持股公司

Pangang Group to support the success of the reorganization, reducing the public shareholders to exercise the right to choose the cash cost, Anshan Iron and Steel Group on August 19 to September 10 on the Pan Yu Titanium, the Great Wall shares, Panzhihua Steel Vanadium three large listed companies holdings, holdings before the closing date of October 31 to three of the company's share price rose 17.72 percent, a decisive driving force behind the Iron and Steel Group for as much as 1.59 billion yuan of investment and the number of one-time stock holdings up to 5 percent of the total share capital of the enterprise .

攀钢集团支持重组成功，减少了公众股东行使选择权的现金成本，于8月19日鞍钢集团的潘渝钛至9月10日，长城股份，攀钢钢钒3大型上市公司的股份，在10月31日的截止日期，以该公司的股价上涨了3个持股百分之17.72，落后的钢铁集团果断驾驶高达一十五点九〇亿元的投资和一个数字力时间持股最多的5企业总股本的百分之。

In the end, there is a brief conclusion . The conclusion of this passage mainly includes: The listed companies have obvious preference for stock right financing, and the financing order is stock right financing, the short-term debt, endogenous financing, the long-term debt, which differs from that of western countries; Financing structure is characterized by comparatively lower asset-liability rate, higher floating debt and lower long-term debt; The governance structure is irrational, and the shareholders" meeting perform practically no function. In the meanwhile, board of director structure is unreasonable, which is highly coincident with the manager layer. Board of supervisors" independent character is poor, while manager layer is lacking in restraints and supervision; The interdynamic

本文的结论：上市公司有明显的股权融资偏好，融资顺序为股权融资、短期负债、内源融资、长期负债，这与西方国家上市公司的融资顺序不同；融资结构具有资产负债率相对较低，流动负债偏高、长期负债偏低的特征；治理结构不合理，股东大会形同虚设、董事会结构不合理、董事会与经理层高度重合、监事会独立性不强、经理层缺乏约束与监督；治理结构与融资策略选择的互动关系不强；独立董事比例与资产负债率正相关，工业、公用事业与资产负债率负相关，商业与流动负债率正相关，第一大股东持股比例与流动负债率负相关，第一大股东持股比例与长期负债率正相关，执行董事比例、工业、商业与长期负债率负相关。

Because I believed both in Jack and in GEICO's fundamental competitive strength, Berkshire purchased a large interest in the company during the second half of 1976, and also made smaller purchases later. By yearend 1980, we had put $45.7 million into GEICO and owned 33.3% of its shares. During the next 15 years, we did not make further purchases. Our interest in the company, nonetheless, grew to about 50% because it was a big repurchaser of its own shares.

由于我相信Jack以及该公司原本拥有的竞争优势，Berkshire在1976年下半年买进大量的GEICO股份，之后又小幅加码，到了1980年底，我们总共投入4，570万美元取得该公司33.3%的股权，然而在往后的15年内，我们并没有再增加持股，不过由于该公司不断地购回自家公司的股份，使得我们在GEICO的持股比例逐渐增加到50%左右。

The author finds that both the ownership structure and organizational characteristics have significantly positive impacts on dividend policy; the large shareholders have stronger incentive to distribute corporate cash, and force management disgorges free cash flow.

本文发现，股权结构（第一大股东持股、前二大股东持股和前三大股东持股）对现金股利发放概率具有显著的正向影响。公司各项组织特征（成长性机会、每股收益、每股留存盈余、资产规模和财务杠杆）也对现金股利发放概率具有显著的影响。

Therefore , the company law of the countries all over the world confer rights to learn the truth on shareholders , which including the right of inspecting financial accounting report , the right of inspecting books and records , the right of inquiry and the right of request for empanelling inspector . the author writes the paper to present the assumptions on how to perfect our system of shareholders ' rights to learn the truth , by drawing on other countries ' successful experience of legislation and analyzing the shortages of our existing laws . this article is composed with four chapters

