sophisiticated
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Besides, I also find that firms report negative earnings for fiscal year, which have less current and future earnings response coefficient than report positive earnings, and firms report negative cash flows from operating for fiscal year, which have less current cash flow response coefficient than report positive cash flows. Indicating that firms report negative earnings or cash flow, because losses are more transitory and which stock prices less information but which future cash flow response coefficient more than report positive cash flows. Inference of this study because cash flow have substance effect, so when firms have negative cash flows investor more care about it, which have more cash flow response coefficient, and further find while distinguishing the degree of sophisiticated investor, investor the sophisiticated degree proportion is higher. Because they know information of the earnings, firms have more degree of shareholder sophistication for fiscal year, which have more current and future earnings response coefficient than which have less.
此外,本文也发现报导损失之公司,其当期及未来盈余反应系数较报导利润之公司低,以及公司报导营业活动之现金流量为负时其当期营业活动之现金流量反应系数低於报导营业活动之现金流量为正之公司,显示公司报导损失或营业活动之现金流量为负时,因为通常都是暂时性的故其股票报酬的资讯性较低,不过其未来营业活动之现金流量反应系数高於报导营业活动之现金流量为正之公司,本研究推论因为现金流量是有实质的效果,所以当现金流量为负值时投资人应该会比较关注,所以其反应系数较高,而进一步发现当区分投资人之精明程度时,投资人精明程度比重较高,因其会辨识盈余资讯而认为公司进行损益平稳化会增加其资讯内涵,故当期及未来盈余反应系数相较於投资人精明程度较低者高。
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China's embroidery has a long history, sophisiticated workmanship and is loved by people all over the world.
中国刺绣历史悠久,工艺精湛,深受世界各国人民喜爱。
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Kingform Group has Sophisiticated quality management system and quality control system,Including raw material inspection,production monitoring and testing.
康丰国际集团具有完善的质量管理体系和严格的质量监控机制,包括原料检验、生产监控及生产检验流程。
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sophisiticated:尖端的,完善的
solution 溶液 | sophisiticated 尖端的,完善的 | sound 结实的,坚固的
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sophisiticated:尖端的,完善的kLR中国学习动力网
solution 溶液kLR中国学习动力网 | sophisiticated 尖端的,完善的kLR中国学习动力网 | sound 结实的,坚固的kLR中国学习动力网
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sophisiticated technologies:工艺精良
采用先进技术和工艺 to adopt advanced technology | 工艺精良 sophisiticated technologies | 技术先进 modern techniques