• 1. negative leverage: 负杠杆作用
• 2. negative financial leverage: 非财政杠杆作用

• 1.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；
  dict.yoduao.com
• 2.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；
  dict.yoduao.com
• 3.We found that operation risks and bankrupt costs of enterprises could have positive impacts on leverage ratio, while pay-out ratio of dividends may have negative impact on leverage ratio.
  我们发现企业的经营风险和破产成本可能对杠杆率有正面影响，而股息支付率则与杠杆率负相关。
  dict.yoduao.com

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