvency, there were findings which argued that smaller firms may also performance better in term of efficiency, growth and liquidity. Recent finding by Vithessonthi and Tongurai (2015), firm size does not influence the firm performances during the 2000-2009 Thailand financial crisis.Other finding by Campos and Sanchis (2015) firm’s size among agricultural industry in Spam does not influence the performance of liquidity and solvency of the industry. In general, performance of firms such as the productivity, firm size to be found in mix ed contribution towards firm’s productivity which could influence the financial health of the operation (Pompe and Bilderbeek, 2005). Earlier finding by Michaelas et al. (1999) also supported that a debt ratio and firm’s size could correlate depending on the other factors within the firms.Other findings by Bourlakis et al. (2014) suggest different small firm performed better in case of agriculture industry in Greek. Small firms preferred to opt for short-term finance as compared to larger firms and better performed as opposed to larger firms. It may caused small firms highly sensitive to short term economic environment as oppose to larger firms. It is concluded that the relationship between firm’s size and firms performance findings varies as many other fac tors may influence the both variables. It is therefore, continuous study on this issues remain relevant as economic factors continue to influence firms operation.Firm sizeFirm size has been widely used as a control variable in empirical research specifically to corporate finance. Firm size matter for many reasons, it is said that larger firms are better in managing their cash flow, therefore difficult to fail and liquidate (Shumway, 2001 ). Size can also be the proxy for the volatility of firm’s assets. Additionally, measurement of firm size varies according to the research perspective. Rajeev suggested that firm size is defined according to the value of a firm’s assets. In addition, Sahudin et al. (2011 ) propagated that the size of firm is defines as the logarithm of total assets of the firms used in business; Firm s= log e,Total asset. Previous scholar such as Kato and Honho and Sun preferred to use total assets value to represent firm’s size to measure liquidity and predictor for bankruptcy. While some researchers used asset value as the proxy to firm’s size, others have suggested alternative measurement such as paid up capital as a proxy for firm’s size. According to Allen paid-up capital for a firms company is the number of shares outstanding multiplies the face value of the shares. Kidanu defined paid-up capital as the amount of capital which is contributed/paid by owner(s) during the establishment of a firm adopting measurement of firm’s size using paid-up capital is a more stable measure of firm size (Ponnu and Okoth, 2009). Other researcher suggested that total assets as a proxy for firm size indicated the influence of firm’s size and solvency performance (Vithessonthi and Tongurai, 2015). In view of the widely adopted by other researcher, this stud y employed this variable as the proxy for firm’s size.SolvencyThe importance of knowing solvency through the optimal debt ratio could help policymakers and financial managers to formulate an appropriate financing policy that could prevent companies from going into financially distressed situation due to excessive level of debt (Ahmad and Abdullah, 2011). Previous researches works widely suggested that ‘Debt Ratio’ (DR) and ‘Debt to Equity Ratio’ (DER) be used as a proxy to solvency (Khidmat and Rehman, 2014). DR was widely used as its reflecting the company’ liability situation and has the best protection degree for borrower’s benefit and it is the basic ratio in translatmg financing structure as well as easy to define and calculate (Li and Jian, 2008). Other proponent on the use of DR was finding by Ahmad and Abdullah (2011) in which DR was consistent with trade-off theory which hypothesize that high debt ratio will lead to financial distress and thus deteriorate the firm value. Other measurement on solvency was based on performance of Current Ratio (CR). The CR measure a firm’s ability to pay current obligations on business such as operating and financial expenses is current ratio. Current ratio consists of cash and near-cash assets (together called “current” assets) of a business on one side and immediate payment obligations (current liabilities) on the other side. Using the CR to measure solvency enable firms to monitor paymentobligations include dues to suppliers, operating and financial expenses that must be paid shortly and maturing installments under long-term debt (Saleem and Rehman, 2011; Altman, 1968). It is therefore, CR and DR were