企业偿债能力分析外文文献

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1、外文文献原稿和译文原稿IntroductionAlthoughcreditorscandevelopavarietyofprotectiveprovisionstoprotecttheirowninterests，butanumberofcomplementarymeasuresarecriticaltoeffectivelysafeguardtheirinterestshavetoseethecompany'ssolvency.Therefore,toimproveacompany、solvencyLiabilit

2、iesareontherise.Ontheotherhand,thestrongeracompany’ssolvencytheeasiercashinvestmentsrequiredfortheproject，whosetotalassetsareoftenrelativelylowdebtratio,whichisthepointofthepeckingordertheoryofphaseagreement.Similarly，acompany'sshort-termliquidity，thestrongerth

3、eshort-termdebtratioisalsolower,long-termsolvency,thestrongerthelong-termdebtratioisalsolower•Harrisetal.Well，Eriotisetc.aswellasempiricalresearchandUnderperformancefoundthatthesolvency(inthequickratioandinterestcoverageratio,respectively，short-termsolvencyandl

4、ong-termsolvency)tototaldebtratiohassignificantnegativecorrelation.Takingintoaccountthedatacollectedconvenience，thispaperrepresentsshort-termsolvencyratiosandtostudythelong-termsolvencybythequickratioandcashflowimpactontherealestatedebtcapitalstructureoflistedc

5、ompanies.ListedCompaniesSolvencyAnalysisWhencompaniesneedmoney,thechoiceoffinancingpreferenceorder，namelyinaccordancewithretainedearnings，issuanceofbonds，financingorderissuedshares.Accordingtothistheory，strongcorporateprofitability,retainedearningsmoreForfinanc

6、ingfirstwillconsiderretainedearnings.Therefore,theprofitabilityofthetotaldebtratioshouldbenegativelycorrelateddebtavoidancetheorybasednaturalsurfacethatunderotherwiseidenticalconditions,ahighlyprofitablecompanyshouldborrowmoredebt,becausetheyuseavoidanceofthene

7、edforgreaterdebt，andthereforehigherdebtratio,rapidgrowthofthecompany'sfinancialleveragewithoutthesupport，basedonthis，toselect378samplesfromthe500largestUScompanies，theresearchersfoundthatregardlessofwhetherthereisanoptimalcapitalstructure，thecompany’sliabilitie

8、saredirectlycorrelatedwithgrowth.Growthisthefundamentalguaranteecompanysolvency，sowhethershort-termloansorlong-termloansandcreditors，asthecompany'sgrowthasapositivesignal，so