Question

麻烦高手翻译一下，不要翻译软件的，谢谢。我在线等

[Table 6 goes about here]
Table 7 reports regressions in which the sample is restricted to those corporations that are group-affiliated or to those that are non-affiliated; in each case, both the 20 percent and the 10 percent levels of control are considered. These regressions confirm that the 20 percent level of control in groups is a significant threshhold for insider expropriation. For corporations affiliated to a group at the 20 percent level, there is a significant negative relationship between O/C and dividends as a ratio of cash flows and also as a ratio of earnings. This reinforces the indications in Table 6A that, within groups that are tightly controlled at the 20 percent level, corporate managers must pay higher dividends to offset greater investor concerns about expropriation when the O/C ratio is lower. By contrast, for corporations not affiliated to a group at the 20 percent level, Table 7 shows that there is a significantly positive relationship between O/C and dividends as a ratio of market capitalization and also as a ratio of sales. Thus, investors seem less alert to
expropriation in such corporations, giving insiders latitude to pay lower dividends when there is greater discrepancy between their ownership and control stakes. However, these significantly positive relationships between O/C and dividends disappear if the sample is restricted to corporations that are not affiliated to a group at the 10 percent level.

Answer 1

[表6云这里]
表7 回归分析报告，其中样本只限于那些公司是集团下属的或者是那些同时也是无党籍，在每种情况下，无论是20 ％和10 ％的水平控制等因素。这些回归分析证实， 20 ％的水平，控制在群体是一个很大的门槛内幕征用。公司所属各一组，在20 ％的水平，有一个显着的负关系的O / C和股息的比率现金流量，也作为一个比例的收入。这更加剧了，种种迹象表6 ，在有些组织要紧紧控制在百分之二十的水平，企业经理人必须付出更高的分红，以抵消更多的投资者的关注，征用土地时的O / C比值较低。相比之下，对于企业，不属一组在20 ％的水平，表7显示，有一个显着的正相关关系的O / C和股息的比率市值，也作为一个比例的销售。因此，投资者似乎不那么警觉
征用，在这种公司，让内行人纬度支付较低的股利时，有较大的差距，其所有权和控制权的赌注。然而，这些显着的正相关关系的O / C和红利消失，如果样本是限于公司，不属于一组在百分之十的水平。