内生的

Not only some economists' standpoint that the arrangement of the property rights is the nature of corporate governance, but also other economists' ones that they pay more attention to the design and enforcement of corporate governance mechanisms. The division hypothesis of corporate governance would conduceto comprehensive knowledge of corporate governance. Second, this thesis formalizes the ideas "the optimal shareholder structure of a firm is endogenously determined" proposed by Demsetz (1983) in a simple framework, which constitute the new rationale against the proposition "the more concentrated theshare, the more efficient the firm is" by Berle and means.

公司治理的分层假说将有助于我们形成对公司治理内涵全面的认识；（2）本文在一个简单的框架下形式化了Demsetz（1983）提出的最优股权结构内生决定的思想，为反驳Berle和means（1932）提出的"股权高度集中，企业的价值将最大"的命题提供了新的理论依据；（3）我们证明，公司治理机制的"整合"对降低投资者之间的利益冲突所导致的"第二类代理成本"具有重要作用。

It mainly studies the choice of mode for competitive tender offer under different bidders' type.

首先，借鉴Perry，Wolfstetter和Zamir（2000）的有关理论，从基于两阶段密封价格投标的竞争性要约收购过程开始，讨论了其中的一些性质，结果表明，同质收购者前提下该过程不但能够获得和基于英式竞价的竞争性要约收购过程相同的期望收益，还能够克服后者存在的一些问题；随后，在异质收购者内生参与条件下就基于英式竞价和密封投标的竞争性要约收购过程进行了比较研究，得到了不同方式下收购结果的特征；最后，针对异质收购者不同知情程度的情况研究了竞争性要约收购方式的选择问题，借鉴Povel和Singh（2004）提出的机制，得到了具备"胡萝卜加大棒"性质的序贯出售过程是这种情况下控股股东的最优选择。

With the promotion of the reform of securities market and fast development of the capital market of our country, the public company, more remarkably, has exposed in the intricate market risk.

随着我国证券市场改革的深化和资本市场的快速发展，上市公司也更显著地暴露在错综复杂的市场风险中，中国证券市场比较差的外在监管环境、不健全的公司内部管理机制以及市场诞生之初制度性因素的内生阻力、时疾时缓的改革步伐和资本寻求增值的天然冲动等综合因素使得许多上市公司难逃风险伤害而遭受破产、清算的命运：公司面临&退市&风险的考验，债权人、投资者的潜在利益面临巨大损失。

In this paper, four new and 15 known compounds were isolated from the fermentation of two endophytes and a marine fungus, two of which were shown to be strong bioactive against the growth of Helicobacter pylori, one of which were found to be significantly potential vasorelaxation agents, and three of which were exhibited strong antifungal bioactivities.

本论文对两株植物内生真菌和一株海洋真菌的次生代谢产物的结构和生物活性进行了研究，一共得到了23个化合物，鉴定了其中19个化合物的结构，其中4个是首次发现的新化合物，从中筛选出2个具有强活性的体外抗幽门螺旋杆菌化合物和1个具有显著体外舒血管作用的物质，并发现了3个具有较强抗菌作用的化合物。

We introduce a broader range of channels enhancing growth either by external diffusion of knowledge from technology advanced countries to late-comer countries or by experiential diffusion of knowledge brought about by the interaction between venture capitalists and start-up entrepreneurs.

传统的内生成长理论著重在人力资本及研究发展的重要，我们则进一步将另外两类的知识长成管道纳入现有的理论模型：一是来自技术先进国家对技术落后国家的知识外溢效果，包括衡量以出口及外人投资为管道的技术吸收能力，与国家间技术发展的差异；二是来自创业投资者对新进公司企业家的经验传递效果。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。