上市企业偿债能力外文翻译文献编辑Word文档下载推荐.docx

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Firm’sSizeandSolvencyPerformance:

EvidencefromtheMalaysianPublicListedFirms（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：

AKRamin等

文献出处：

《JournalofEngineeringandAppliedSciences》,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’sSizeandSolvencyPerformance:

EvidencefromtheMalaysianPublicListedFirms

Abstract Firmsolvencyisoneoftheimportantindicatorsinmeasuringfirm’s

performance.Firmabilitytogrowandsustainingtheirbusinessinthehighlycompetitivebusinessenvironmentdependssignificantlyonitscashflowmanagementcapacitythatsubsequentlyresultstoabusinessstaysolventateveryphaseofbusinesslifecycle.Earlydetectionoffinancialdistressisimportantforeveryfirmofvarioussizes.Previousfindingsonfirm’ssizeandsolvencyperformancevarieswhichtendencyonagreeingtotheassumptionthatlargerfirmshavetheadvantagestoavoidinsolvencyascomparetosmallerfirms.However,previousstudieshavealsorevealedthatlargerfirmssuchaspubliclistedcompanywerenotescapefromfacingfinancialdistresswhicheventuallyleadtoinsolvency.Therefore,thestudywasaimedtomdentifytheinfluenceoffirm’ssizeandsolvencyperformanceofpubliclistedfirmsinMalaysia.Atotalof149firmswereusedtomeasuretheirfinancialdataperformanceforaperiodbetween2011and2014.Firmtotalassetsandpaidcapitalwereusedasaproxytofirmsize.Thecurrentratioanddebtratiowereusedasaproxytomeasurethesolvencyperformance.Thestudyfoundthatfirmsizemeasured

bytotalassetshasmoderatelyinfluencethesolvencyperformanceoffirmsindicatedbythedebtratioandcurrentratio.Howeverthefirmsizemeasuredbypaid-upcapitalhaslesserinfluenceonsolvencyperformancemeasuredbydebtratioandnoinfluenceoncurrentratio.

Kevwords:

Currentratio,debtratio,firmsize.Insolvency,liquidity,Solvency

INTRODUCTION

Inanysituation,firmsshouldbeabletomeetshortandlongtermobligationtoachieve operational sustainability.In this situation, firms with operationalsustainabilitywereregardedasinthepositionofsolvency.Insolvencyoccurswhenafirm’stotalliabilitiesexceededafairvaluation ofitstotalassets.PreviousstudybyBrighamandHouston（2012）describedtechnicalinsolvencyasthepositionwherebyfirmswereunabletomeettheircurrentobligationsastheyfalldue（thatisthefirm’scurrentassetsarelowerthanitscurrentliabilities）despitehavinghighertotalassetsthanthetotalliabilities.Earlydetectionoffinancialdistressisimportantinavoidinginsolvency.Publiclistedfirmswererelativelycapableinmanagingliquiditytoensurethattheyremaininsolvencypositionsustainably.Previousfindingsontherelationshipbetweenfirm’ssizeandsolvencyperformanceshowsmixedresultwhichtendencyonagreeingtotheassumptionthatlargefirmshavetheadvantagesoversmallfirmtoremainsolvent.However,priorstudieshavealsorevealedthatlargerfirmssuchaspubliclistedcompanieswerenotimmunefromhavingfinancialdistresswhicheventuallyleadstoinsolvency.Firmabilityinservicingandrepayingdebtswasthemainindicatorofthesolvencypositionmeasurementofanyfirms（ZhangandZhang,2010）.EarlierempiricalstudiesbyColeman（2002）,ObertandOlawale（2010）thatfocusonlargerfirminvariousdevelopedcountriessuggestthatlargefirmsshowedthatsizehavesignificantimpactontheabilityinservingdebtsleadtogreaterchancesinsustainingtheirsolvencyposition.ThisfindingconsistentwithastudybySahudinetal.（2011）inwhichlargerfirmsallowsagreaterlevelofdebtmanagementtowardstheirabilitytosustainthesolvencyposition.Despitemanyfindingsrevealedthatlargerfirmshaveanadvantagesoverthesmallerfirmsinmanagingtheirliquidity,

therewerecasesparticularlyinwhichPracticeNote（PN17）wasservedtoconsiderablylargefirmslistedinBursaMalaysiaasaresultofliquidityissues.PN17isthecontrolprocedurespecificallyforpubliclistedcompanieswhicharefacingfinancialdistressandtobedelistedfromthestockexchange.Therewere21firmssubjectedtoPN17asatfirsthalfof2015bringingthetotallistingoffinancialdistressfirmsto2.32%ofthetotallistedfirmsonthestockexchange.Shareholdersandinvestorscontinuetodemandforhealthyfirmstoensuretheirinvestments.Solvencyandliquidityoffirmswouldremainssignificantelementsformanagerstomanageforsustainabilityofthefirms.Itispertinentformanagerstounderstandaboutbusinessfailures,itscausesanditspossibleremedies（Sulub,2014）.Therefore,thestudywasaimedtomdentifytheinfluenceoffirm’ssizeonsolvencyperformanceofpubliclistedfirmsontheBursaMalaysia（BM）.

LITERIATUREREVIEW

Pastresearch

LunandQuaddus（2011）intheirstudyamongHongKong