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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1外文文献原稿和译文原稿IntroductionAlthoughcreditorscandevelopavarietyofprotectiveprovisionstoprotecttheirowninterests,butanumberofcomplementarymeasuresarecriticaltoeffectivelysafeguardtheirinterestshavetoseethecompany'ssolvency.Therefore,toimproveacompany'ssolvencyLiabilitiesareontherise.Ontheotherhand,thestrongeracompany'ssolvencytheeasiercashinvestmentsrequiredfortheproject,whosetotalassetsareoftenrelativelylowdebtratio,whichisthepointofthepeckingordertheoryofphaseagreement.Similarly,acompany'sshort-termliquidity,thestrongertheshort-termdebtratioisalsolower,long-termsolvency,thestrongerthelong-termdebtratioisalsolower.Harrisetal.Well,Eriotisetc.aswellasempiricalresearchandUnderperformancefoundthatthesolvency(inthequickratioandinterestcoverageratio,respectively,short-termsolvencyandlong-termsolvency)tototaldebtratiohassignificantnegativecorrelation.Takingintoaccountthedatacollectedconvenience,thispaperrepresentsshort-termsolvencyratiosandtostudythelong-termsolvencybythequickratioandcashflowimpactontherealestatedebtcapitalstructureoflistedcompanies.ListedCompaniesSolvencyAnalysisWhencompaniesneedmoney,thechoiceoffinancingpreferenceorder,namelyinaccordancewithretainedearnings,issuanceofbonds,financingorderissuedshares.Accordingtothistheory,strongcorporateprofitability,retainedearningsmoreForfinancingfirstwillconsiderretainedearnings.Therefore,theprofitabilityofthetotaldebtratioshouldbenegativelycorrelateddebtavoidancetheorybasednaturalsurfacethatunderotherwiseidenticalconditions,ahighlyprofitablecompanyshouldborrowmoredebt,becausetheyuseavoidanceoftheneedforgreaterdebt,andthereforehigherdebtratio.rapidgrowthofthecompany'sfinancialleveragewithoutthesupport,basedonthis,to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2select378samplesfromthe500largestUScompanies,theresearchersfoundthatregardlessofwhetherthereisanoptimalcapitalstructure,thecompany'sliabilitiesaredirectlycorrelatedwithgrowth.Growthisthefundamentalguaranteecompanysolvency,sowhethershort-termloansorlong-termloansandcreditors,asthecompany'sgrowthasapositivesignal,sothelistedcompaniesinrecentyearsofgrowth,thehigheritsrateandshort-termassetsThehigherrateoflong-termassetsandliabilities,totalassetsandliabilitiesnaturallyhigher,buttheimpactongrowthofrealestatecompanieslistedonasmallerdebtratio(coefficientissmall).Theriskoffirmsizeandcapitalstructureaffectthegrowthhasasimilarconclusion,itappearsthatcreditors,especiallybanksthatthecompanyscaleisameasureofcreditriskisanimportantconsiderationindex,thegreaterthecompanysize,themorestablecashflow,bankruptcyitissmaller,thecreditorsaremorewillingtothrowanolivebranchlarge-scaleenterprises.Theactualcontrollerofthelistedcompaniescategorytototaldebtratiooftheimpactfactorofa0.040017,indicatingthatnon-state-controlledlistedcompany'stotalassetsandliabilitieshigherthanthestate-ownedholdingcompanies.Thereasonforthisphenomenonmaybenon-state-controlledlistedcompaniespaymoreattentiontocontrolbenefits,donotwanttodilutetheircontroloverequityfinancing,andthereforemoreinclinedtodebtfinancing,whichmayalsoexplainthenon-state-controlledlistedcompaniesbetteruseoffinancialleverageenterprisesbiggerandstrongerimpulses.Inaddition,theactualcontroloflistedcompaniescategoryshort-termimpactonasset-liabilityratioisa2.3timesitsimpactonlong-termdebtratio,whichshowsthenon-state-controlledlistedcompaniesprefertotakeadvantageofshort-termdebttoexpanditsoperations.Currentresearchonfactorsaffectingcapitalstructurepointofviewtherearemanyfactorsinvariousindustriesconcernedisnotthesame,accordingtoindustrycharacteristicsandparticularity,wemainlyfocusonthefollowingaspectstoanalyzethefactorsindustrycapitalstructure.Thearticleexplainedvariable-capitalstructurefortheasset-liabilityratio,generallyreferstothetotaldebtratio,butformorein-depthstudyofcapitalstructureoflistedcompanies,thepaperfromthetotaldebtratio,short-termassetsandliabilitiesandlong-termdebtratioofthreeanglesofCapitalstructureexplanatory.Atpresent,domesticandforeignscholarsanalyzedfactorsoncapitalstructuremostly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3usedmultiplelinearregression,asusualstatisticalregressionfunctionintheformoftheirchoiceisoftensubjectivefactors,butordinaryregressionmethodstomakefunctionwithaverageresistance,mostsuchfunctionsexcellentandobjectivityareoftendifficulttoreflect.basestochasticfrontiermodel(StochasticFrontier)indataenvelopmentanalysis(DEA)method,estimatetheeffectiveproductionfrontierusingmathematicalprogrammingmethod,namelytheexperienceoffrontierproductionfunction,overcomeDEAmethodassumesthatthereisnorandomerrorterm,thebettertoreflecttheobjectivityandoptimality¨Jfunction,currentlyinthefieldofeconomicmanagement,sociologyandmedicine,begantogetmoreandmoreapplications.Therefore,inthispaper,stochasticfrontiermodeldataonthecapitalstructurefactorslistedrealestatecompaniesconductedacomprehensiveanalysis,inordertoprovideabetterscientificbasisforthestudyoftheoptimalcapitalstructureofrealestateenterprises.Listedcompany'ssolvencyandoverallasset-liabilityratiowassignificantlynegativelycorr