【正文】 capsule attached, will move through the lower level of the atmosphere (the troposphere) where our daytoday weather lives. It will climb higher than the tip of Mount Everest ( miles/ kilometers), drifting even higher than the cruising altitude of mercial airliners ( miles/ kilometers) and into the stratosphere. As he crosses the boundary layer (called the tropopause),e can expect a lot of turbulence. The supersonic descent could happen as early as Sunda. The weatheThe balloon will slowly drift to the edge of space at 120,000 feet ( 山東工商學(xué)院 09 屆學(xué)年論文 15 Then, I would assume, he will slowly step out onto something resembling an Olympic diving platform. Below, the Earth bees the concrete bottom of a swimming pool that he wants to land on, but not too hard. Still, he39。t start planning... Those years, those days of do, finally, like youth, will end in our life. 此刻，天空是陰暗的，空氣里有著剛下過(guò)雨之后的清新因子。想要的，不想要的，界限明確，好像沒(méi)有什么可以撼動(dòng)自己。 Junior high school, thought to have a crush on just means that the real growth, but over the past three years later, his writing of alumni in peace, suddenly found that isn39。s governing body, has also ordered an immediate investigation into the referee39。t appealed against the disciplinary action your employer has taken against you. However, if you win your case, the tribunal may reduce any pensation awarded to you as a result of your failure to appeal. Remember that in most cases you must make an application to an employment tribunal within three months of the date when the event you are plaining about happened. If your application is received after this time limit, the tribunal will not usually accept i. If you are worried about how the time limits apply to you, take advice from one of the anisations listed under Further help. Employment tribunals are less formal than some other courts, but it is still a legal process and you will need to give evidence under an oath or affirmation. Most people find making a claim to an employment tribunal challenging. If you are thinking about making a claim to an employment tribunal, you should get help straight away from one of the anisations listed under Further help. If you are being represented by a solicitor at the tribunal, they may ask you to sign an agreement where you pay their fee out of your pensation if you win the case. This is known as a damagesbased 山東工商學(xué)院 09 屆學(xué)年論文 13 agreement. In England and Wales, your solicitor can39。 四：結(jié)論 綜上所述可以得出基本結(jié)論： 結(jié)論 1： 將數(shù)據(jù)作為截面 數(shù)據(jù) 建立模型可得 到 的結(jié)論是：公司業(yè)績(jī)、公司規(guī)模、資產(chǎn)擔(dān)保價(jià)值、非債務(wù)稅盾、公 司成長(zhǎng)性、資產(chǎn)變現(xiàn)能力、股權(quán)結(jié)構(gòu)對(duì)化工行業(yè)數(shù)據(jù)的資本結(jié)構(gòu)有顯著影響（在 5%的顯著性水平下），而公司業(yè)績(jī)、公司規(guī)模、公司獨(dú)特性、非債務(wù)稅盾、資產(chǎn)變現(xiàn)能力、股權(quán)集中度對(duì)醫(yī)藥行業(yè)數(shù)據(jù)的資本結(jié)構(gòu)有顯著性影響（在 5%的顯著性水平下），與已有的截面數(shù)據(jù)模型的研究結(jié)論基本相似。兩個(gè)行業(yè)的盈利能力總體而言較為穩(wěn)定，化工行業(yè)的盈利能力較強(qiáng)，且穩(wěn)定性更大，其均值和標(biāo)準(zhǔn)差分別為 5%、 ，而醫(yī)藥行業(yè)的均值和標(biāo)準(zhǔn)差分別為 4%、。檢驗(yàn)統(tǒng)計(jì)量為： ? ? ?????? ???? 22 3416 KSmnJB (4) 式中 S 和 K 是樣本序列的偏度與峰度， m是產(chǎn)生樣本序列時(shí)用到的估計(jì)系數(shù)的個(gè)數(shù)。其中，化工行業(yè)共有107 個(gè)公司，剔除 ST 及 ST*公司 9 個(gè)、 2021 年以后新上市的公司 36 個(gè)、數(shù)據(jù)不全的公司 13 個(gè)，還剩 49 個(gè)公司數(shù)據(jù)；醫(yī)藥行業(yè)共有 80個(gè)公司，剔除 ST 及 ST*公司 7 個(gè)、2021 年以后新上市的公司 25 個(gè)、數(shù)據(jù)不全的公司 5個(gè)，還剩 43個(gè)公司數(shù)據(jù)。 股權(quán)集中度 股權(quán)集中度作為衡量公司的股權(quán)分布狀態(tài)的一個(gè)重要的量化指標(biāo)，不僅反映了股東對(duì)公司擁有的所有權(quán)，對(duì)公司剩余收益的索取權(quán)，而且在一定程度上也決定著股東對(duì)公司 經(jīng)營(yíng)的控制程度和監(jiān)督能力 [11]。通常將折舊這類(lèi)雖非負(fù)債但同樣具有抵稅作用的因素稱(chēng)為 “ 非債務(wù)稅盾 ”(Non Debt Tax Shields)。 解釋變量的選取 本文根據(jù)國(guó)內(nèi)學(xué)者對(duì)此研究結(jié)果分析了資本結(jié)構(gòu)的影響因素，從公司經(jīng)營(yíng)特征因素、公司治理結(jié)構(gòu)因素這兩個(gè)角度選取了可能影響公司資本結(jié)構(gòu)的九個(gè)指標(biāo)變量： 公司業(yè)績(jī)（公司盈利能力） 若公司的盈利能力較強(qiáng)，公司就有能力保留較多的盈余和使用較少負(fù)債 [7]；此外，由于虧損公司一般得不到股權(quán)融資的機(jī)會(huì)，只 能借入短期債務(wù)解決資金需求；因此，盈利能力與負(fù)債率負(fù)相關(guān)。信號(hào)傳遞理論在財(cái)務(wù)領(lǐng)域的應(yīng)用始于羅斯 的研究，他發(fā)現(xiàn)擁有大量高質(zhì)量投資機(jī)會(huì)信息的經(jīng)理，可以通過(guò)資本結(jié)構(gòu)或股利政策的選擇向潛在的投資者傳遞信息。 權(quán)衡理論 權(quán)衡理論（ trade－ off theory），就是強(qiáng)調(diào)在平衡債務(wù)利息的抵稅收益與 財(cái)務(wù)困境成本 的基礎(chǔ)上，實(shí)現(xiàn) 企業(yè)價(jià)值最大化 時(shí)的 最佳資本結(jié)構(gòu) 。資本結(jié)構(gòu)是指企業(yè)各種資本的價(jià)值構(gòu)成及其比例。 industry。本文使用平行數(shù)據(jù)模型對(duì)資本結(jié)構(gòu)影響因素進(jìn)行了實(shí)證研究，起著只利用截面數(shù)據(jù)或只利用時(shí)間序列數(shù)據(jù)模型不可替代的作用，具有很高的應(yīng)用價(jià)值。為此，學(xué)術(shù)界通過(guò)多角度對(duì)資本結(jié)構(gòu)影響因素進(jìn)行實(shí)證研究，并取得了很多研究成果。 融資結(jié)構(gòu) 融資結(jié)構(gòu)也稱(chēng)資本結(jié)構(gòu)，它是指企業(yè)在籌集資金時(shí)，由不同渠道取得的資金之間的有機(jī)構(gòu)成及其比重關(guān)系 。 信息不對(duì)稱(chēng)理論 指在市場(chǎng)經(jīng)濟(jì)活動(dòng)中，各類(lèi)人員對(duì)有關(guān)信息的了解是有差異的；掌握信息比較充分的人員，往往處于比較有利的地位，而