英语翻译Panel A of Table 1 describes our sample selection proces

英语翻译
Panel A of Table 1 describes our sample selection process.We begin by collecting financial data from World scope for all firms from Hong Kong,Indonesia,Malaysia,the Philippines,Singapore,Korea,Taiwan,and Thailand that are covered by the July 1997 version of world scope in order to capture firms in existence prior to onset of the crisis.These eight emerging markets are the same ones studied by Claessens,Djankov,Fan,and Lang(2000).The firms covered by World scope at this time represent approximately 90 percent of the stock market capitalization of these East Asian countries.We eliminate firms whose primary business is financial services (SICs 6000-6999),resulting in an initial sample of 1,396 firms .We next match this initional sample of firms with ownership date from Lins (2000),which contains data from the 1995/1996 time period on the control rights and cash flow rights held by managers and their families for non-financial firms in 18 emerging markets.We lose 457 firms because of a lack of ownership dada.
We require that a firm is covered by World scope in both the pre-crisis and post-crisis period.Since the crisis clearly began in July of 1997,we define our pre-crisis as fiscal year-ends between July,1996 and June,1997.We next need to specify the time period in which the crisis effect on valuation is to be measured.There is no clear consensus on exactly when the crisis ended,but returns from the MSCI country indices indicate that East Asian markets were improving substantially by July,1998.We want to maintain a consistent period of time (one year in this case) for the crisis to affect our firm,so we define our post-crisis period as fiscal year-ends between July,1997 and June ,1998 and use later versions of world scope to obtain this financial data.This choice of post-crisis period could obviously understate the effect of the crisis for firms with fiscal year-ends on or just after July.Fortunately,the overwhelming majority of our firms have fiscal year-ends between December and June.For robustness,we perform other analyses to ensure that our results are not biased by crisis period measurement issues.
We exclude firms with SEDOL changes or insufficient data to calculate Tobin’s Q ratio in both the pre-and post-crisis period.Tobin’s Q ratio is defined as the ratio of total liabilities plus the market value of equity divided by the book value of total assets.Our final sample consists of 853 firms for which we have both ownership and financial data over the crisis period.We also collect monthly stock return data in local currency from Data stream.Stock returns are not available for 60 of our sample firms.We focus on changes in firm value measured in local Currency because we are interested in the effects of difference in ownership on firm performance across firms within countries.By measuring performance in local currency we net out any effects of exchange rates that are common to all within each county

我水平有限,翻译的也不到位,你就当参考一下吧.
表1的面板A描绘了我们收集样本的过程.我们由从世界范围内所有香港、印度尼西亚、马来西亚、菲律宾、新加坡、韩国、台湾和泰国的公司收集财务数据开始,为了确保这些公司是存在于经济危机之前的,我们的所谓世界范围指的是1997年7月的版本.在Claessens,Djankov,Fan,and Lang(2000)的研究之下,这8个新兴市场是相同的.这个时期世界范围内的这些（属于这八个地区的）公司代表了此时东亚90%的股市市值.我们排除那些主要业务为金融服务(SICs 6000-6999)的公司,得到了一个拥有1396家公司的初步样本.接下来,我们把这些公司的初步样本与Lins (2000)的所有权数据进行比较,这个所有有权数据包括在这八个新兴市场中,从1995到1996年期间由管理者和家庭 掌握控制权和资金流权的非金融类公司的数据.由于缺乏所有权数据我们又排除了457家公司.我们需要是在前经济危机和后经济危机时期都包括在世界范围内的公司.由于经济危机明确的始于1997年7月,我们把前经济危机财政年度定义为1996年7月到1997年6月.接下来我们要详细说明经济危机影响测量评估的时期.对于紧急危机何时结束没有准确的定论,但MSCI（摩根士丹利国际公司）的国家指数表明,东亚市场在1998年7月就开始复苏提升了.为了保持经济危机对我公司影响的时间段（这里是一年）上的一致,我们把后经济危机时期定义为1997年7月到1998年6月,并且用我们后一个世界范围的版本（排除457家公司后的版本）来获得这个财政数据.这个选择明显会使经济危机在本财政年度中或7月以后对这些公司的影响打折扣.幸运的是这些公司的大多数都拥有从12月到6月的财政年结制度.为了稳健我们做了其他分析研究以确保我们的结论不会出于经济危机时期的估测问题.
我们排除有SEDOL变化的和数据不足的公司,然后进行前经济危机时期和后经济危机时期Tobin’s Q值的计算.Tobin’s Q值是指一个公司的负债总额加上该公司由总资产的账面价值平分的市场价值.我们的财政样本包括853个在经济危机期间既有所有权又有财政数据的公司.我们也按月从数据流中提取了本国货币的股票反馈结果.我们样本中有60家不能利用股票反馈结果的公司.由于我们感兴趣的是各国家中 所有权上的不同对公司在经济危机中表现的影响,所以我们关注基于本国货币的 对公司价值估测的变化（“就是用本国货币给公司价值定价的变化情况”）.通过对在本国货币下的（一个公司价值的）表现情况的测算,我们得出（每个国家都有的）汇率的影响.