持股公司

Central rate in holdings of major shareholders of listed companies, China Petroleum and Natural Gas Group, to 12.09 yuan at high prices holdings 6,000 million A shares of China Petroleum becomes all the more difficult to understand the practice, because in its holdings of on September 22 of the China Petroleum and H shares closed at just 8.67 Hong Kong dollars, even without considering the exchange rate factors, the China National Petroleum A shares than the H shares a premium of nearly 40%, clearly not a rational business investment decisions.

中央率的上市公司，中国石油天然气集团公司，主要股东持股高价持有6000万股中国石油A股一十二点〇九元变得更加难以理解的做法，因为在9月其持有的中国石油H股收于22只八点六七港元，即使不考虑汇率因素，中国石油A股比H股近40％的溢价，显然不是一个理性企业投资决策。

Thus, should we own 10% of Corporation X with earnings of $10 million in 1980, we would report in our earnings (ignoring relatively minor taxes on intercorporate dividends) either $1 million if X declared the full $10 million in dividends;$500,000 if X paid out 50%, or $5 million, in dividends; or zero if X reinvested all earnings.

最后若是持股比例低于20%，则依照会计原则，投资公司仅能认列被投资公司实际发放的股利部份，至于保留而不发放的部份盈余则不予理会，也因此假若我们持有一家X 公司10%的股份，又假设X公司在1980 年共计赚了1，000万美金，若X公司将盈余全部发放，则我们可认列100万的利益，反之若X公司决定保留全部盈余不予发放，则我们连一毛钱都不能认列。

Bumi already has a 19.6% stake in Herald, while Antam has a 10.7% stake in Herald and also holds the remaining 20% interest in Herald''s 80% owned Dairi zinc/lead project in Northern Sumatra.

PT Bumi公司已在先驱资源公司持股19.6％，而Antam公司持有先驱资源公司10.7％的股权，并且持有苏门答腊北部Dairi锌/铅项目20％的股份，该项目余下的80％股份由先驱资源公司持有。

Because there had been 99 announced holdings, tricyclic shares also increased holdings by adding more than 100 company members of the club.

因为曾有99控股宣布，三环类股也增加了加入俱乐部的100多名公司员工持股。

Responding to the questions of the laborer's rights in our current corporate separation and taking account of the corporate self-government principle, the author suggests that we should establish inheriting system of labor contract, indemnity system for canceling the labor contract, priority of continuing to employ system, corporate social responsibility system and internal employee stock ownership system to fill the legal empty of the protection of laborer's violative rights in corporate separation in our labor law.

笔者针对我国现阶段公司分立中所涉及的劳动者权利问题，在兼顾公司自治权利的原则下，建议在我国现行法律法规中确立劳动合同承继制度、劳动者解除合同经济补偿金制度、公司分立时的优先留用制度、公司社会责任制度和内部职工持股制度，以填补我国劳动法在保护公司分立中劳动者权利受到侵害时请求保护其正当权利的法律空白。

Especially in our country, it's a commonplace that in the listed company, there's a controlling shareholder who has high proportion of shares. And because of the Special Condition of the security market in our country, the controlling shareholders usurp on minor shareholders'interest frequently, it concentrated on the listed company's controlling shareholder depredating the minority shareholder's interest.

特别是我国，在上市公司中普遍存在一个持股比例较高的控制股东，且由于我国证券市场的特殊性，我国上市公司控制股东侵害中小股东的程度高于其他国家，上市公司控制股东侵占中小股东利益的事件频频发生，集中表现在上市公司控制股东对中小股东利益的掠夺。

The results show that the companies of which the largest shareholder has higher ownership proportion holds more cash, which is likely to imply the high ownership is the basis of large shareholders expropriating minority shareholders.

结果表明，第一大股东持股比例较高的公司持有较多的现金，大股东的高持股比例是其占用企业资金侵占中小股东利益的基础。

Based on the A-stock market panel data of 292 non-financial public companies from 2001 to 2005. This dissertation adopts the integrated methods of normal research and empirical research to analyze the relationship between board governance and audit fees.By utilizing the board scale ,the lead structure of directorate,the composing of company's board ,the establishment of professional committees,the operation of the board of directors and so on as descriptive variables ,this dissertation has verified seven hypothesises.The conclusions are as follows:when the board-chairman and the general manager of the company are the same man,audit fees are more expensive.

本文采用规范研究和实证研究相结合的方法，利用经典审计收费模型，对我国沪深两市292家非金融类A股上市公司2001-2005年的情况进行统计检验，分析了董事会治理特征与审计收费的关系，采用了董事会规模、董事会的领导权结构、董事会的构成、次级委员会的设置、董事会成员持股情况、董事会会议情况等能对董事会治理做数量描述的变量，用实证研究的方法检验了提出的七个假设。

Finally, this paper carried out empirical study to the influential factors and economic consequences of financial behaviour of Chinese listed family firms from the perspectives of ROE, EPS, firm scale, growth rate, family share holding proportion, family control degree, circulated share proportion, stock equity concentration degree, stock equity discretion, board scale, external board member proportion, whether general managers hole the positions of board members, whether general managers are the family members, industry factors, district factors, by using hypothesis test, correlation analysis, regression analysis.

最后，论文从净资产收益率、每股收益、公司规模、成长率、家族持股比例、家族控制度、流通股比例、股权集中度、股权离散度、董事会规模、外部董事比例、总经理是否兼任董事或监事、总经理是否是家族内部人员、行业因素、区域因素等，应用假设检验、相关分析、回归分析等方法，对我国家族上市公司融资行为影响因素与经济后果进行了实证研究。

Y choosing prudent determinants and making cross-sectional regressions, they find that American institutions preferred stocks with prudent characteristics in the end of 1985. Secondly, S.G.

adrinath et al (1989)首次对机构投资者审慎性持股偏好进行实证研究，他们选择了一系列能够代表公司审慎性的特征变量，并在横截面回归后，得出美国机构投资者在1985年末的持股偏好具有审慎性的结论；二是S.G。

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。