国有股

The results show that concentration of ownership has a significant impact on risk-taking. The higher the largest shareholder's shareholding percentage, the higher the risk-taking is; the higher the top five shareholders' shareholding percentage, the lower the risk-taking is. The percentage of untradeable shares, the size of the board of directors, the proportion of independent directors and the average remuneration of top 3 senior executives with the highest remuneration are negatively correlated to the risk-taking. However, the situation that the chairman or vice chairman concurrently holds the post of president or CEO increases the bank's risk exposures to a certain extent. Proportion of state-owned shares, the nature of the largest shareholder and the executives' shareholding have no significant impact on risk-taking.

结果表明，股权集中度对风险承担产生了显著的影响，其中第一大股东持股比例越高风险承担越高，而前五大股东持股比例越高风险承担越低；非上市流通股比例、董事会规模、独立董事比例以及薪酬最高的前三名高管的平均薪酬均与银行风险承担负相关；银行董事长同时兼任行长在一定程度上倾向于增加银行的风险承担；国有股比例、第一大股东性质和高管持股状况没有对风险承担产生显著影响。

In die model, we can get die price of listed company on the condition of full-flowing by multiplying PE and earning, and then we can get die reasonable flowing-price of stated-owned share baaed on die ihaie-holding structure.

首先，用合理市盈率乘以每股收益得到全流通条件下股票的价值，然后根据股权结构倒推出国有股减持的合理价格。

The trick is doing this without further bilking minority shareholders who bought their holdings at inflated prices: simply flooding the market with the state's shares would drive prices down even further.

进行这项工作的诀窍是，不要再欺骗那些按加了水分的价格购买了他们股份的少数股东：仅仅在市场上注入大量的国有股只会使股价继续下跌。

The conclusion of this paper shows that serious agency conflicts caused by sole state shareholders and equity dissevering between large shareholders who own non-tradable stock and small shareholders who own tradable stock, which is also based on agency conflicts in between them in circulation market , which finally result large shareholders' expropriation more serious.

本文研究表明，国有股&一股独大&与股权割裂使得持有非流通股的大股东与持有流通股的小股东之间产生了严重代理冲突，这种冲突是叠加在全流通市场上大股东与中小股东的代理冲突之上，从而导致我国证券市场上大股东侵害程度更为严重。

Then analyzes and makes reviews on different operating model from two angles in reality, and points out that entrust model and MBO FUDs are most practicable because of predominance and function. In the last part , after making a deep research on pricing and financing environment, aiming at characteristics of enterprises of our country set up a pricing-model on MBOs target firms, and innovative models of financing.

首先对国企MBO的意义和可行性作了分析；继而从收购主体和收购方式两个不同的角度对现有国企MBO的模式进行了总结和分析；接着提出信托方式和MBO基金以其特有的优势和功能，在现有融资、法制环境下是可操作的模式；最后对现在国有股转让价格提出质疑，并构建了一个定价模型。

At last, based on the above analysis and the true situation in Jilin Yatai Group, we, in the practical operation point of view, complete a feasible design for Jilin Yatai Group repurchasing SOS and further discuss the core point of the repurchase designing

最后通过对亚泰集团公司经营战略、资本战略和财务状况的分析，从实践操作的角度设计回购国有股方案，进一步探寻成功方案设计的立足点所在。

This kind of relationship is not easy to be defined; kind is the must difficult point to clear the property rights of the modern enterprise.Through studying, we believe the key of the state-owned enterprises share-holding system of twenty lie in straitening the relation of the properly rights and forming and structure of properly rights, establish a perfect corporate system, such as multiple property rights, artificial person, socialization, perfect and far marked system, disappear the state-owned enterprise equity, make the state-owned equality share by some state-owned asset agents and construct reasonable equity structures.

在企业产权多元化改制中，部分资产或全部资产应有偿清晰到自然人，这是产权高度清晰的标志，而使产权结构多元化、法人化、社会化和培育充分公平竞争的市场体系，把国有股配置给多个国有资产代理人，构造合理的股权结构，则是国有企业治理结构的保证。

The article will appear on the market through simultaneous equations model policy of company cash dividend and capital embezzlement union rise consideration, discovery is state-owned accuse the cash dividend level that the company grants is advanced and first-order state-owned legal person accuses paragraph of highest; company, the level that cash dividend extends is in hind two level are top, but capital is accused by the legal person of society of degree lowest; of embezzlement a partner is manual operated to the preference of cash dividend and state-owned law a partner as good as, but its accuse company capital by the degree of embezzlement most serious; is state-owned accuse company, its capital is uprighted by the degree of embezzlement between both.

本文通过联立方程模型将上市公司现金股利政策与资金侵占结合起来考虑，发现国有控股的公司发放的现金股利水平在前一阶段最高；国有法人控股的公司，现金股利发放的水平在后两阶段最高，但资金被侵占的程度最低；社会法人控股股东对现金股利的偏好与国有法人控股股东无异，但其控股的公司资金被侵占的程度最为严重；国有股控股的公司，其资金被侵占的程度介于二者之间。

National Social Security Foundation shall be composed of the funds encashed from reductions of held State shares, the funds allocated from central budget, and the funds raised by other means.

全国社会保障基金由国有股减持变现的资金和中央财政预算拨款以及其他方式筹集的资金构成。

So we can turn die pricing of die state-owned share to die pricing of die stock on die condition of full-flowing.

于是模型将国有股合理价格的求解问题转换成全流通条件下股票价值的求解问题。

With Death guitarist Schuldiner adopting vocal duties, the band made a major impact on the scene.

随着死亡的吉他手Schuldiner接受主唱的职务，乐队在现实中树立了重要的影响。

But he could still end up breakfasting on Swiss-government issue muesli because all six are accused of nicking around 45 million pounds they should have paid to FIFA.

不过他最后仍有可能沦为瑞士政府&议事餐桌&上的一道早餐，因为这所有六个人都被指控把本应支付给国际足联的大约4500万英镑骗了个精光。