企业偿债能力参考文献范文模板 12页Word文档下载推荐.docx

1、原 稿IntroductionAlthough creditors can develop a variety of protective provisions to protect their own interests, but a number of complementary measures are critical to effectively safeguard their interests have to see the companys solvency. Therefore, to improve a companys solvency Liabilities are o

2、n the rise. On the other hand, the stronger a companys solvency the easier cash investments required for the project, whose total assets are often relatively low debt ratio, which is the point of the pecking order theory of phase agreement. Similarly, a companys short-term liquidity, the stronger th

3、e short-term debt ratio is also lower, long-term solvency, the stronger the long-term debt ratio is also lower .Harris et al. Well, Eriotis etc. as well as empirical research and Underperformance found that the solvency （in the quick ratio and interest coverage ratio, respectively, short-term solven

4、cy and long-term solvency） to total debt ratio has significant negative correlation. Taking into account the data collected convenience, this paper represents short-term solvency ratios and to study the long-term solvency by the quick ratio and cash flow impact on the real estate debt capital struct

5、ure of listed companies. Listed Companies Solvency AnalysisWhen companies need money, the choice of financing preference order, namely in accordance with retained earnings, issuance of bonds, financing order issued shares. According to this theory, strong corporate profitability, retained earnings m

6、ore For financing first will consider retained earnings. Therefore, the profitability of the total debt ratio should be negatively correlated debt avoidance theory based natural surface that under otherwise identical conditions, a highly profitable company should borrow more debt, because they use a

7、voidance of the need for greater debt, and therefore higher debt ratio. rapid growth of the companys financial leverage without the support, based on this, to select 378 samples from the 500 largest US companies, the researchers found that regardless of whether there is an optimal capital structure,

8、 the companys liabilities are directly correlated with growth.Growth is the fundamental guarantee company solvency, so whether short-term loans or long-term loans and creditors, as the companys growth as a positive signal, so the listed companies in recent years of growth, the higher its rate and sh

9、ort-term assets The higher rate of long-term assets and liabilities, total assets and liabilities naturally higher, but the impact on growth of real estate companies listed on a smaller debt ratio （coefficient is small）. The risk of firm size and capital structure affect the growth has a similar con

10、clusion, it appears that creditors, especially banks that the company scale is a measure of credit risk is an important consideration index, the greater the company size, the more stable cash flow, bankruptcy it is smaller, the creditors are more willing to throw an olive branch large-scale enterpri

11、ses. The actual controller of the listed companies category to total debt ratio of the impact factor of a 0.040017, indicating that non-state-controlled listed companys total assets and liabilities higher than the state-owned holding companies. The reason for this phenomenon may be non-state-control

12、led listed companies pay more attention to control benefits, do not want to dilute their control over equity financing, and therefore more inclined to debt financing, which may also explain the non-state-controlled listed companies better use of financial leverage enterprises bigger and stronger imp

13、ulses. In addition, the actual control of listed companies category short-term impact on asset-liability ratio is a 2.3 times its impact on long-term debt ratio, which shows the non-state-controlled listed companies prefer to take advantage of short-term debt to expand its operations. Current resear

14、ch on factors affecting capital structure point of view there are many factors in various industries concerned is not the same, according to industry characteristics and particularity, we mainly focus on the following aspects to analyze the factors industry capital structure. The article explained v

15、ariable - capital structure for the asset-liability ratio, generally refers to the total debt ratio, but for more in-depth study of capital structure of listed companies, the paper from the total debt ratio, short-term assets and liabilities and long-term debt ratio of three angles of Capital struct

16、ure explanatory. At present, domestic and foreign scholars analyzed factors on capital structure mostlyused multiple linear regression, as usual statistical regression function in the form of their choice is often subjective factors, but ordinary regression methods to make function with average resi

17、stance, most such functions excellent and objectivity are often difficult to reflect. base stochastic frontier model （Stochastic Frontier） in data envelopment analysis （DEA） method, estimate the effective production frontier using mathematical programming method, namely the experience of frontier pr

18、oduction function, overcome DEA method assumes that there is no random error term, the better to reflect the objectivity and optimality J function, currently in the field of economic management, sociology and medicine, began to get more and more applications. Therefore, in this paper, stochastic fro

19、ntier model data on the capital structure factors listed real estate companies conducted a comprehensive analysis, in order to provide a better scientific basis for the study of the optimal capital structure of real estate enterprises. Listed companys solvency and overall asset-liability ratio was s

20、ignificantly negatively correlated with short-term liquidity has a decisive influence on the short-term asset-liability ratio. Similarly, long-term solvency also has a decisive influence on long-term assets and liabilities. Industry higher total debt ratio particularly high proportion of short-term

21、debt is one of the main business risks, thus increasing solvency of listed companies, especially short-term liquidity （that is, to obtain a stable short-term cash flow）. reduce its asset liability ratio and effective risk management choice ROA of listed companies is much greater influence than ROE o

22、f asset-liability 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 short-term liabilities ROA more obvious, this difference is mainly due to the special structure of lis

23、ted companies due to the nature of the capital, and therefore need to improve the capital structure of listed companies, namely to reduce the total assets and liabilities rate debt structure and the need to reduce the proportion of short-term debt in particular, in order to enhance the companys prof

24、itability ROA. growth and company size has a significant positive impact on the capital structure, which is mainly due to the growth of the companys solvency is fundamental, The size of the company is the main indicator to measure the bankruptcy creditor risk. Therefore, listed companies should be r