adopted in this study as a proxy for solvency performance.MATERIALS AND METHODSThis study employs quantitative methodology involving collection of secondary audited financial data from 149 firms for a period between 2011 and 2014 representing a sample size of 16% from a total of 934 firms listed on Bursa Malaysia. Quantitative method based on secondary data was employed as simple random sampling technique was employed to select a sample representing type of sector and firm size. Table 1 shows industrial product accounts the largest number of the samples which were 47 firms (31 .5%) and followed by trade and service sector of 35 firms (23.5%). There were 25 firms or 16.8% representing consumer sector. Property sector accounts for 12.1 % or 18 sample firms. The remaining samples came from construction, plantation and technology and hotel industry. Detail breakdown of samples firms is depicted in Table 1 (Dhawan, 2001).Table I : Samples firms by sectorsSector Frequency PercentageIndustrial product 47 31.5Trade and service 35 23.5Consumer 25 16.8Property 18 12.1Construction 9 6.0Plantation 7 4.7Technology 5 3.4Finance 3 2.0Total 149 100.0Data observations covers annual reports from 149 firms for 4 years period were analysis using excel prior to further analysis using SPSS. Firm size was measure by total assets of the firms and paid up capital. Total assets were derived as:Fixed assets + Current assets (1) Debt ratios were calculated as:Total debt/total asset (2)Current ratios were calculated as:Total current assets/Total current liabilities (3)RESULTS AND DISCUSSIONDescriptive analysis on debt ratios and current ratio resulted in their respective mean scores of each firm’s size category as depicted in Table 2 mean score for DR varies according to firm’s size in which small f irms scored mean of 0. 259, medium size; 0.378 and larger firm scored mean of 0. 452. For the CR, small firm scored mean of 6.605, medium firm; 2.534 and larger firm scored 2.562. Correlation test on the relationship between firm size (total assets) and DR yielded p<0. 005 and r-value of 0.313 indicated that there was a moderate positive correlation between two variables as depicted in Table 3. Firm size (total assets) value correlate with the performance firm’s debt ratio indicating that as the asset value increase it will also resulted to moderate and significant increase in the firm’s DR.Table 2: Mean score of DR and CR for various firm’s sizeFrim size (total assets) Mean Debt Ratio (DR) Mean Current Ratio (CR) Small frim (TA<RM 100mil) 0.259 6.605 Medium frim (RM 100mil<TA<RM 499 mil) 0.378 2.534Large frim (TA>RM 499 mil) 0.452 2.562 Table 3: Correlation between total assets and debt ratio from year 2011 -2014 spearman's rho DR TADRCorrelation coefficient 1.000 0.313**Sig. (2-tailed)- 0.000N 149 149TACorrelation coefficient0.313** 1.000Sig. (2-tailed)0.000 -N 149 149* *Correlation is significant at the 0.01 level (2-tailed)Further, test on the correlation between firm sizes (total assets) on CR yielded r-value of 0.194 and p-value of 0.018, p<0. 005 indicated that was a weak and significant positive correlation between the two variables as highlighted in Table 4.Table 4: Correlation between total assets and current ratio from years 2011-2014spearman's rho CR TACRCorrelation coefficient 1.000 0.194*Sig. (2-tailed)- 0.018N 149 149TACorrelation coefficient0.194* 1.000Sig. (2-tailed)0.018 -N 149 149* *Correlation is significant at the 0. 05 level (2-tailed)A test was also conducted on the relationship between firm size measures by paid-up capital against the DR. The finding indicated that there was a weak and significant positive correlationbetween paid-up capital and debt ratio, r = 0.299, p<0. 005 (Table 5 and 6).Table 5: Correlation between paid-up capital and debt ratio from years 2011-2014 spearman's rho DR Paid-up capitalDRCorrelation coefficient 1.000 0.299**Sig. (2-tailed)- 0.000N 149 149Paid-up capitalCorrelation coefficient0.299** 1.000Sig. (2-tailed)0.000 -N 149 149Table 6: Correlation between paid-up capital and current ratio from years 2011-2014 spearman's rho CR Paid-up capitalCRCorrelation coefficient 1.000 0.214**Sig. (2-tailed)- 0.009N 149 149Paid-up capitalCorrelation coefficient0.214** 1.000Sig. (2-tailed)0.009 -N 149 149The final test on the relationship between paid-up capital and current ratio yielded r = 0. 214, p<0. 