UC知道高分翻译4~
来源：百度知道 编辑：UC知道 时间：2024/06/07 02:16:48
We controlled for several factors that could affect
the results. To control for differences in a firm’s
financial resources, which could affect its ability
and motivation to act, along with expectations of
investors, we calculated slack and financial capacity
variables. Slack, representing the firm’s shortterm
ability to meet needs, was operationalized
as working capital over assets. Financial capacity,
representing the firm’s long-term ability to obtain
capital, was operationalized as a firm’s debt-toequity
ratio. We controlled for firm size using the
natural log of the firm’s total assets.
Additionally, we controlled for other strategic
actions taken including: divestment, internationalization,
total number of new products introduced,
mergers and acquisitions completed, and
strategic alliances negotiated. Divestment, or asset
retrenchment, is a common action taken by firms
experiencing poor pe
the results. To control for differences in a firm’s
financial resources, which could affect its ability
and motivation to act, along with expectations of
investors, we calculated slack and financial capacity
variables. Slack, representing the firm’s shortterm
ability to meet needs, was operationalized
as working capital over assets. Financial capacity,
representing the firm’s long-term ability to obtain
capital, was operationalized as a firm’s debt-toequity
ratio. We controlled for firm size using the
natural log of the firm’s total assets.
Additionally, we controlled for other strategic
actions taken including: divestment, internationalization,
total number of new products introduced,
mergers and acquisitions completed, and
strategic alliances negotiated. Divestment, or asset
retrenchment, is a common action taken by firms
experiencing poor pe
我们掌握几个有可能会影响到结果的因素。为了了解企业在金融资源（金融资源可以影响到企业采取战略举措的能力和动机）方面的差异，以及投资者的预期，我们计算slack及财务能力变量。Slack，代表企业在短期内满足需要的能力，它是营运资本与资产的比率。财务能力，代表企业获取资本的长期能力，是企业的债务与所有者权益的比率。
通过计算企业总资产的自然对数，我们得出企业规模。此外，我们还掌握了其他所采取的举措，包括：资产剥离（？不好意思，我是学金融的，可是实在没见过这个词在经济学上有什么含义，在这里猜的），国际化，新产品数量，已完成的兼并及协商好的战略联盟等。
资产剥离，是业绩不佳的企业在准备提升业绩时常采取的一种措施，但是也有可能对企业造成一定的损害(Morrow, Johnson, and Busenitz, 2004)。资产剥离的衡量，通常是在好转年度时总资产减少的比率。在国际市场上增加销售量，是企业提升业绩的另一种战略性选择。国际化的衡量指标是好转年度时国际销售增量的比率。
最后，我们深入了解了企业采取的所有战略举措（新产品，兼并，战略联盟），而不考虑其价值或易效仿性。从效果上看，掌握了这些举措，也有利于对一项有价值且不易被效仿的战略举措的评估进行有效性检查。它们进一步支持了模型的可信度（注：感觉这一句有点前言不搭后语），因为业绩不佳的企业所采取的举措，其数量和多样性均有可能影响投资者对这些举措的评价。