この言葉は言ったら、もっとプロです!

この言葉は言ったら、もっとプロです!

結果 (繁體中文) 1:

如果您說這個單詞，它會更專業！

結果 (繁體中文) 2:

As we mention earlier, a key result in Faulkender and Wang (2005) is that cash reserves
are more valuable to a financially constrained firm. In columns 1 to 4 of Table 4, we examine whether our results are robust to controlling for the impact of financial constraints. First, we consider a firm as unconstrained if the firm has an investment grade bond rating and measure this as a dummy variable equal to one if a rating exits and zero otherwise. Second, we consider a firm as unconstrained if the firm has a payout ratio above the median and measure this using a dummy variable equal to one if the firm is unconstrained and zero otherwise. These measures are similar to those used in Faulkender and Wang (2005) and Almeida, Campello, and Weisbach (2004).9 We also include these financial constraint indicators interacted with the change in cash in our analysis.The coefficient on the interaction term confirms that constrained firms have a higher value of cash reserves. More importantly for this paper, we show that the value of a dollar of cash continues to be significantly greater for well governed relative to poorly governed firms.
The economic impact of blockholdings is consistent with that documented previously in Table 3. Performing a similar calculation to that presented in Panel B of Table 3, we find that, using dividend payout (bond rating) as a control for constraint, the value of a dollar of cash is $1.12 ($1.21) for well governed firms and $0.75 ($0.81) for poorly governed firms.The economic significance of the Gompers, Ishii, and Metrick index is also similar to that presented in Table 3 when we measure constraint with the bond rating (column 3): the value of a dollar of cash is $1.61 to a well and $0.41 to a poorly governed firm. However,the economic significance of the Gompers, Ishii, and Metrick index is lower but still economically meaningful when we measure constraint using the dividend payout dummy. A dollar of cash is worth $1.13 to a well and $0.66 to a poorly governed firm, reflecting a $0.47 difference in value. Given the magnitudes of the value of a dollar of cash in the other specifications, it is possible that this last calculation provides a more modest but reasonable estimate.

結果 (繁體中文) 3:

这句话说起来更专业