pre-shipment financing

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。

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。

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。