pre-shipment financing

Examining the effect of the contracts needs to analyze the type and lawful characteristics of cooperative exploitation and needs to distinguish illegal transferring the rights of land, illegal pre-sale of houses and illegal financing.

审查联建合同效力，需要分析联建基本类型及其法律特征，区分以联建名义非法转让土地使用权、以联建方式违法预售房屋、以联建形式非法融资等违法行为。

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The debt/ asset ratio ( DAR) is used as the scale index of financing structure. Meanwhile the study sets operations ratio ( pre-receivables) and financing ratio ( issuance of bonds and bank loans) to indicate the debt channels.

在解释变量上，采用资产负债率（DAR）来衡量企业的融资结构，并设置经营活动比率（企业的预收款）和筹资活动比率（发行债券和银行借款）来表示融资渠道。

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Walmart will play a role in a "commercial partnership." The statement also says both American companies will TikTok's global pre-IPO financing round in which they can take up to a 20 percent cumulative stake in the company.

沃尔玛将在“商业合作伙伴关系”中发挥作用。声明还表示，这两家美国公司将参加抖音的全球首次公开募股前融资，在这轮融资中，它们可以持有该公司累计20%的股份。

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