外文文献原稿和译文原稿IntroductionAlthoughcreditorscandevelopavarietyofprotectiveprovisionstoprotecttheirowninterests,butanumberofcomplementarymeasuresarecriticaltoeffectivelysafeguardtheirinterestshavetoseethecompany'ssolvency.Therefore,toimproveacompany'ssolvencyLiabilitiesareontherise.Ontheotherhand,thestrongeracompany'ssolvencytheeasiercashinvestmentsrequiredfortheproject,whosetotalassetsareoftenrelativelylowdebtratio,whichisthepointofthepeckingordertheoryofphaseagreement.Similarly,acompany'sshort-termliquidity,thestrongertheshort-termdebtratioisalsolower,long-termsolvency,thestrongerthelong-termdebtratioisalsolower.Harrisetal.Well,Eriotisetc.aswellasempiricalresearchandUnderperformancefoundthatthesolvency(inthequickratioandinterestcoverageratio,respectively,short-termsolvencyandlong-termsolvency)tototaldebtratiohassignificantnegativecorrelation.Takingintoaccountthedatacollectedconvenience,thispaperrepresentsshort-termsolvencyratiosandtostudythelong-termsolvencybythequickratioandcashflowimpactontherealestatedebtcapitalstructureoflistedcompanies.ListedCompaniesSolvencyAnalysisWhencompaniesneedmoney,thechoiceoffinancingpreferenceorder,namelyinaccordancewithretainedearnings,issuanceofbonds,financingorderissuedshares.Accordingtothistheory,strongcorporateprofitability,retainedearningsmoreForfinancingfirstwillconsiderretainedearnings.Therefore,theprofitabilityofthetotaldebtratioshouldbenegativelycorrelateddebtavoidancetheorybasednaturalsurfacethatunderotherwiseidenticalconditions,ahighlyprofitablecompanyshouldborrowmoredebt,becausetheyuseavoidanceoftheneedforgreaterdebt,andthereforehigherdebtratio.rapidgrowthofthecompany'sfinancialleveragewithoutthesupport,basedonthis,toselect378samplesfromthe500largestUScompanies,theresearchersfoundthatregardlessofwhetherthereisanoptimalcapitalstructure,thecompany'sliabilitiesaredirectlycorrelatedwithgrowth.Growthisthefundamentalguaranteecompanysolvency,sowhethershort-termloansorlong-termloansandcreditors,asthecompany'sgrowthasapositivesignal,sothelistedcompaniesinrecentyearsofgrowth,thehigheritsrateandshort-termassetsThehigherrateoflong-termassetsandliabilities,totalassetsandliabilitiesnaturallyhigher,buttheimpactongrowthofrealestatecompanieslistedonasmallerdebtratio(coefficientissmall).Theriskoffirmsizeandcapitalstructureaffectthegrowthhasasimilarconclusion,itappearsthatcreditors,especiallybanksthatthecompanyscaleisameasureofcreditriskisanimportantconsiderationindex,thegreaterthecompanysize,themorestablecashflow,bankruptcyitissmaller,thecreditorsaremorewillingtothrowanolivebranchlarge-scaleenterprises.Theactualcontrollerofthelistedcompaniescategorytototaldebtratiooftheimpactfactorofa0.040017,indicatingthatnon-state-controlledlistedcompany'stotalassetsandliabilitieshigherthanthestate-ownedholdingcompanies.Thereasonforthisphenomenonmaybenon-state-controlledlistedcompaniespaymoreattentiontocontrolbenefits,donotwanttodilutetheircontroloverequityfinancing,andthereforemoreinclinedtodebtfinancing,whichmayalsoexplainthenon-state-controlledlistedcompaniesbetteruseoffinancialleverageenterprisesbiggerandstrongerimpulses.Inaddition,theactualcontroloflistedcompaniescategoryshort-termimpactonasset-liabilityratioisa2.3timesitsimpactonlong-termdebtratio,whichshowsthenon-state-controlledlistedcompaniesprefertotakeadvantageofshort-termdebttoexpanditsoperations.Currentresearchonfactorsaffectingcapitalstructurepointofviewtherearemanyfactorsinvariousindustriesconcernedisnotthesame,accordingtoindustrycharacteristicsandparticularity,wemainlyfocusonthefollowingaspectstoanalyzethefactorsindustrycapitalstructure.Thearticleexplainedvariable-capitalstructurefortheasset-liabilityratio,generallyreferstothetotaldebtratio,butformorein-depthstudyofcapitalstructureoflistedcompanies,thepaperfromthetotaldebtratio,short-termassetsandliabilitiesandlong-termdebtratioofthreeanglesofCapitalstructureexplanatory.Atpresent,domesticandforeignscholarsanalyzedfactorsoncapitalstructuremostlyusedmultiplelinearregression,asusualstatisticalregressionfunctionintheformoftheirchoiceisoftensubjectivefactors,butordinaryregressionmethodstomakefunctionwithaverageresistance,mostsuchfunctionsexcellentandobjectivityareoftendifficulttoreflect.basestochasticfrontiermodel(StochasticFrontier)indataenvelopmentanalysis(DEA)method,estimatetheeffectiveproductionfrontierusingmathematicalprogrammingmethod,namelytheexperienceoffrontierproductionfunction,overcomeDEAmethodassumesthatthereisnorandomerrorterm,thebettertoreflecttheobjectivityandoptimality¨Jfunction,currentlyinthefieldofeconomicmanagement,sociologyandmedicine,begantogetmoreandmoreapplications.Therefore,inthispaper,stochasticfrontiermodeldataonthecapitalstructurefactorslistedrealestatecompaniesconductedacomprehensiveanalysis,inordertoprovideabetterscientificbasisforthestudyoftheoptimalcapitalstructureofrealestateenterprises.Listedcompany'ssolvencyandoverallasset-liabilityratiowassignificantlynegativelycorrelatedwithshort-termliquidityhasadecisiveinfluenceontheshort-termasset-liabilityratio.Similarly,long-termsolvencyalsohasadecisiveinfluenceonlong-termassetsandliabilities.Industryhighertotaldebtratioparticularlyhighproportionofshort-termdebtisoneofthemainbusinessrisks,thusincreasingsolvencyoflistedcompanies,especiallyshort-termliquidity(thatis,toobtainastableshort-termcashflow).reduceitsassetliabilityratioandeffectiveriskmanagementchoiceROAoflistedcompaniesismuchgreaterinfluencethanROEofasset-liabilityratio,andaffecttherelationshipisinconsistent,ROEishigher,thehigherthetotaldebtratio,whiletheROAhigh,thelowertherateofthetotalassetsandliabilities,andshort-termliabilitiesROAmoreobvious,thisdifferenceismainlyduetothespecialstructureoflistedcompaniesduetothenatureofthecapital,andthereforeneedtoimprovethecapitalstructureoflistedcompanies,namelytoreducethetotalassetsandliabilitiesratedebtstructureandtheneedtoreducetheproportionofshort-termdebtinparticular,inordertoenhancethecompany'sprofitabilityROA.growthandcompanysizehasasignificantpositiveimpactonthecapitalstructure,whichismainlyduetothegrowthofthecompany'ssolvencyisfundamental,Thesizeofthecompanyisthemainindicatortomeasurethebankruptcycreditorrisk.Therefore,listedcompaniesshouldberadicallytogrowthroughcontinuousgrowthanddevelopmentofenterprises,sothatthetotaldebtratiohasahighmarginofsafety,throughgrowthtocontinuetoresolvethefinancialriskthannon-state-ownedholdingcompaniescontrollingmoreuseoffinancialleveragemotivationandapparentlyreliedonshort-termliabilities,whichmayleadtomoreseriousfinancialriskespeciallyshort-termbusinessrisks,sothatthenon-state-ownedholdinglistedcompaniesshouldestablishmorestrictriskpreventionsystem.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。HarrisEriotis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着的负相关关系。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
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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(StochasticFrontier)在数据包络分析(DEA)方法的基础上,利用数学
规划
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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着的负相关关系,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着的正面影响,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。