因此在借鉴各国公司立法经验的基础上，本文认为，要完善我国股东知情权制度首先应在我国公司法律制度中赋予股份有限公司股东查阅公司帐簿的权利，同时为防止股东滥用此项权利，应当对股东行使该权利时的正当目的、持股比例、持股时间以及行使程序上作出必要的限制；其次应当明确股东质询权以及行使权利的范围、程序，赋予股东在质询权受到侵害时的诉权，并对法院的裁判赋予强制执行的效力，即责令董事会必须限期对股东的质询作出充分说明。

Empirical results show that the ultimate controlling shareholders play a vital role in explaining analysts' forecast errors. Its proxies for controlling shareholder's stock hypothecating ratio, board seats controlled by controlling shareholder, president as well as CEO controlled by controlling shareholder all reveal significant direct or potential effects on analysts' forecast errors. Whereas, the ratio of cash flow right to stock voting right has a negative impact on forecast errors.

实证结果显示，控制股东概念之治理变数却大多呈现对分析师预测误差有著直接或潜在作用，作为控制股东持股质押率代理变数之董监持股质押率，与控制股东董事会席位比率对於分析师预测误差皆具显著正向影响；当公司发生损失时，董监持股质押率、现金流量权占控股权比率与分析师预测误差呈现显著负相关，控制股东的参与管理则对於分析师预测误差则呈现显著正向作用。

The empirical part choose 100 listed companies in Shanghai Stock Exchange market as the samples, analyzing their annual report data of 2005,2006 and 2007, using least squares regression analysis. I chose seven items to reflect the character of corporate governance. They are shareholding ratio of the biggest holder, the proportion of outstanding shares, the design of the Audit Committee, the general manager and chairman of the settings, the scale of the Board, the proportion of independent directors, and the share of executives.

实证部分以上海证券交易所上市的100家中国上市公司为研究样本，采用这些上市公司2005、2006和2007年的年报数据，运用最小二乘法进行回归分析，解释变量分别是第一大股东持股比例，流通股比例，高管人员持股比例，总经理与董事长的设置情况，独立董事比例，董事会规模，是否设计审计委员会。

However, not all directors are Garden bearish outlook, in Chu Yang Two large hand-sell goods at the same time, on the other hand, the company executive director Cui Jian Bo in the October 17 to spend 16 million yuan, bought 1,000 shares of Bristol Park shares shares become the company's shareholders, for 0.06 percent shareholding.

然而，并非所有董事花园市场前景也不乐观，在楚押嗯两个大手卖出货物的同时，在10月17日另一方面，该公司执行董事崔机厂柏花1600万元，买入1，000股布里斯托尔公园万股成为公司的股东，持股百分之0.06。

Article 85 Where the any information disclosure obligors are is involved in the calculation of their its shareholding proportion, they it shall calculate its their securities of the listed company that can be converted into stocks together with their its shares in the same listed company, and compare the said shareholding proportion with the proportion calculated on a consolidated basis after the non-equity securities are converted into shares, and the higher will prevail.

第八十五条信息披露义务人涉及计算其持股比例的，应当将其所持有的上市公司已发行的可转换为公司股票的证券中有权转换部分与其所持有的同一上市公司的股份合并计算，并将其持股比例与合并计算非股权类证券转为股份后的比例相比，以二者中的较高者为准

It with the stockholders rights structure target, the company governs the structure target to carry on the multiple regression analysis The result 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, the first major stockholders as the state-owned enterprise holding must be more easier than the non-state-owned enterprise holding to invade behavior and the expropriation by the controlling shareholder is significantly negative related with the independent trustee proportion.

数据结果表明，控股股东和上市公司之间的关联交易规模与控股股东持股比例呈显著的正相关关系，控股股东持股比例与上市公司的经营性资金被占用率呈倒&U&型关系；第二大股东对于抑制控股股东与上市公司之间的关联交易规模具有一定的作用；当控股股东为国有企业控股时要比非国有企业控股更容易发生大股东侵占行为。

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。