009. The result indicated that there was a weak and significant positive correlation between the two variables. All in all, the correlation analysis indicates that there exist significant positive correlation between measure of firm sizeand solvency performance. Nevertheless, it is important to note the correlations are rather weak. With highest linear correlation at 0.313 it does suggest that firm size has quite minimum impact on firm’s solvency performance. The findings also support prior studies that the relationship between firm size and solvency performance is mixed.CONCLUSIONSummary of the findings can be concluded that firm’s size measured by total assets does influence the firm’s solvency performance for both measurement of debt ratio and current ratio. The ability to optimize higher assets value may help firm improve their liquidity. This findings was consistence with previous studies by Michaelas et al. (1999), Hall et al. (2000) and Sogorb-Mira (2005) in which a positive relationship between firm size (assets) and leverage and solvency measured in the ratio of total debt (long-term debt).As for the relationship between paid-up capital and solvency performance, the debt ratio found to be influence by the paid-up capital while current ratio showed no relationship with the size of paid-up capital. It was nature of paid-up capital which used as initial resources to start the business operation. Over the time paid up capital relatively experience fewer changes despite the need for additional resources. Firms are preferred to sources external funding as compare to equity financing. However, the use of debt can also increase the financial risk of a firm and lead to the insolvency. According to Coleman and Cohn (2002) and Coleman (2002), debt is one of the variables that can cause insolvency for most of firms. Failure rates in the range of 50-75% were commonly cited for smaller firms, making it difficult for smaller firms to raise external capital from either debt or equity providers. The weak of financial structure as reflected by the gearing (debt-equity ratio) has been found to be the key source of insolvency. Many firms were unable to keep up this high debt ratio and, later become insolvent. A high debt ratio in itself, does not make a firm insolvent as long as the firm is earning enough to cover interest and principal payments when it they come due. However, the more leveraged a firm is the more vulnerable it is tobankruptcy. Therefore, the flow of earnings and the ability of the firm to make interest and principal payments will determine whether the firm will actually become insolvent or otherwise (Kim and Lee, 2002). The prediction and prevention of financial distress is one of the major factors that should be analyzed in advance as an early warning signal and to avoid bankruptcy. In addition to the awareness that can make a company successful, it is also useful for managers to have an understanding of business failures and bankruptcy, its causes and its possible remedies. In conclusion, firm size does matter, although the impact is quite small in term of their influence towards solvency performance. However, equally important is the ability of the managers to leverage available resources within the firms to strive for healthy financial position and remain solvent all the time.中文译文公司规模和偿债能力：来自马来西亚上市公司的证据摘要企业偿债能力是衡量企业绩效的重要指标之一。
上市公司偿债能力分析以及外文文献参考【模板】
开题报告上市公司偿债能力分析一、立论依据1.研究意义、预期目标研究意义：随着社会主义市场经济的逐步建立与发展，企业已从政府拨款为主的筹资方式，转为自有资金、借入资金等同时并存的筹资方式，负债经营已为企业普遍采用。
负债经营不仅可以解决企业资金短缺问题，还可以产生财务杠杆效应，为企业的所有者带来更多的效益。
但是，负债经营也存在着风险，如资产负债率偏高，债务负担过重，偿债困难，银行与企业或企业与企业之间互相拖欠借款，应收款收不回，应付款付不出等等现象。
因此，企业在最大限度地充分利用外部资金的同时，还要重视对偿债能力的分析。
它有利于正确评价企业的财务状况，有利于投资者进行正确的投资决策，有利于企业经营者进行正确的经营决策，有利于债权人进行正确的借贷决策。
由此可见，对企业偿债能力的分析是非常有必要的。
预期目标：本文在参照国内外已有研究结论的基础上，从偿债能力的各种指标入手，以沪市电子行业上市公司为研究对象，以财务管理理论、财务战略管理理论、财务评价理论为指导，通过数理统计和数据挖掘等方法，对上市公司偿债能力进行了研究，并测定了电子行业偿债能力指标的标准值，从而为电子业上市公司在充分利用外部资金的同时有个明确的度量，为增强制造业上市公司的竞争力提供一定的探索性建议,为政府监管部门提供政策性意见以及为相关理论研究做出贡献。
2.国内外研究现状在对沪市电子行业的财务分析中，偿债能力分析占据了十分重要的位置。
目前国内外学者对于企业偿债能力分析的研究已取得了可观的成果，但是由于样本选取，研究方法及绩效评价角度的差异，造成研究结果并不一致。
国内研究，蒋理标（2005）提出在市场经济条件下，负债经营时现代企业的基本经营策略，如何分析企业偿债能力是企业进行负债经营风向管理的关键环节。
现有的偿债能力分析主要是通过研究企业资产负债表中各项目的结构关系及各项目的变动情况，来确定企业财务状况是否健康、偿债能力是强还是弱。
简燕玲（2005）提到企业的偿债能力分析应包括两个方面的内容：一是如何安排好到期债务的偿还；二是要有相对稳定的现金流入。
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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 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 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 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.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 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 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.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。
企业偿债能力分析中英文对照外文文献
企业偿债能力分析中英文对照外文文献原稿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 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 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 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 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 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 toreflect. 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 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 moreserious 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。
