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1、外文文献原稿和译文原稿IntroductionA1.thoughcreditorscandeve1.opavarietyofprotectiveprovisionstoprotecttheirowninterests,butanumberofComP1.ementarymeasuresarecritica1.toeffective1.ysafeguardtheirinterestshavetoseethecompanysso1.vency.Therefore,toimproveacompanysso1.vency1.iabi1.itiesareontherise.Ontheotherhand,
2、thestrongeracompanysso1.vencytheeasiercashinvestmentsrequiredfortheproject,whosetota1.assetsareoftenre1.ative1.y1.owdebtratio,whichisthepointofthepeckingordertheoryofphaseagreement.Simi1.ar1.y,acompanysshort-term1.iquidity,thestrongertheshort-termdebtratioisa1.so1.ower,1.ong-termso1.vency,thestronge
3、rthe1.ong-termdebtratioisa1.so1.ower.Harriseta1.We1.1.,Eriotisetc.aswe1.1.asempirica1.researchandUnderperformancefoundthattheso1.vency(inthequickratioandinterestcoverageratio,respective1.y,short-termso1.vencyand1.ong-termso1.vency)totota1.debtratiohassignificantnegativecorre1.ation.Takingintoaccount
4、thedataco1.1.ectedconvenience,thispaperrepresentsshort-termso1.vencyratiosandtostudythe1.ong-termso1.vencybythequickratioandcashf1.owimpactontherea1.estatedebtcapita1.structureof1.istedcompanies.1.istedCompaniesSo1.vencyAna1.ysisWhencompaniesneedmoney,thechoiceoffinancingpreferenceorder,name1.yinacc
5、ordancewithretainedearnings,issuanceofbonds,financingorderissuedshares.Accordingtothistheory,strongcorporateprofitabi1.ity,retainedearningsmoreForfinancingfirstwi1.1.considerretainedearnings.Therefore,theprofitabi1.ityofthetota1.debtratioshou1.dbenegative1.ycorre1.ateddebtavoidancetheorybasednatura1
6、.surfacethatunderotherwiseidentica1.conditions,ahigh1.yprofitab1.ecompanyshou1.dborrowmoredebt,becausetheyuseavoidanceoftheneedforgreaterdebt,andthereforehigherdebtratio,rapidgrowthofthecompanysfinancia1.1.everagewithoutthesupport,basedonthis,tose1.ect378samp1.esfromthe5001.argestUScompanies,therese
7、archersfoundthatregard1.essofwhetherthereisanoptima1.capita1.structure,thecompanys1.iabi1.itiesaredirect1.ycorre1.atedwithgrowth.Growthisthefundamenta1.guaranteecompanyso1.vency,sowhethershort-term1.oansor1.ong-term1.oansandcreditors,asthecompanysgrowthasapositivesigna1.,sothe1.istedcompaniesinrecen
8、tyearsofgrowth,thehigheritsrateandshort-termassetsThehigherrateof1.ong-termassetsand1.iabi1.ities,tota1.assetsand1.iabi1.itiesnatura1.1.yhigher,buttheimpactongrowthofrea1.estatecompanies1.istedonasma1.1.erdebtratio(coefficientissma1.1.).Theriskoffirmsizeandcapita1.structureaffectthegrowthhasasimi1.a
9、rconc1.usion,itappearsthatcreditors,especia1.1.ybanksthatthecompanysca1.eisameasureofcreditriskisanimportantconsiderationindex,thegreaterthecompanysize,themorestab1.ecashf1.ow,bankruptcyitissma1.1.er,thecreditorsaremorewi1.1.ingtothrowano1.ivebranch1.arge-sca1.eenterprises.Theactua1.contro1.1.erofth
10、e1.istedcompaniescategorytotota1.debtratiooftheimpactfactorofa0.040017,indicatingthatnon-state-contro1.1.ed1.istedcompanystota1.assetsand1.iabi1.itieshigherthanthestate-ownedho1.dingcompanies.Thereasonforthisphenomenonmaybenon-state-contro1.1.ed1.istedcompaniespaymoreattentiontocontro1.benefits,dono
11、twanttodi1.utetheircontro1.overequityfinancing,andthereforemoreinc1.inedtodebtfinancing,whichmaya1.soexp1.ainthenon-state-contro1.1.ed1.istedcompaniesbetteruseoffinancia1.1.everageenterprisesbiggerandstrongerimpu1.ses.Inaddition,theactua1.contro1.of1.istedcompaniescategoryshort-termimpactonasset-1.i
12、abi1.ityratioisa2.3timesitsimpacton1.ong-termdebtratio,whichshowsthenon-state-contro1.1.ed1.istedcompaniesprefertotakeadvantageofshort-termdebttoexpanditsoperations.Currentresearchonfactorsaffectingcapita1.structurepointofviewtherearemanyfactorsinvariousindustriesconcernedisnotthesame,accordingtoind
13、ustrycharacteristicsandparticu1.arity,wemain1.yfocusonthefo1.1.owingaspectstoana1.yzethefactorsindustrycapita1.structure.Theartic1.eexp1.ainedvariab1.e-capita1.structurefortheasset-1.iabi1.ityratio,genera1.1.yreferstothetota1.debtratio,butformorein-depthstudyofcapita1.structureof1.istedcompanies,the
14、paperfromthetota1.debtratio,short-termassetsand1.iabi1.itiesand1.ong-termdebtratioofthreeang1.esofCapita1.structureexp1.anatory.Atpresent,domesticandforeignscho1.arsana1.yzedfactorsoncapita1.structuremost1.yusedmu1.tip1.e1.inearregression,asusua1.statistica1.regressionfunctionintheformoftheirchoicei
15、softensubjectivefactors,butordinaryregressionmethodstomakefunctionwithaverageresistance,mostsuchfunctionsexce1.1.entandobjectivityareoftendifficu1.ttoref1.ect,basestochasticfrontiermode1.(StochasticFrontier)indataenve1.opmentana1.ysis(DEA)method,estimatetheeffectiveproductionfrontierusingmathematica
16、1.programmingmethod,name1.ytheexperienceoffrontierproductionfunction,overcomeDEmethodassumesthatthereisnorandomerrorterm,thebettertoref1.ecttheobjectivityandoptima1.ityJfunction,current1.yinthefie1.dofeconomicmanagement,socio1.og),andmedicine,begantogetmoreandmoreapp1.ications.Therefore,inthispaper,stochasticfrontiermode1.dataonthecapita1.structurefactors1.istedrea1.estatecompaniesconductedacomprehensiveana1.ysis,inordertoprovideabetterscientificbasisforthestudyoftheop
