所有者的

The leadership of Chronos BTH Europe will be shared jointly between Frans Maas, the previous owner and general manager of BTH, and Ingo Jonas, former general manager of Chronos Richardson Systems GmbH in Hennef, Germany, while Cornelis A. Van Drent and Ricardo Taino will continue to manage their respective operations in Asia from the Thailand office and in Italy from the Parma office.

在柯罗诺斯浴足欧洲的领导将共同分担Frans Maas的，以前的所有者和浴足总经理和Ingo萨，前克劳斯理查森系统有限公司总经理亨内夫，德国的合作，而科内答：凡德兰特和里卡多泰诺会继续管理他们在亚洲的业务分别由泰国的办公室，从意大利的帕尔马办公室。

Firstly, this paper discussed the principle and agent theory, the corporate governance theory and supervision theory. Second, the paper analyzed special several-levels principle-agent relations of the state-owned enterprise, and used the principle -agent theory and the game theory to analyze several problems caused by this, such as the supervision function avianization about the owner, the enterpriser"s rent-seeking activity, the enterpriser"s conspiracy behavior and the insider control. Thirdly, the paper discussed the present situation of the supervision and restraint system from the management model of the three-levels authorization, financial general supervision system, the corporate governance and the outsider supervision and restraint system. The paper thought that the supervision and restraint system had the following problems: supervision and restraint system was imperfect, the property right restraint was lack, the restraint system was administrative and the supervision system was deformity.

本文首先讨论了经营者监督约束机制的委托代理理论、公司治理理论和监督理论：其次，深入分析了国有企业特殊的多级委托代理关系，并用博弈理论及委托代理理论分析了由此产生的各种问题，如所有者监督职能弱化、国有企业经营者的寻租行为、国企经营者合谋及内部人控制等；再次，本文从三级授权经营模式、财务总监制、公司治理结构及经营者外部监督约束等方面研究了我国经营者监督约束机制的现状，本文认为国有企业经营者的监督与约束存在以下问题：国有股份多级代理与监督约束弱化；国家股东对国企经营者缺乏产权约束，监督约束机制不完善；国有股份高度集中与监督约束的行政化；监督约束机制单一化与监督约束畸形化。

Mr Murdoch's only real worry was that there might be a serious counterbid from the two firms with most to lose from his acquisition of Dow Jones: Pearson, which owns the Financial Times (and is part owner of The Economist), and General Electric, which owns CNBC, a business-news channel.

默多克先生唯一真正的担忧是，可能会出现两家因道琼斯并购案而损惨重的公司联手推出的难缠的反收购行动：《金融时报》的东家皮尔逊传媒集团（同时也是本刊的部分所有者）和掌控CNBC财经新闻频道的通用电气。

Think that the company manages the demand resolves three problems: Under the situation of ownership with controlling the power separation, the solution executive entrusts the agency problem with the shareholder, from but guarantee the shareholder benefits maximize; In gather medium-sized ownership of a share construction nextly, how moderate the problem of the proprietor a benefits, especially protect the small shareholder was not infringed upon by the big shareholder: Under the situation of the shareholder pursues the benefits to maximize, moderate the benefits related it the problem of a relation.

认为公司治理需要解决三个问题：在所有权和控制权分离的情况下，解决经营者和股东之间的委托代理问题，从而保证股东利益最大化；在集中型的股权结构下，如何协调所有者之间利益的问题，特别是保护中小股东不被大股东侵犯；在股东追求利益最大化的情况下，协调利益相关者之间关系的问题。

The ecological socialism and the enviromental economics has partly realize the relation between the institution and resources continuous utilization and resources continuous utilization.The thesis insists that the capitalism leads to the uncontinuous utilization of resources, but the continuous utilization of resources results from the socialist public ownership. Firstly, the common ownership of property right of resources is the base of resources continuous utilization. Because the property right of resources belongs to the society in socialism, the partial interest and integrate interest are untied, as well as the short-term interest and long-term interest, which decides that the socialist owner of resources can抰utilize resources for individual interests like capitalist ones.

本文认为资本主义制度必然导致自然资源非可持续利用，社会主义公有制条件下具有自然资源可持续利用优势：(1)社会主义自然资源产权共有是自然资源可持续利用的客观基础，在社会主义制度之下，由于自然资源产权归全社会所有，局部利益和整体利益是统一的，暂时利益和长远利益是统一的，这就决定了自然资源的所有者不会利用自然资源去谋求不义之利，去损害他人的利益，不会像资本主义制度下满足某部分人的私欲，对自然资源可以统筹利用。

Due to the change of the main body of power and functions caused by internal contra- diction of public owiership,its property right structure is manifested as an organic system fonned by ownership, right of possession and right of man- agement, among which ownership plays a main role, dominates and super- vises the function of the other two rights....

其中，所有权居于主导地位，控制并监督其它两项权利的运行。传统体制下，受文化和理论的双重影响，公有制畸变为国家所有制，行使占有权的国家机构变成所有权主体，这成为国有企业的症结所在。国有企业出现所有者缺位、经营权改革无法到位以及巨额国有资产流失等诸多问题。为保证经济的健康发展，必须在确立劳动者的个人所有权基础上重建国有企业产权体系。为此，人民代表大会、国有资产占有委员会、国有资产经营公司、企业成为构建国企产权体系的重要环节。

Due to the increase of economic value of human and the power of human capital in corporation, we must make new adjustment on the structure of corporate governance in order to reflect the position and importance of the proprietors of human capital.

由于人的&经济价值&的提高，人力资本在公司的&谈判力&上升，必然要求对以往的公司治理结构做出新的调整，以反映人力资本所有者在公司体制中的地位和作用。

As a typical city-states economies, the expansion of cities already very limited space, coupled with the government is the sole owner of land in the highlands price rate policy, speculators in property prices has repeatedly created district pursued by Hong Kong's once-high living in the world.

作为一个典型的城邦经济体，香港城市扩张的空间本来就非常有限，加上港府又是土地的惟一所有者，在高地价低税率的政策下，房地产价格曾在炒家的追捧下屡创天价，使香港的生活指数一度高居世界前列。

He relationship of THS and ChangYou established by this Agreement is that of independent contractors, and nothing contained in this Agreement shall be construed to give either Party the power to direct and control the day-to-day activities of the other, constitute the Parties as partners, joint venturers, co-owners or otherwise as participants in a franchise relationship, or joint or common undertaking, or allow ChangYou to create or assume any obligation on behalf of THS for any purpose whatsoever.

HS 和&常友&的合作关系是建立在该协议的基础上，并且双方是独立的合约人，且没有如下情况包括在该协议中：（1。）给任一方权利来指导或控制另一方的日常活动；（2。）作为合作伙伴的组成，合资企业、共同所有者或者其他赋予公民权之参加者所组成的关系或合资或共同承担风险；或（3。）允许&常友&创建或承担为了任何什么目的而代表THS的义务。

Alongside the tirades against financial capitalism, he also recalled that capitalism is the system that has enabled the extraordinary development of western civilisationHe argues not for blind state intervention but for a new balance between the state and the market: one that tightens the state's role as regulator and enforcer of competition, but not—except in extremis—as owner.

除了高声反对金融资本主义外，萨科奇同样还重提：&资本主义使西方文明的发展到今天这种卓越的高度成为可能。&他还反对盲目的政府干预，而是想让政府和市场取得新的平衡——政府的角色只能是竞争的监管者以及推动者，但是不能成为所有者。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。