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From 1990s, with the use of Management Buy-outs by several enterprises in China, a lot of successful cases of MBO had let the economists, managers and policy-makers all concerned with this method. A MBO is a transaction that a group of managers buying a substantial amount of equity or asset in the firm for which they work. After that, the managers control the firm, change the equity and asset structure of the firm. It plays an important role in solving the property right problem of GOE and privately- owned enterprises and their lack of incentive mechanism in China.

进入90年代以来，随着管理层收购被我国一些企业采用，众多管理层收购案例的成功实施引起了中国经济界和企业界的强烈关注，管理层收购作为一种公司管理层购买本企业的股票或资产，以取得目标企业的控制权，从而改变公司所有权结构、控制权格局以及公司资产结构的制度安排方式对我国解决国有企业和民营企业产权不清问题，从而激励管理层提高企业业绩具有重要作用。

In the 1990s, when his friend Mahathir Mohamad was prime minister, the firm got concessions to generate electricity using subsidised gas from the state oil firm, which the state electricity firm was obliged to buy.

在上世纪90年代，当他的好朋友马哈蒂尔当总理时，公司获得使用国家石油企业的补贴可燃气发电的特许权，而国家发电企业则要通过购买才能获得可燃气。

NEXT week Henri Proglio will become the boss of EDF Group, the state-controlled French firm which is the world's biggest listed utility and operator of nuclear reactors. With its proud corporate culture, its devotion to long-term planning and its powerful unions (the Confédération Générale du Travail jointly runs the firm, in effect), EDF is sometimes described as a miniature version of France itself. Last year it began a vigorous campaign to build nuclear plants around the world. But to the dismay of advocates of a nuclear renaissance, the cost and complexity of embarking on several big projects at once is weighing on the firm, despite its size and government backing.

下周Henri Proglio将成为EDF集团的老板，EDF集团是国家控股的法国公司，它世界上在册的最大的公用事业和核反应堆运营商，考虑到EDF荣耀的企业文化、对远期计划的投入和强有力的联盟（实际上是由Confédération Générale du Travail联合运营该公司），有时它可以被看作是法国本身的微缩版，去年，她开始了一场强有力的遍布全球的核电厂的建设，但是令核能源复兴倡导者沮丧的是立刻着手几个大工程所需的花费和复杂程度给公司带来不少压力，尽管集团有相当的规模并拥有政府的支持。

Then, we focus on the principal—agent relationships in a general firm organization to analyze (1) monitoring and incentives under different conditions;(2) impacts of the multiperiod agency and aftereffectiveness of actions on the incentive mechanism;(3) monitoring and incentives in teams;(4) the hierarchical structure of a firm and collusions in the hierarchical management system of the firm.

然后，以企业组织中的委托代理关系为背景，详细分析了(1)在不同情形下对代理人的监督与激励；(2)多阶段代理与行为的后效性对激励机制的影响；(3)团队中的监督与激励问题；(4)企业的层级结构及企业层级管理系统中的串谋行为。

Draw the effective composition of the red red-spotted stonecrop through drawing the law in ultrasonic wave at first, learn through the experiment that drawing time , density , firm liquid in supersound will have remarkable influence than on the drawing rate of supersound; 60% ethanol solution of solution, than remarkable ultrasonic reciprocation of time firm liquid have; The best experiment condition is: Solvent solution, firm liquid than for 1:10, draw 45min for 60% ethanol..

首先通过超声波提取法，来提取红景天的有效成分，通过实验得知超声提取时间、浓度、固液比对超声提取率均有显著的影响；溶液中的60%乙醇溶液，固液比及超声时间的交互作用显著；最佳实验条件为：溶剂为60%乙醇溶液、固液比为1：10、提取45min。。

By expanding the L-B model and integrating the impulsions into the model, we can conclude the different influeces to corporation value and debts level come from different impulsions:1 The change of demand——If the demand increases temperately, the corporation value also increases and the firm will increase its debts level, vice versa.2 The change of technology——New technology reduces products\' cost and improves the corporation value, the firm will increase debts level. 3 The unsymmetrical change of the firm\'s decision——The leader\'s corporation value increases and will increase its debts level, the follower is contrary.

对L—B模型进行扩展，将随机冲击的影响纳入模型，可以导出随机冲击对企业整体价值、负债水平产生的不同的影响：1市场需求变化——当市场需求温和上升时，企业整体价值上升，企业有增加负债的动力；温和下降时情况相反。2技术更替——技术更替降低了产品成本，提高了企业的整体价值，企业有增加负债的动力。3非对称的市场决策变化——领导企业的整体价值上升，有增加负债的动力；跟随企业则相反。

The fundamental wage can be counted directly bywork hours in firm ,and firm profit can only be indirectly counted by the balance ofcommodity value and firm cost.

基础工资可以自己在企业内部借助于劳动时间进行直接的核算，而企业利润则只能通过商品价值与企业成本的差额来间接地核算。

An exit and entry decision model of Aoki's cooperative game firm is built up on the basis of Dixit's research, through which the influences of sunk capitals when firm exits or enters market, market price of products, variable cost, share ratio of profits and price wave parameters on the firm's exit and entry decisions are analyzed.

在Dixit研究的基础上，建立了一般竞争市场条件下Aoki合作对策企业进出市场的行业模型，并讨论了企业进出市场沉没资本、产品市场价格、变动成本、企业内部利润分配参数、价格波动因素参数对企业进出市场最佳时机的影响。

The strategic resource of a firm is valuable, scarce, heterogeneous, and nontransferable. The strategic resource of a firm can remarkably create the firm's SCA.

企业得自于战略资源的收益不仅取决于其竞争优势的持久性，还取决于企业获取这些收益的能力的大小。

Kent Daniel and Sheridan Titman (2006) find that while a future return is unrelated to the firm's tangible information which is defined as information related to firm's past accounting-based performance, it is strongly negatively related to the intangible information which is orthogonal to the firm's past performance through decomposition of book-to-market ratio.

Kent Daniel和Sheridan Titman（2006）通过对净资产比市值的分解发现股票收益与有形信息（定义为与账面变化有关的信息）无关，而与无形信息（定义为与账面变化无关的信息）负相关。

Looking to bounce back from defeat against Cesena last weekend, the Calabrian boss will be sticking to his tried and tested 4-3-3, with Lopez and Sedivic joined up front in Giampaolo's absence by either Nanni or Plasmati.

鉴于上周末对切塞纳的比赛中反败为胜，这支南方球队将会更坚持其一贯而有效的4-3-3阵型，洛佩斯和塞德维奇将取代受伤缺席的詹保罗，和纳尼或者帕斯马蒂中的一个搭档锋线。

Meanwhile, their exposure to the more freewheeling ways of the West broadened dramatically.

另外，西方较自由的生活方式对年轻人的影响增大。