公司

Third, this paper theoretically demonstrates and analyzes the four assumptions of the preference theory of guarantee behavior of Chinese listed companies:(1) On the condition of guarantee behavior preference of Chinese listed companies shaped, Chinese listed companies take on the risks, duties and functions on evaluating and supervising the debtors which Chinese banks transfer to listed companies;(2) On the condition of guarantee behavior preference of Chinese listed companies shaped, the irrational financial and investmental psychology of the debtors bourgeons, and then, results in the appearance of irrational behaviors;(3) On the condition of guarantee behavior preference of Chinese listed companies shaped, the security screening system of bank is deformed, the "relation-security system" forms, and results finally that the self-develop system of the debtors becomes flabby;(4) On the condition of guarantee behavior preference of Chinese listed companies shaped, the "guarantee chains" and the "guarantee nets" give birth, and the "tool" function of guarantee,"guarantee chains" and "guarantee nets" forms.

第三，对中国上市公司担保行为偏好理论的&四大假说&进行了理论分析和验证：一是在中国上市公司担保行为偏好形成的情况下，上市公司承担了由银行通过保证担保转移过来的、对借款人进行评判和监督的风险、责任和职能；二是在中国上市公司担保行为偏好形成的情况下，借款人非理性投融资心理倾向萌发，并进而导致其非理性投融资行为产生；三是在中国上市公司担保行为偏好形成的情况下，银行担保筛选机制扭曲、&关系—担保机制&形成，并最终导致借款人&自强&功能弱化；四是在中国上市公司担保行为偏好形成的情况下，担保链、担保网得以催生以及保证担保、相互担保和担保网的工具性功能得以形成。

The major participants of financial activities are banks, trust and investment companies, insurance companies, secrities companies and credit cooperation banks, finance companies, investment trust companies, finacial leasing companies and those exchange centres of securities, bullions, foreign currency, etc.

从事金融活动的机构主要有银行、信托投资公司、保险公司、证券公司，还有信用合作社、财务公司、投资信托公司、金融租赁公司以及证券、金银、外汇交易所等。

PDI Design Corporation. The PDI Corporation was established in 1933 and has 465 architects and 6 architectural chevaliers. The company has 16 offices throughout the world and 43% of its businesses are conducted internationally. PDI has been awarded architectural design prized nationally and internationally for 250 times. Nowadays due to the increase of the demand in Chinese market, PDI Corporation made a decision that Ms Lynn Huang, former President of PDI, establish an international joint venture in Shanghai in cooperation with SMEDI. It is the present LPDI Co. Ltd which specifically aims at the Asian market for the first time. The U.S. head office will develop the new undertaking with all its design experience in the past 73 years.

PDI设计公司，是由美国PDI 设计公司进行的资产重组，公司从1933年至今，目前拥有 465位设计建筑师，同时拥有 6位世界建筑爵士，全球拥有16 个办公室，43％是国际业务、曾得过 250个世界及美国建筑设计奖，现在由于中国市场的需求量增大， PDI公司决定由原任亚洲总裁的Lynn Huang 女士，与中国上海市政工程设计研究总院合资在上海成立国际合资公司，因此成立第一个针对亚洲市场的 LPDI公司，美国总公司将以过去73 年的设计过程经验来开拓这个新的事业体。

The dissertation, in dedication of supporting the development of One-person Companies, focuses on the completion of the risk-control system. By analyzing the characteristics of One-person Companies and examining the present legislation status on One-person Companies and the risk-control systems both in China and overseas, it thoroughly studies the coherences and diversified central issues in both parties lawmaking and system composition, and tables constructive proposals in fulfillment of the legislation on the One-person Limited Liability Companies in China.

本文从一人有限责任公司的性质特征、各国立法情况和我国立法现状入手，围绕我国《公司法》对一人有限责任公司建立的风险防范制度，通过考察目前承认一人有限责任公司的各国公司法的相关风险防范制度，比较中外各国在相关风险防范制度设计和规定上的相同性和差异性，探讨我国一人有限责任公司风险防范制度的不足乃至缺陷，并针对我国经济社会的发展情况，提出了进一步完善我国一人有限责任公司相关法律制度的建议，以有利于这种新的公司形式在我国的健康发展。

Repurchase of B share is the key of study and discussion.The author thinkthat securities repurchase has been an convention of international capitalmarket and that B share public enterprises should be allowed to repurchasetheir shares according to the adjustment of their capital requirement in order touphold share price and the image of enterprises.The sixth chapter,thedemerger of A Share and B Share,proposes the demerger of the equity of anenterprise which has issued both B share and A share under special conditions,in the situation that the phenomena of different prices for the same equity isdeteriorating,and the tentative plan to set up one pure B-share publicenterprise and one A-share enterprise.In the end,this chapter demonstratesthe feasibility from the view of law and finance.

而B股回购是目前研究和争论的焦点，笔者认为，证券回购已成为国际资本市场上通行的惯例，应当允许符合条件的B股上市公司根据公司资本结构调整需要，维护股价和公司市场形象等原因进行B股回购；第六章A、B股分立，针对目前A、B股同股不同价现象日益严重，特提出有条件的A、B股上市公司进行股权分立，成立纯粹的A股上市公司和B股上市公司的设想，并从法律、财务等方面进行论证。

Can release poineering plate gauge to seek an opinion from Chinese card inspect after draft, appear on the market of the company " achieve cast wind " sadly be current, more and more appearing on the market the company hopes to pass direct or indirect " achieve cast " will get yield, the near future, many appearing on the market the company tries water poineering investment in succession, a few companies were built achieve drop subsidiary, another some of company divides a thick soup to plan to appear on the market directly enterprise.

