12. Formulas for cash flow and the ratio of debt to equity do
not apply to new small businesses in the same way as they do
to established big businesses, because they are growing and
are seldom in equilibrium.
(A) Formulas for cash flow and the ratio of debt to equity do
not apply to new small businesses in the same way as they do
to established big businesses, because they are growing and
are seldom in equilibrium.
(B) Because they are growing and are seldom in
equilibrium, formulas for cash flow and the ratio of debt to
equity do not apply to new small businesses in the same
way as they do to established big businesses.
(C) Because they are growing and are seldom in
equilibrium, new small businesses are not subject to the
same applicability of formulas for cash flow and the ratio
of debt to equity as established big businesses.
(D) Because new small businesses are growing and are
seldom in equilibrium, formulas for cash flow and the ratio
of debt to equity do not apply to them in the same way as
to established big businesses.
(E) New small businesses are not subject to the
applicability of formulas for cash flow and the ratio of
debt to equity in the same way as established big
businesses, because they are growing and are seldom in
equilibrium.
OG解释最后一句：Finally, the referent of they is not
immediately clear in E.是不是they可以指代new small businesses
或者established big businesses？请问哪个是语法上指代，哪个
是逻辑上指代？
还有，本题中formulas for cash flow and the ratio of debt to
equity是the ratio和cash flow并列，还是the ratio和formulas并
列？如何辨别？是不是只能看逻辑意思？还有没有别的办
法？
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