企業(yè)償債能力分析外文文獻(xiàn)(完整版)
【正文】 of shortterm debt is one of the main business risks, thus increasing solvency of listed panies, 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 panies 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 panies due to the nature of the capital, and therefore need to improve the capital structure of listed panies, 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 pany39。上市公司償債能力分析企業(yè)在需要資金時，對籌資方式的選擇有偏好順序，即按照內(nèi)部留存收益，發(fā)行債券，發(fā)行股票的順序籌資。因此,本文應(yīng)用隨機(jī)前沿面模型對上市公司資本結(jié)構(gòu)影響因素的數(shù)據(jù)進(jìn)行了比較全面的分析，以期為研究企業(yè)的最優(yōu)資本結(jié)構(gòu)提供較好的科學(xué)依據(jù)。另外，這說明非國有控股上市公司更傾向于利用短期負(fù)債來擴(kuò)大經(jīng)營。這可能會帶來比較嚴(yán)重的財務(wù)風(fēng)險特別是短期經(jīng)營風(fēng)險，所以，非國有控股上市公司應(yīng)該建立更加嚴(yán)格的風(fēng)險防范體系。同樣，長期償債能力也對長期資產(chǎn)負(fù)債率具有決定性的影響。本文解釋變量為資本結(jié)構(gòu)為資產(chǎn)負(fù)債率，一般指總資產(chǎn)負(fù)債率，但為了更深入地研究上市公司的資本結(jié)構(gòu)，本文從總資產(chǎn)負(fù)債率，短期資產(chǎn)負(fù)債率和長期資產(chǎn)負(fù)債率三個角度研究資本結(jié)構(gòu)來說明。所以，盈利能力應(yīng)與總資產(chǎn)負(fù)債率負(fù)相關(guān)。s solvency is fundamental, The size of the pany is the main indicator to measure the bankruptcy creditor risk. Therefore, listed panies 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 nonstateowned holding panies 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 panies should establish more strict risk prevention system.
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