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1、北京化工大学北方学院毕业设计（论文）外文文献原稿和译文外文文献原稿和译文原 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
2、 companys solvency Liabilities are on 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 s
3、hort-term liquidity, the stronger the 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 ra
4、tio, respectively, short-term solvency 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
5、 the real estate debt capital structure 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
6、 profitability, retained earnings more 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 b
7、orrow more debt, because they use avoidance 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 the
8、re is an optimal capital structure, 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
9、 growth, the higher its rate and short-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
10、affect the growth has a similar conclusion, 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 a
11、n olive branch large-scale enterprises. 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
12、phenomenon may be non-state-controlled 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
13、enterprises bigger and stronger impulses. 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 ex
14、pand its operations.Current research 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
15、structure. The article explained variable - 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
16、 of three angles of Capital structure explanatory.At present, domestic and foreign scholars analyzed factors on capital structure mostly used 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 resistance, most such functions excellent and objectivity are often difficult to reflect. base stochastic frontier model (Stochastic Fr
