firms that are mature and have a lower probability of failure should therefore trade at higher market values, for any given variable such as revenues, earnings, or book value, holding all else (growth and risk) constant.
故較穩健且績優的公司應可游刃於較高獲利的市場,因該公司對於營收、獲利、帳面價值等可影響其成長或使風險增高的種種變因,能有較穩定的掌控。
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