自中国证监会发布创业板规则征求意见稿后，上市公司的&创投风&悄然盛行，越来越多的上市公司希望通过直接或间接的&创投&来获取投资收益，近期，不少上市公司纷纷试水创业投资，一些公司建立起了创投子公司，另一些公司直接分羹拟上市企业。

Some years ago i knew the chairman of a n american industrial company who was forced out of his post after a losing bitter takeover battle with a foreign conglomerate7）.this chairman,already in his 60s,could easily have moved on to a second career as a well－paid consultant,giving speeches,lecturing at business schools,and functioning as an eminence8） grise in his field.but losing his company rankled him——to the point where,within weeks of his departure,he announced that he had acquired control of a new company and planned to compete directly with his old company.i'm sure this decision was totally ego－driven;he wanted to show the world that he hadn't lost a step.unfortunately,running a start－up company is nothing like running a large organization.tasks that he could delegate to several layers of staff in his previous life were now his alone to do.without his old company's resources,he couldn't function at his best.

几年前，我认识一位美国工业公司的经理，他和一家外国联合企业展开一场相互吞并的竞争，结果失利被迫辞职。这位经理已是花甲之年，完全可以另辟蹊径，去做收入不菲的顾问，四处演讲，到商学院讲课，在他的领域当一个无冕之王。但失去他的公司使他气愤不已，以致他在离开几周之后就宣布他又买断了一家新公司，并打算直接与他过去的公司展开竞争。我敢担保这一决定纯属是受自尊心的驱使；他是想让人们瞧瞧，他没有失利。不幸的是，管理一家新公司和管理一个大企业完全是两码事。过去他可以把任务交给层层下属去做，如今他只得事必躬亲。没有了他过去公司的左右依仗，他无法发挥其才能。

Some years ago i knew the chairman of a n american industrial company who was forced out of his post after a losing bitter takeover battle with a foreign conglomerate7）.this chairman,already in his 60s,could easily have moved on to a second career as a well－paid consultant,giving speeches,lecturing at business schools,and functioning as an eminence8） grise in his field.but losing his company rankled him--to the point where,within weeks of his departure,he announced that he had acquired control of a new company and planned to compete directly with his old company.i'm sure this decision was totally ego－driven;he wanted to show the world that he hadn't lost a step.unfortunately,running a start－up company is nothing like running a large organization.tasks that he could delegate to several layers of staff in his previous life were now his alone to do.without his old company's resources,he couldn't function at his best.

不要老觉得你应对所有人说你受到了冤枉。你一旦被解雇--这里既指失去了工作，也指失去了当事人或主要客户--最常见的冲动是向全世界宣布你多少受到了委屈。人们觉得失业是对他们形象和自尊心的一次打击。为此在轻微的震惊之中，他们立即再度陷入同样的窘境，似乎以此就能向所有人表明他们仍未失去能力。换句话说，他们变得惊惶失措。他们不能退一步问问自己，是不是最初应该做那份工作，是不是喜欢和当事人打交道或为客户服务。几年前，我认识一位美国工业公司的经理，他和一家外国联合企业展开一场相互吞并的竞争，结果失利被迫辞职。这位经理已是花甲之年，完全可以另辟蹊径，去做收入不菲的顾问，四处演讲，到商学院讲课，在他的领域当一个无冕之王。但失去他的公司使他气愤不已，以致他在离开几周之后就宣布他又买断了一家新公司，并打算直接与他过去的公司展开竞争。我敢担保这一决定纯属是受自尊心的驱使；他是想让人们瞧瞧，他没有失利。不幸的是，管理一家新公司和管理一个大企业完全是两码事。过去他可以把任务交给层层下属去做，如今他只得事必躬亲。没有了他过去公司的左右依仗，他无法发挥其才能。

The groundings at airlines like American, Alaska, Delta and Southwest resulted from a broader round of inspections, ordered by the F.A.A., to determine whether the airlines have complied with past directives to check airplane structures, wires, electronics and other components.

许多航空公司如美国航空公司，阿拉斯加航空公司，三角洲航空公司及西南航空公司纷纷搁浅。因为美国联邦航空局将对它们进行更广的一轮检查，以确定这些航空公司是否已遵守他们发布的指示--检查飞机结构，电线，电子部件和其它组件。

Independent director, intituled Outside Director again,or Non－ Executive director, is the director who he has no contract relation with the company except the status of director. They are neither employee nor relative, provider, dealer, fund-provider, nor the representative of the provider with law, account, audit, management advice service.

独立董事又称为外部独立董事，或独立非执行董事，是指除了董事身份外与公司没有任何其它契约关系的董事，他们既不是公司的雇员及其亲属，也不是公司的供货商、经销商、资金提供者，亦不是向公司提供法律、会计、审计、管理咨询等服务的机构职员或代表，他们与公司没有任何可能影响其对公司决策和事务行使独立判断的关系，也不受其他董事的控制和影响。

It seems likely that Kraft will return with a better offer.

看起来卡夫要重新考虑一个更好的出价了。

But he'd rather burn off my feelers and watch me squirm.

可他却放任那个家伙对我为所欲为！