Question

请帮忙翻译一下，在下感激不尽，谢谢~急！！！

From Table IV, Model 3 and Model 4 the regression results of associated and non associated we can get R*R=0.817 n mode 3 but after adjustment it is negative, and all the explanatory variables are not significant. Corresponding to non-related transactions' R*R=0.795 , the proportion of total assets amount of the transaction, Tobin 'Q, total assets turnover, equity turnover, the proportion of property rights are both significant. The proportion of total assets amount of the transaction and equity turnover in Model 1 and Model 2 have positive correlation, Tobin 'Q, total assets turnover, the proportion of property rights have negative correlation. The proportion of total assets amount of the transaction is the most relevant variables in model 4. From the point of cash flow, in unrelated cases, the occurrence of mergers and acquisitions can be seen in the fair circumstances as relatively, one of the purposes of M & A theory is the optimization of assets, so the amount of the transaction can be for the present value of future cash flows, accounting for a larger amount of the transaction asset ratio shows a larger future cash flows available. In contrast related, the motive of mergers and acquisitions may have been related to the control factor, and in M & A process there may be behavior of damage value and the tunnel behavior even in the presence of fraud related parties so this may make the purpose of related party transactions are not consistent with a quantitative model to explain.

Answer 1

从表四、模型3和模型4回归结果的关联和非相关我们可以得到R * R = 0.817 n模式3但调整后,这是消极的,和所有的解释变量是没有意义的。对应关系的交易的R * R =现场录音库,总资产的比例这笔交易金额,托宾的Q,总资产周转,股权比例的营业额,都是重大财产权利。总资产的比例这笔交易金额和股票交易额在一定条件下模型1和模型2有正相关关系,托宾的Q,总资产的比例营业额,物权已成负相关关系。总资产的比例这笔交易金额是最相关的变量模型4。从这个角度来说,现金流量,在完全不同的情况下,发生的合并和收购中可以看出,形势相对公平的目的之一是M和优化理论的资产,所以交易的数额可以为未来现金流量的现值,占据更大数量的净资产比率显示交易更大的未来现金流量可用。相比之下的相关产品,合并和收购的动机可能是相关的控制因素,并在M &过程中可能有这样的行为的伤害值和隧道行为甚至在相关各方的存在欺诈行为的,所以这可能会使关系人交易的目的不一致量化模型来解释。