企业负债外文文献翻译
文献出处：Majumdar, Sumit K., and Kunal Sen. "Debt in the Indian Corporate Sector: Its effects on firm strategy and performance."Strategic Management Journal23.4 (2010): 345-358原文Debt in the Indian Corporate Sector:Its effects on firm strategy and performanceMajumdar；KunalAbstractIndian firms are heavily leveraged. Unlike in the West, where debt ratios that are more than half of nominal equity capital values are considered to be high, in India high debt to equity ratios is the norm. In this paper, we study the consequences of the important role that debt plays in the capital structure of Indian corporate firms. We study the effects of debt structure on firm's strategic behaviour, such as diversification, advertising and out-sourcing. We find that firms which rely on arm's-length debt have better performance and are more likely to engage in advertising and diversification than firms which rely on borrowing from institutional lenders such as term-lending institutions. We argue that the public ownership of many institutional lenders may explain why they have not been able to monitor firms as effectively as arm'slength debt holders which are mostly in the private sector.Keywords: Debt, diversification, advertising, profitability, IndiaIntroductionWe study the effects of debt structure on two aspects of firm strategy: their diversification and advertising behaviour. We also examine whether debt structure matters in explaining firm performance in India, as measured by firm profitability. We find arm's-length debt such as debentures and fixed deposits are most likely to have a positive impact on firm diversification and advertising expenditures. Borrowing from term-lending institutions is most likely to have a dampening effect of diversification and spending on advertising. We also find that fixed deposit holders are most likely to have a positive impact on firm profitability.The rest of the paper is in four sections. In Section 2, we describe the debt markets in India. In Section 3, we sketch out an analytical framework which we can use to understand the effects of debt structure in an economy such as India. Section 4 discusses the effects of debt structure on firm diversification, advertising and profitability. Section 5 gives the conclusion.The Debt Market in IndiaIn this section, we describe the nature of debt markets in India. We also provide a snapshot of debt structure of Indian firms, using the data-set that we have specially compiled to analyse the determinants and effects of debt structure.The Indian Debt ProvidersBecause of under-developed equity markets, the corporate debt market in India has been important. In India, firms borrow using five types of debt instruments. These are: (1) short-term borrowings from commercial banks; (2) long-term borrowings from term-lending institutions, which we will call institutional borrowings; (3) borrowings in the form of debentures which are corporate bonds that in some (not in all) cases are converted to shares after a specific lock-in period; (4) fixed deposits, which are deposits that yield a specified rate of interest over a given period of timefrom the market; and finally (5) a residual category called 'other borrowing' which includes trade credit and other funds accessed from the inter-corporate market (Majumdar &Sen, 2007).Debt Structure in India - Stylized FactsWe first begin with a description of our data-set. The findings that we have discussed in the paper have been obtained using regression analysis on a single data-set - a specially compiled firm-level data for 1,052 Indian firms listed on the Bombay Stock Exchange for the period 1988 to 1993 that we have collected from multiple sources. The Center for the Monitoring of the Indian Economy (CMIE) provided the initial data. The corporate borrowing data was taken from the balance sheets of individual firms. Thereafter, details on ownership and aspects of firm behaviour and performance were collected from the Bombay Stock Exchange and the office of the Registrar of Companies in the Ministry of Law, Justice and Company Affairs of the Government of India.We present the stylised facts of debt structure in India. Bank borrowings are the most important source of borrowing for firms in Indian industry, at an average level of 39.7 per cent of total borrowing, followed by borrowings from other financial institutions at 29.7 per cent. Debentures and fixed deposits comprise 11.6 and 5.8 per cent of total borrowing respectively, while other borrowing comprises 13.1 per cent of total borrowings. We also present the