喊

The level of free cash flows and the shareholding ratio of major external shareholders have no significant effects on the start-ups' leverage. However, in order to avoid the firm going bankrupt, the entrepreneur has the stronger motivation to reduce the leverage when he holds more shares, and the levels of the long-term debts and the bank loans decrease significantly with the increase of the entrepreneur's shareholdings.

进一步，受创业者与股东间代理冲突不及成熟企业严重的微观经济特征的影响，自由现金流和外部大股东持股比例对创业企业资本结构无显著影响，而高持股比例使得创业者倾向于选择低的债务水平，且创业者持股对长期负债和银行货款的负向影响较其对短期负债和商业信用的负向影响更为明显。

I believe that when compared with traditional dictionaries, the electronic dictionary is more convenient to carry and use.

我认为，与传统的字典相比，电子字典携带和使用起来更加方便。