外文文献原稿译文
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 shortterm liquidity the stronger the shortterm debt ratio is also lower longterm solvency the stronger the longterm 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 shortterm solvency and longterm solvency) to total debt ratio has significant negative correlation Taking into account the data collected convenience this paper represents shortterm solvency ratios and to study the longterm 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 select 378 samples from the 500 largest US companies the researche
rs 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 shortterm loans or longterm 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 shortterm assets The higher rate of longterm 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 largescale enterprises The actual controller of the listed companies category to total debt ratio of the impact factor of a 0040017 indicating that nonstatecontrolled listed company's total assets and liabilities higher than the stateowned holding companies The reason for this phenomenon may be nonstatecontrolled 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 nonstatecontrolled listed companies better use of financial leverage enterprises bigger and stronger impulses In addition the actual control of listed companies category shortterm impact on assetliability ratio is a 23 times its impact on longterm debt ratio which shows the nonstatecontrolled listed companies prefer to take advantage of shortterm 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 assetliability ratio generally refers to the total debt ratio but for more indepth study of capital structure of listed companies the paper from the total debt ratio shortterm assets and liabilities and longterm 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 assetliability ratio was significantly negatively correlated with shortterm liquidity has a decisive influence on the shortterm assetliability ratio Similarly longterm solvency also has a decisive influence on longterm assets and liabilities Industry higher total debt ratio particularly high proportion of shortterm debt is one of the main business risks thus increasing solvency of listed companies especially shortterm liquidity (that is to obtain a stable shortterm cash flow) reduce its asset liability ratio and effective risk management choice ROA of listed companies is much greater influence than ROE of assetliability 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 shortterm 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 shortterm 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 tha
n nonstateowned holding companies controlling more use of financial leverage motivation and apparently relied on shortterm liabilities which may lead to more serious financial risk especially shortterm business risks so that the nonstateowned holding listed companies should establish more strict risk prevention system
译 文
介绍
然债权通制定种保护性条款保障利益辅助性措施够效保障利益关键公司偿债力提高公司偿债力负债升趋势方面公司偿债力越强越容易产生项目投资需现金总资产负债率较低优序融资理观点相吻合理公司短期偿债力越强短期资产负债率越低长期偿债力越强长期资产负债率越低Harris Eriotis等表示短期偿债力长期偿债力总资产负债率具显著负相关关系考虑数搜集便利文速动率现金流量债务分表示短期偿债力长期偿债力研究市公司资结构影响
市公司偿债力分析
企业需资金时筹资方式选择偏序部留存收益发行债券发行股票序筹资根该理盈利力强企业部留存收益较需筹资首先会考虑部留存收益盈利力应总资产负债率负相关然面债务避税理认条件相情况盈利性高公司应更债利债务避税需更资产负债率更高公司快速成长离开财务杠杆支持基美国500家公司中选取378样研究发现否存优资结构公司负债成长性直接正相关
目前家资结构影响素分析采元线性回通常统计回方法函数形式选择带观素时普通回方法函数带均性样函数优性客观性难体现机前面模型(Stochastic Frontier)数包络分析(DEA)方法基础利数学规划方法估计出效生产前面验前生产函数克服DEA方法存机误差项假定较反映函数客观性优性目前济理学社会学医学等领域开始越越应文应机前面模型市公司资结构影响素数进行较全面分析期研究企业优资结构提供较科学
目前关资结构影响素研究观点行业关注素完全相根行业特征特殊性围绕方面该行业资结构影响素进行分析文解释变量资结构资产负债率般指总资产负债率更深入研究市公司资结构文总资产负债率短期资产负债率长期资产负债率三角度研究资结构说明
成长性公司偿债力根保障短期贷款长期贷款债权视成长性公司积极信号市公司年成长性越高短期资产率长期资产负债率越高总资产负债率然越高成长性房产市公司负债率影响较(系数较)公司规模资结构影响成长性着相似结债权尤银行认公司规模衡量贷款风险重考虑指标公司规模越越具稳定现金流量破产风险更债权更愿意橄榄枝抛规模企业市公司实际控制类总资产负债率影响系数O040017说明非国控股市公司总资产负债率高国控股市公司产生种现象原非国控股市公司更重视控制权收益希股权融资稀释控制权更倾债务融资说明非国控股市公司更利财务杠杆做做强企业动外市公司实际控制类短期资产负债率影响长期资产负债率影响23倍说明非国控股市公司更倾利短期负债扩营
市公司偿债力总资产负债率呈显著负相关关系短期偿债力短期资产负债率具决定性影响样长期偿债力长期资产负债率具决定性影响行业较高总资产负债率尤极高短期负债重营风险提高市公司偿债力尤短期偿债力(获稳定短期现金流)降低资产负债率营风险效选择市公司ROA资产负债率影响ROE影响关系致ROE越高总资产负债率越高ROA越高总资产负债率越低短期负债ROA影响更加明显种差异市公司特殊资结构特征引起市公司需改善资结构降低总资产负债率负债结构中特需降低短期负债重提升公司盈利力ROA成长性公司规模资结构具显著正面影响成长性公司偿债力根公司规模债权衡量企业破产风险指标市公司根应该通断成长发展壮企业总资产负债率具较高安全边际通成长性断化解财务风险非国控股国控股市公司更利财务杠杆动机明显倚重短期负债会带较严重财务风险特短期营风险非国控股市公司应该建立更加严格风险防范体系
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外文文献原稿译文
