The evidences also show that cash flow variability, cash substitutes, financial leverage, and corporate age have significantly negative relation with corporate cash holdings.

现金流变异性、现金替代物、财务杠杆及公司年龄与现金持有水平显著负相关；

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The evidences also show that cash substitutes, financial leverage, and corporate age have significantly negative relation with the corporate cash holdings.

现金替代物、财务杠杆及公司年龄与现金持有水平显著负相关；

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The enterprise leverage analyzed in concerned financial management books is always positive, but in practice, enterprise leverage is probably a negative value.

目前有关财务管理书籍中所分析的杠杆度都是正值，但现实中企业杠杆度极有可能为负值。

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