25、adically 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 non-state-owned holding companies controlling more use of financial leverage motivation and apparently re

26、lied on short-term liabilities, which may lead to more serious financial risk especially short-term business risks, so that the non-state-owned holding listed companies should establish more strict risk prevention system. 译 文介绍虽然债权人可以通过制定各种保护性条款来保障自己的利益，但都是一些辅助性的措施，能够有效保障他们利益的关键还得看公司的偿债能力。所以，提高一个公司的

27、偿债能力，负债有上升的趋势。另一方面，一个公司的偿债能力越强也就越容易产生项目投资所需的现金，其总资产负债率也往往比较低，这与优序融资理论的观点相吻合。同理，一个公司的短期偿债能力越强则短期资产负债率也就越低，长期偿债能力越强则长期资产负债率也就越低。Harris Eriotis等表示短期偿债能力和长期偿债能力与总资产负债率具有显著的负相关关系。考虑到数据搜集的便利，本文用速动比率和现金流量债务比分别表示短期偿债能力和长期偿债能力来研究对上市公司资本结构的影响。 上市公司偿债能力分析企业在需要资金时，对筹资方式的选择有偏好顺序，即按照内部留存收益，发行债券，发行股票的顺序筹资。根据该理论，盈利

28、能力强的企业，内部留存收益较多，若需筹资首先会考虑内部留存收益。所以，盈利能力应与总资产负债率负相关。然面对于债务避税的理论认为，在其它条件相同的情况下，盈利性高的公司应当借更多债，因为它们利用债务避税的需要更大，因此资产负债率更高。公司的快速成长离不开财务杠杆的支持，基于此，从美国最大的500家公司中选取378个样本，研究发现不管是否存在最优的资本结构，公司的负债都与成长性直接正相关。目前，大家对资本结构影响因素的分析大多采用多元线性回归，由于通常的统计回归方法其函数形式的选择往往带有主观因素，同时普通回归方法使函数带有平均性，这样函数的最优性和客观性往往难以体现。随机前沿面模型（Stoch

29、astic Frontier）在数据包络分析（DEA）方法的基础上，利用数学规划方法估计出有效生产前沿面，即经验的前沿生产函数，克服了DEA方法不存在随机误差项的假定，比较好地反映了函数的客观性与最优性。目前在经济管理学，社会学以及医学等领域开始得到了越来越多的应用。因此,本文应用随机前沿面模型对上市公司资本结构影响因素的数据进行了比较全面的分析，以期为研究企业的最优资本结构提供较好的科学依据。篇二：关于偿债能力分析的 开题报告 淮 阴 工 学 院毕业论文开题报告学 生 姓 名：专 业：论 文 题 目：指 导 教 师：201X 年 2 月 8 日胡凯 学 号： 1081813111 经济管理学

30、院（财务管理） 企业偿债能力分析 严泰开题报告填写要求1开题报告（含“文献综述”）作为 毕业设计 （论文）答辩委员会对学生答辩资格审查的依据材料之一。此报告应在指导教师指导下，由学生在毕业设计（论文）工作前期内完成，经指导教师签署意见及所在专业审查后生效。2开题报告内容必须用黑墨水笔工整书写或按教务处统一设计的电子文档标准格式（可从教务处网页上下载）打印，禁止打印在其它纸上后剪贴，完成后应及时交给指导教师签署意见。3“文献综述”应按论文的格式成文，并直接书写（或打印）在本开题报告第一栏目内，学生写文献综述的参考文献应不少于10篇（不包括辞典、手册）。4有关年月日等日期的填写，应当按照国标GB/

31、T 740894数据元和交换格式、信息交换、日期和时间表示法规定的要求，一律用阿拉伯数字书写。如“201X年3月15日”或“201X-03-15”。1.结合毕业论文课题情况，根据所查阅的文献资料，每人撰写201X字左右的文献综述1 研究背景财务报表分析就是从报表中获取符合报表使用人分析目的的信息，认识企业活动的特点，评价其业绩，发现其问题。财务报表能够全面反映企业的财务状况、经营成果和现金流量情况，但是单纯从财务报表上的数据还不能直接或全面说明企业的财务状况，特别是不能说明企业经营状况的好坏和经营成果的高低，只有将企业的财务指标与有关的数据进行比较才能说明企业财务状况所处的地位，因此要进行财务

32、报表分析。从企业总体来看，财务报表分析的基本内容，主要包括分析企业的偿债能力、营运能力等。本文主要对偿债能力进行分析研究。偿债能力是指企业偿还到期债务的能力。能否及时偿还到期债务，是反映企业财务状况好坏的重要标志。通过对偿债能力的分析，可以考察企业持续经营的能力和风险，有助于对企业未来收益进行预测。目前分析企业偿债能力最常用的方法是:以资产负债表、现金流量表为根据,计算一系列比率指标并与有关评价标准进行比较。这些指标包括：流动比率、速动比率、现金比率、资产负债比率、产权比率等等。2 国内外研究现状随着金融危机席卷全球，偿债能力风险作为财务风险分析的重要组成部分成为理论与实务研究的侧重点。有关企业偿债能力分析的问题研究，国内外很多学者发表的观点值得我们借鉴。2.1 国外研究现状国外对于企业偿债能力的研究涉及到企业的筹资、投资、分配等资金使用的各个方面。美国Modigliani和Miller（1958、1963）发表两篇文章，首次研究资本结构与企业价值的关系。于此国外学者就资本结构的影响因素之一企业的偿债能力进