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 shortterm liquidity the stronger the shortterm debt ratio is also lower longterm solvency the stronger the longterm 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 shortterm solvency and longterm solvency) to total debt ratio has significant negative correlation Taking into account the data collected convenience this paper represents shortterm solvency ratios and to study the longterm 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 select 378 samples from the 500 largest US companies the researche
rs 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 shortterm loans or longterm 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 shortterm assets The higher rate of longterm 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 largescale enterprises The actual controller of the listed companies category to total debt ratio of the impact factor of a 0040017 indicating that nonstatecontrolled listed company's total assets and liabilities higher than the stateowned holding companies The reason for this phenomenon may be nonstatecontrolled 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 nonstatecontrolled listed companies better use of financial leverage enterprises bigger and stronger impulses In addition the actual control of listed companies category shortterm impact on assetliability ratio is a 23 times its impact on longterm debt ratio which shows the nonstatecontrolled listed companies prefer to take advantage of shortterm 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 assetliability ratio generally refers to the total debt ratio but for more indepth study of capital structure of listed companies the paper from the total debt ratio shortterm assets and liabilities and longterm 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 assetliability ratio was significantly negatively correlated with shortterm liquidity has a decisive influence on the shortterm assetliability ratio Similarly longterm solvency also has a decisive influence on longterm assets and liabilities Industry higher total debt ratio particularly high proportion of shortterm debt is one of the main business risks thus increasing solvency of listed companies especially shortterm liquidity (that is to obtain a stable shortterm cash flow) reduce its asset liability ratio and effective risk management choice ROA of listed companies is much greater influence than ROE of assetliability 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 shortterm 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 shortterm 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 tha
n nonstateowned holding companies controlling more use of financial leverage motivation and apparently relied on shortterm liabilities which may lead to more serious financial risk especially shortterm business risks so that the nonstateowned holding listed companies should establish more strict risk prevention system
译 文
介绍
然债权通制定种保护性条款保障利益辅助性措施够效保障利益关键公司偿债力提高公司偿债力负债升趋势方面公司偿债力越强越容易产生项目投资需现金总资产负债率较低优序融资理观点相吻合理公司短期偿债力越强短期资产负债率越低长期偿债力越强长期资产负债率越低Harris Eriotis等表示短期偿债力长期偿债力总资产负债率具显著负相关关系考虑数搜集便利文速动率现金流量债务分表示短期偿债力长期偿债力研究市公司资结构影响
市公司偿债力分析
企业需资金时筹资方式选择偏序部留存收益发行债券发行股票序筹资根该理盈利力强企业部留存收益较需筹资首先会考虑部留存收益盈利力应总资产负债率负相关然面债务避税理认条件相情况盈利性高公司应更债利债务避税需更资产负债率更高公司快速成长离开财务杠杆支持基美国500家公司中选取378样研究发现否存优资结构公司负债成长性直接正相关
目前家资结构影响素分析采元线性回通常统计回方法函数形式选择带观素时普通回方法函数带均性样函数优性客观性难体现机前面模型(Stochastic Frontier)数包络分析(DEA)方法基础利数学规划方法估计出效生产前面验前生产函数克服DEA方法存机误差项假定较反映函数客观性优性目前济理学社会学医学等领域开始越越应文应机前面模型市公司资结构影响素数进行较全面分析期研究企业优资结构提供较科学
目前关资结构影响素研究观点行业关注素完全相根行业特征特殊性围绕方面该行业资结构影响素进行分析文解释变量资结构资产负债率般指总资产负债率更深入研究市公司资结构文总资产负债率短期资产负债率长期资产负债率三角度研究资结构说明
成长性公司偿债力根保障短期贷款长期贷款债权视成长性公司积极信号市公司年成长性越高短期资产率长期资产负债率越高总资产负债率然越高成长性房产市公司负债率影响较(系数较)公司规模资结构影响成长性着相似结债权尤银行认公司规模衡量贷款风险重考虑指标公司规模越越具稳定现金流量破产风险更债权更愿意橄榄枝抛规模企业市公司实际控制类总资产负债率影响系数O040017说明非国控股市公司总资产负债率高国控股市公司产生种现象原非国控股市公司更重视控制权收益希股权融资稀释控制权更倾债务融资说明非国控股市公司更利财务杠杆做做强企业动外市公司实际控制类短期资产负债率影响长期资产负债率影响23倍说明非国控股市公司更倾利短期负债扩营
市公司偿债力总资产负债率呈显著负相关关系短期偿债力短期资产负债率具决定性影响样长期偿债力长期资产负债率具决定性影响行业较高总资产负债率尤极高短期负债重营风险提高市公司偿债力尤短期偿债力(获稳定短期现金流)降低资产负债率营风险效选择市公司ROA资产负债率影响ROE影响关系致ROE越高总资产负债率越高ROA越高总资产负债率越低短期负债ROA影响更加明显种差异市公司特殊资结构特征引起市公司需改善资结构降低总资产负债率负债结构中特需降低短期负债重提升公司盈利力ROA成长性公司规模资结构具显著正面影响成长性公司偿债力根公司规模债权衡量企业破产风险指标市公司根应该通断成长发展壮企业总资产负债率具较高安全边际通成长性断化解财务风险非国控股国控股市公司更利财务杠杆动机明显倚重短期负债会带较严重财务风险特短期营风险非国控股市公司应该建立更加严格风险防范体系
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