上市企业偿债能力外文翻译文献(英文+中文)Word下载.docx
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上市企业偿债能力外文翻译文献(英文+中文)Word下载.docx
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sSizeandSolvencyPerformance:
EvidencefromtheMalaysianPublicListedFirms(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:
AKRamin等
文献出处:
(JournalofEngineeringandAppliedSciences》,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
sSizeandSolvencyPerformance:
Evidencefromthe
MalavsianPublicListedFirms
AbstractFinnsolvencyisoneoftheimportantindicatorsinmeasuringfirm'
sperfonnance.Finnabilitytogrowandsustainingtheirbusinessinthehighlycompetitivebusinessenvironmentdependssignificantlyonitscashflowmanagementcapacitythatsubsequentlyresultstoabusinessstaysolventateveryphaseofbusinesslifecycle.Earlydetectionoffinancialdistressisimportantforeveryfinnofvarioussizes.Previousfindingsonfirm'
ssizeandsolvencyperfonnancevarieswhichtendencyonagreeingtotheassumptionthatlargerfinnshavetheadvantagestoavoidinsolvencyascomparetosmallerfirms.However,previousstudieshavealsorevealedthatlargerfirmssuchaspubliclistedcompanywerenotescapefromfacingfinancialdistresswhicheventuallyleadtoinsolvency.Therefore,thestudywasaimedtomdentifytheinfluenceoffirni'
ssizeandsolvencyperfonnanceofpubliclistedfinnsinMalaysia.Atotalof149finnswereusedtomeasuretheirfinancialdataperfonnancefbraperiodbetween2011and2014.Firmtotalassetsandpaidcapitalwereusedasaproxytofinnsize.Thecunentratioanddebtratiowereusedasaproxytomeasuretliesolvencyperfonnance.Thestudyfoundthatfinnsizemeasuredbytotalassetshasmoderatelyinfluencethesolvencyperformanceoffinnsindicatedbythedebtratioandcunentratio.Howeverthefinnsizemeasuredbypaid-upcapitalhaslesseriiifliienceonsolvencyperfonnancemeasuredbydebtratioandnoinfluenceoncunentratio.
Kevwords:
Cunentratio,debtratio,finnsize.Insolvency,liquidity,Solvency
INTRODUCTION
Inanysituation,finnsshouldbeabletomeetshortandlongtennobligationtoachieveoperationalsustainability.Inthissituation,finnswithoperationalsustainabilitywereregardedasinthepositionofsolvency.Insolvencyoccurswhenafirm'
stotalliabilitiesexceededafairvaluationofitstotalassets.PreviousstudybyBrighamandHouston(2012)describedtechnicalinsolvencyasthepositionwherebyfinnswereunabletomeettheircuiTentobligationsastheyfalldue(thatisthefirm'
scuiTentassetsarelowerthanitscunentliabilities)despitehavinghighertotalassetsthantlietotalliabilities.Earlydetectionoffinancialdistressisimportantinavoidinginsolvency.Publiclistedfirmswererelativelycapableinmanagingliquiditytoensurethattheyremaininsolvencypositionsustainably.Previousfindingsontherelationshipbetweenfirm'
ssizeandsolvencyperfonnanceshowsmixedresultwhichtendencyonagreeingtotheassumptionthatlargefinnshavetheadvantagesoversmallfirmtoremainsolvent.However,priorstudieshavealsorevealedthatlargerfinnssuchaspubliclistedcompanieswerenotimmunefromhavingfinancialdistresswhicheventuallyleadstoinsolvency.Finnabilityinseivicingandrepayingdebtswasthemainindicatorofthesolvencypositionmeasurementofanyfinns(ZhangandZhang,2010).EarlierempiiicalstudiesbyColeman(2002),ObertandOlawale(2010)thatfocusonlargerfinninvariousdevelopedcountriessuggestthatlargefinnsshowedthatsizehavesignificantimpactontheabilityinservingdebtsleadtogreaterchancesinsustainingtheirsolvencyposition.ThisfindingconsistentwithastudybySahudinetal.(2011)inwhichlargerfirmsallowsagreaterlevelofdebtmanagementtowardstheirabilitytosustainthesolvencyposition.Despitemanyfindingsrevealedthatlargerfirmshaveanadvantagesoverthesmallerfinnsinmanagingtheirliquidity,therewerecasesparticularlyinwhichPracticeNote(PN17)wasservedtoconsiderablylargefinnslistedinBursaMalaysiaasaresultofliquidityissues.PN17isthecontrolprocedurespecificallyforpubliclistedcompanieswhicharefacingfinancialdistressandtobedelistedfromthestockexchange.Therewere21finnssubjectedtoPN17asatfirsthalfof2015bringingthetotallistingoffinancialdistressfinnsto2.32%ofthetotallistedfirmsonthestockexchange.Shareholdersandinvestorscontinuetodemandforhealthyfinnstoensuretheirinvestments.Solvencyandliquidityoffirmswouldremainssignificantelementsformanagerstomanageforsustainabilityofthefirms.Itispertinentformanagerstounderstandaboutbusinessfailures,itscausesanditspossibleremedies(Sulub,2014).Therefore,thestudywasaimedtomdentifytheinfluenceoffimi'
ssizeonsolvencyperfonnanceofpubliclistedfinnsontheBursaMalaysia(BM).
LITERIATUREREVIEW
Pastresearch
LunandQuaddus(2011)iiitheirstudyamongHongKongelectroniciiidustiypr
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