This paper presents evidents that cash-flow volatility is negatively related to firm value using a large sample consisting of 2724 firm-year observations from 1998-2008.
本文通过1998-2008年间2724例公司年样本观察值证明现金流波动率与公司价值显著负相关。
As pointed out below, the danger of non-fulfillment of their implicit claims rises with the cash flow and earnings volatility of the firm.
正如下文，对不实行其隐含的风险上升债权与现金流与企业盈利的动摇。
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