structure of equity ownership. The average holding of shares by the private corporate sector is 26 per cent, while the government and foreigners hold an average of 17 and 11 per cent of shares respectively. Concentration of ownership of shares is not a widespread phenomenon in India - directors hold an average of 9 per cent while the top 50 shareholders an average of 6 per cent. More than half the firms in our sample are members of business groups,while 18 per cent of the firms are diversified.The effects of debt structure on firm strategy and performanceThere are many aspects of a firms' strategic behaviour. We examine two important dimensions: whether it chooses to diversify or not and how much it spends on advertising expenditures. Similarly, there are various ways that firm performance can be measured - in this paper, we look only at profitability. We begin by discussing our findings with respect to firm diversification strategies.DiversificationSeveral arguments exist on why managers derive private benefits from diversification. First, managers derive a certain degree of power and prestige in managing a larger firm (Jensen, 1986; Stultz 1990). Second, managerial compensation increases with firm size. Third, diversification may reduce the risk of managers' undiversified personal portfolios (Amihud &Lev, 1981). Finally, diversification may make managers indispensable to the firm (Shleifer &Vishny, 1989).AdvertisingAs is well known in the strategic management literature, advertising is a key component of inter-firm rivalry in product markets. The role of advertising as an important constituent of product market competition is well established, and advertising provides information to consumers, by being an input in consumers' utility functions, thus increasing inter-firm rivalry and making the market more competitive.Additionally, advertising conveys information about strategic intent, to gain market share and a larger customer base, via the signalling process PerformanceFinally, we evaluated the effects of debt structure on firm performance, measured by using return on sales, as is standard in the literature (Boardman &Vining, 1989).Previous research (Kay &Mayer, 1986) has established that accounting ratios have significant correlation with economic rates of return.ConclusionIn this paper, we examined the effects of debt structure on firms' strategic behaviour and performance for the Indian economy, which is one of the largest and most important economies of the world today. India has a large number of firms in the industrial sector, with a variety of ownership structures, for example state versus private ownership, foreign versus domestic ownership and firms which are members of business groups and those which are independent. Debt financing is particularly important in India. Unlike in the West, where debt ratios are more than half of nominal equity capital values are considered high, in India very high debt to equity ratios are the norm.We find arm's-length debt such as debentures and fixed deposits are most likely to have a positive impact on firm diversification and advertising expenditures. Borrowing from term lending institutions is most likely to have a dampening effect of diversification and spending on advertising. Finally, reliance on fixed deposits is most likely to have a positive impact on firm profitability.译文印度公司的企业负债：对其战略和经营业绩的影响马姆达；科奈尔摘要印度公司有着大量的负债。
模型公司的偿债能力分析【外文翻译】
模型公司的偿债能力分析【外文翻译】The analysis of a company'XXX。
In this paper。
we will discuss us models that can be used to analyze a company's solvency。
taking into XXX with different levels of importance.2 Models of Solvency AnalysisOne commonly used model for analyzing a company's solvency is the general stability model。
This model considers the overall financial health of the company。
including XXX generate profits。
manage debt。
XXX-equity。
current。
and quick。
Another model that can be used to analyze a company's solvency is the financial solvency model。
This model focuses on the company'XXX It takes into account s such as the interest coverage。
debt service coverage。
and fixed charge coverage。
A third model for analyzing a company's solvency is the reimbursing capacity model。
This model evaluates the XXX such as the e。
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外文文献原稿与译文原稿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 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 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 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, toselect 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 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 shouldbe 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,但都就是一些辅助性的措施,能够有效保障她们利益的关键还得瞧公司的偿债能力。