上市企业偿债能力外文翻译文献（英文+中文）Word下载.docx

1、 s Size and Solvency Performance: Evidence from the Malaysian Public Listed Firms （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：AK Ramin等文献出处:（Journal of Engineering and Applied Sciences,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s Size and Solvency Performance: Evidence from theMalavsian Public List

2、ed FirmsAbstract Finn solvency is one of the important indicators in measuring firms perfonnance. Finn ability to grow and sustaining their business in the highly competitive business environment depends significantly on its cash flow management capacity that subsequently results to a business stay

3、solvent at every phase of business life cycle. Early detection of financial distress is important for every finn of various sizes. Previous findings on firms size and solvency perfonnance varies which tendency on agreeing to the assumption that larger finns have the advantages to avoid insolvency as

4、 compare to smaller firms. However, previous studies have also revealed that larger firms such as public listed company were not escape from facing financial distress which eventually lead to insolvency. Therefore, the study was aimed to mdentify the influence of firnis size and solvency perfonnance

5、 of public listed finns in Malaysia. A total of 149 finns were used to measure their financial data perfonnance fbr a period between 2011 and 2014. Firm total assets and paid capital were used as a proxy to finn size. The cunent ratio and debt ratio were used as a proxy to measure tlie solvency perf

6、onnance. The study found that finn size measured by total assets has moderately influence the solvency performance of finns indicated by the debt ratio and cunent ratio. However the finn size measured by paid-up capital has lesser iiifliience on solvency perfonnance measured by debt ratio and no inf

7、luence on cunent ratio.Kev words: Cunent ratio, debt ratio, finn size. Insolvency, liquidity, SolvencyINTRODUCTIONIn any situation, finns should be able to meet short and long tenn obligation to achieve operational sustainability. In this situation, finns with operational sustainability were regarde

8、d as in the position of solvency. Insolvency occurs when a firms total liabilities exceeded a fair valuation of its total assets. Previous study by Brigham and Houston （2012） described technical insolvency as the position whereby finns were unable to meet their cuiTent obligations as they fall due （

9、that is the firms cuiTent assets are lower than its cunent liabilities） despite having higher total assets than tlie total liabilities. Early detection of financial distress is important in avoiding insolvency. Public listed firms were relatively capable in managing liquidity to ensure that they rem

10、ain in solvency position sustainably. Previous findings on the relationship between firms size and solvency perfonnance shows mixed result which tendency on agreeing to the assumption that large finns have the advantages over small firm to remain solvent. However, prior studies have also revealed th

11、at larger finns such as public listed companies were not immune from having financial distress which eventually leads to insolvency. Finn ability in seivicing and repaying debts was the main indicator of the solvency position measurement of any finns （Zhang and Zhang, 2010）. Earlier empiiical studie

12、s by Coleman （2002）, Obert and Olawale （2010） that focus on larger finn in various developed countries suggest that large finns showed that size have significant impact on the ability in serving debts lead to greater chances in sustaining their solvency position. This finding consistent with a study

13、 by Sahudin et al. （2011 ） in which larger firms allows a greater level of debt management towards their ability to sustain the solvency position. Despite many findings revealed that larger firms have an advantages over the smaller finns in managing their liquidity, there were cases particularly in

14、which Practice Note （PN 17） was served to considerably large finns listed in Bursa Malaysia as a result of liquidity issues. PN 17 is the control procedure specifically for public listed companies which are facing financial distress and to be delisted from the stock exchange. There were 21 finns sub

15、jected to PN 17 as at first half of 2015 bringing the total listing of financial distress finns to 2.32% of the total listed firms on the stock exchange. Shareholders and investors continue to demand for healthy finns to ensure their investments. Solvency and liquidity of firms would remains signifi

16、cant elements for managers to manage for sustainability of the firms. It is pertinent for managers to understand about business failures, its causes and its possible remedies （Sulub, 2014）. Therefore, the study was aimed to mdentify the influence of fimis size on solvency perfonnance of public listed finns on the Bursa Malaysia （BM）.LITERIATURE REVIEWPast researchLun and Quaddus （2011 ） iii their study among Hong Kong electronic iiidustiy pr