大量研究显示女董事比例高，公司业绩就好。

Numerous studies show that high proportions of women directors coincide with superior corporate performance.

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但是，论文的结论却是平均看来，女董事比例越高，公司业绩越差。

On average, however, the paper concluded that firms perform worse as the proportion of women on the board increases.

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女董事比例小也反映出企业文化缺少精英领导。在多数情况下毋庸置疑。

Nor is there any doubt that in many cases low female representation also reflects a broader lack of meritocracy in corporate culture.

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I think the simplest way to understand Modigliani-Miller proposition is the following: imagine that we, as a board, decided to pay a dividend of $5 a share.

理解莫迪利阿尼和米勒命题,最简单的方式是,假设我们构成了一个董事会,决定以每股5美元的比例发放股利

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