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论文<Earnings management, audit adjustments, and the financing of corporate acquisitions: Evidence from China>连接：https://www.sciencedirect.com/science/article/pii/S0165410117300794?via%3Dihub

论文中对下图的解释如下：

Panel B of Table 1 reports the number of deals by announcement year. There are 273 deals in the first year (2007) and
285 in the final year (2013). The most deals are announced in 2008 (378), while 2007 has the fewest (273). In total, there are 2035 cash-financed acquisitions and 226 stock-financed acquisitions. Of the 226 stock-financed deals announced in year t , there are only two with subsequent stock-financed deals announced in year t + 1 and only two with previous stock-financed deals announced in year t −1. Therefore, most companies do not repeatedly use equity to finance deals in successive years
我对加粗部分不太理解，请前辈帮忙解释一下~先谢谢了！！！

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关键词：股票融资 Acquisitions announcement Acquisition Successive