持股公司

In accordance with the Administrative Measures on Information Disclosure of the Listed Stockholders and relevant operational rules of the stock exchanges, when a qualified investor calculate the changed shares, it should calculate in a consolidated way the shares, the convertible debenture evidential documents of deposition and trust of a same company held or controlled by it.

合格投资者应当按照《上市公司股东信息披露管理办法》及交易所的有关业务规则的规定披露其持股变动信息，在计算其持股变动时，应当合并计算其持有、控制的同一家公司发行的A股、B股、H股、可转换公司债券及存托凭证。

Secondly, we choose the proportion of shares held by institutions as dependent variable, and we use log of the total asset, volatility, beta, Jensen Index, debt-to-asset ratio, dividend yield, turnover ratio, years listed in exchange and HS300 Index dummy as explanatory variables. Then we set up a multiple regression model. Finally, we use the cross-sectional data from the end of 2006 to the end of 2007Q3 to test the relationship between the explanatory variables and the proportion held by institutions.

具体方法如下：首先，在已有研究成果的基础上，对我国机构投资者的审慎性持股偏好提出了两个假设；其次，以机构持股占个股流通盘的比例为因变量，以公司的总资产对数值、波动率、贝塔值、Jensen指标、资产负债率、股息率、年度换手率、上市年限为解释变量，并在引入沪深300虚拟变量后，建立了多元线性回归模型；最后，采用我国证券市场迎来历史性大牛市、机构投资者发展最为迅猛的2006年末-2007年3季末的四个横截面数据，对各解释变量与机构持股比例之间的关系进行了实证检验。

In empirical study section, totally 40 agricultural listed companies were chosen as samples and 2002,2003,2004 as timeline studied and five variables of ownership concentration and three variables of ownership structure and two variables of controlling were defined. With the method of principal components the comprehensive variable of corporate performance was defined.

在实证分析部分，笔者以农林牧副渔类共40家上市公司为总样本，以2002年至2004年三个年度为考察期间，确定了股权集中度的五个指标(第一大股东持股比例、前五大股东持股比例的平方和、前五大股东持股比例之和、第一大股东和第二至第五大股东持股比例之和的差以及第一大股东与第二大股东持股比例的比值)，股权构成的三个指标(国有股比例、法人股比例和流通A股比例)，两个控制变量，采用主成分分析法确定了经营绩效的衡量指标，采用实证分析和规范分析相结合的方法，运用Eviews和SPSS统计软件，分析了我国农业上市公司的股权结构和经营绩效的关系。

Based on the samples of over 1000 listed companies at the beginning of Reform of Non-tradable Shares in 2004 and 2006, the share proportion CR1 of the largest shareholder, Z index calculated as the ratio of share ratio of top 2 shareholders and H10 index calculated as the sum of square of share ratio of top 10 shareholders, and Tobin'Q reflecting the value of target company are sele

本文以股权分置改革开始的前后两年即2004年和2006年的一千多家中国上市公司为研究样本，选取第一大股东持股比例CR1、前两大股东持股比例的比值Z指数以及前十大股东持股比例的平方和H10指数作为衡量大股东控制程度的指标，采取托宾Q值来作为衡量公司价值的指标，把公司规模、财务杠杆和第一大股东性质虚拟变量作为控制变量，建立回归方程，实证结果发现三次？

China Shipbuilding Industry Corporation materials (referred to in the ship from the total), its predecessor is the sixth former State Machine-Building Industry and, later, China Shipbuilding Industry Corporation supplies Bureau, 1988, in accordance with national requirements, China Shipbuilding Industry Corporation and the state of materials Ministry approved the establishment of China Shipbuilding Industry Corporation supplies in 1999, the restructuring of China Shipbuilding Industry Corporation of China State Shipbuilding Corporation and China Shipbuilding Heavy Industry Corporation, China Shipbuilding Group will be two from the total accounting for 50% of the shares of Holding Company .

中国船舶工业物资总公司，其前身是原国家第六机械工业部以及后来的中国船舶工业总公司物资局，1988年，按照国家要求，中国船舶工业总公司和国家物资部批准成立了中国船舶工业物资总公司，1999年中国船舶工业总公司改组为中国船舶工业集团公司和中国船舶重工集团公司，中船物总成为两个集团公司各占50%股份的持股公司。

Bank holding companies could own other financial companies that were underwrite new stocks.

银行持股公司可以拥有其他的金融公司，这些金融公司可以经营新的股票。

The Second, Japan's big enterprise unique stock right structure is: shareholder of enterprise legal personization, legal person hold share load and higher than individual rate of holding share, company it has to be heavy legal person enterprises basically by big share holder, it is high to stabilize shareholder's rate; Legal person's enterprise holds share each other in group from, Above-mentioned unique stock right structures become the property right base of the Japan large enterprises.

第二，日本大企业独特的股权结构为：企业股东法人化，法人持股率高于个人持股率，公司大股东基本上都有是大法人企业；稳定股东比率高；法人企业以集团形式相互持股。

This research utilizes regression models in three ways," all years","every industry", and " every year", and adopted corporate governance variables include scale of the board and the inspectors, the holding rate of the board and the inspector, the holding rate of primary shareholder, managers, trust funds, government, and corporations, the degree of concentration of shares, and two dummy variables,"whether the chairman and chief official executive is the same person", and "whether the company's CPA firm ranks the first four".

本研究以1994年至2003年的外资持股公司为研究对象，并将回归模型分为：总年度、各产业别及各年度以分别讨论之，样本总数共为4620笔。公司治理的变数中，本研究采用：董事会规模、监察人规模、董监持股率、大股东持股率、经理人持股率、股权集中程度、董事长是否兼任总经理、政府金融机构、信托基金持股率、公司法人持股率及是否由四大跨国会计师事务所查核。

When we face the same problem, first of all we need make some observation from a number of companies from the basic level, Cross-ownership itself and the legal relationship which affect the substance of it without anyone in modern society showing the infinite complex patterns and without autopsying various forms of causes of the result, its formation methods, the variety of functions and social impaction.

在我国面临同样的问题时，我们有必要首先从公司法学的若干基本层面对其作一番观察，把握相互持股公司本身及其牵动的法律关系的实质而不必穷究它在现代社会中呈现出的无限的复杂形态，也无需解剖各种形态的相互持股之所以产生的原因、形形色色的形成方法、种类繁多的功能和社会影响。

Based on the data of listed companies suiting study, this paper tests the expropriation by controlling shareholder in public companies. The results show that the connection between the expropriations by the controlling shareholder with the proportion of controlling shareholder is a reversal 'U', the expropriation by the controlling shareholder is significantly negative related with the shares of the second shareholder, and the expropriation by the controlling shareholder is significantly positive related with the rate between debt and asset.

以我国1998 和1999 年新上市的符合研究要求的公司作为研究样本，对母公司侵占上市公司资金行为进行了研究，以第一大股东对上市公司资金侵占净额占上市公司总资产的比例为研究指标，对股权结构变量和关联交易变量进行回归，得出：上市公司第一大股东的持股比例，与其对上市公司的关联交易型&隧道挖掘&资金占用成倒&U&型关系；上市公司第二大股东的持股比例，与第一大股东对上市公司的关联交易型&隧道挖掘&资金占用成显著的负相关关系，第二大股东对于抑制第一大股东的侵占行为具有一定的作用；上市公司的负债比例越高，大股东对上市公司的资金占用就越多等结论。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。