上市企业偿债能力外文翻译文献（英文+中文）Word下载.docx

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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

sSizeandSolvencyPerformance:

Evidencefromthe

MalavsianPublicListedFirms

AbstractFinnsolvencyisoneoftheimportantindicatorsinmeasuringfirm'

sperfonnance.Finnabilitytogrowandsustainingtheirbusinessinthehighlycompetitivebusinessenvironmentdependssignificantlyonitscashflowmanagementcapacitythatsubsequentlyresultstoabusinessstaysolventateveryphaseofbusinesslifecycle.Earlydetectionoffinancialdistressisimportantforeveryfinnofvarioussizes.Previousfindingsonfirm'

ssizeandsolvencyperfonnancevarieswhichtendencyonagreeingtotheassumptionthatlargerfinnshavetheadvantagestoavoidinsolvencyascomparetosmallerfirms.However,previousstudieshavealsorevealedthatlargerfirmssuchaspubliclistedcompanywerenotescapefromfacingfinancialdistresswhicheventuallyleadtoinsolvency.Therefore,thestudywasaimedtomdentifytheinfluenceoffirni'

ssizeandsolvencyperfonnanceofpubliclistedfinnsinMalaysia.Atotalof149finnswereusedtomeasuretheirfinancialdataperfonnancefbraperiodbetween2011and2014.Firmtotalassetsandpaidcapitalwereusedasaproxytofinnsize.Thecunentratioanddebtratiowereusedasaproxytomeasuretliesolvencyperfonnance.Thestudyfoundthatfinnsizemeasuredbytotalassetshasmoderatelyinfluencethesolvencyperformanceoffinnsindicatedbythedebtratioandcunentratio.Howeverthefinnsizemeasuredbypaid-upcapitalhaslesseriiifliienceonsolvencyperfonnancemeasuredbydebtratioandnoinfluenceoncunentratio.

Kevwords:

Cunentratio,debtratio,finnsize.Insolvency,liquidity,Solvency

INTRODUCTION

Inanysituation,finnsshouldbeabletomeetshortandlongtennobligationtoachieveoperationalsustainability.Inthissituation,finnswithoperationalsustainabilitywereregardedasinthepositionofsolvency.Insolvencyoccurswhenafirm'

stotalliabilitiesexceededafairvaluationofitstotalassets.PreviousstudybyBrighamandHouston（2012）describedtechnicalinsolvencyasthepositionwherebyfinnswereunabletomeettheircuiTentobligationsastheyfalldue（thatisthefirm'

scuiTentassetsarelowerthanitscunentliabilities）despitehavinghighertotalassetsthantlietotalliabilities.Earlydetectionoffinancialdistressisimportantinavoidinginsolvency.Publiclistedfirmswererelativelycapableinmanagingliquiditytoensurethattheyremaininsolvencypositionsustainably.Previousfindingsontherelationshipbetweenfirm'

ssizeandsolvencyperfonnanceshowsmixedresultwhichtendencyonagreeingtotheassumptionthatlargefinnshavetheadvantagesoversmallfirmtoremainsolvent.However,priorstudieshavealsorevealedthatlargerfinnssuchaspubliclistedcompanieswerenotimmunefromhavingfinancialdistresswhicheventuallyleadstoinsolvency.Finnabilityinseivicingandrepayingdebtswasthemainindicatorofthesolvencypositionmeasurementofanyfinns（ZhangandZhang,2010）.EarlierempiiicalstudiesbyColeman（2002）,ObertandOlawale（2010）thatfocusonlargerfinninvariousdevelopedcountriessuggestthatlargefinnsshowedthatsizehavesignificantimpactontheabilityinservingdebtsleadtogreaterchancesinsustainingtheirsolvencyposition.ThisfindingconsistentwithastudybySahudinetal.（2011）inwhichlargerfirmsallowsagreaterlevelofdebtmanagementtowardstheirabilitytosustainthesolvencyposition.Despitemanyfindingsrevealedthatlargerfirmshaveanadvantagesoverthesmallerfinnsinmanagingtheirliquidity,therewerecasesparticularlyinwhichPracticeNote（PN17）wasservedtoconsiderablylargefinnslistedinBursaMalaysiaasaresultofliquidityissues.PN17isthecontrolprocedurespecificallyforpubliclistedcompanieswhicharefacingfinancialdistressandtobedelistedfromthestockexchange.Therewere21finnssubjectedtoPN17asatfirsthalfof2015bringingthetotallistingoffinancialdistressfinnsto2.32%ofthetotallistedfirmsonthestockexchange.Shareholdersandinvestorscontinuetodemandforhealthyfinnstoensuretheirinvestments.Solvencyandliquidityoffirmswouldremainssignificantelementsformanagerstomanageforsustainabilityofthefirms.Itispertinentformanagerstounderstandaboutbusinessfailures,itscausesanditspossibleremedies（Sulub,2014）.Therefore,thestudywasaimedtomdentifytheinfluenceoffimi'

ssizeonsolvencyperfonnanceofpubliclistedfinnsontheBursaMalaysia（BM）.

LITERIATUREREVIEW

Pastresearch

LunandQuaddus（2011）iiitheirstudyamongHongKongelectroniciiidustiypr