控股公司

The authors choose the proper regress methodology ac- cording to the characteristics of our panel data.

在根据面板数据本身的特征选择适宜回归技术的基础上，通过研究发现，在通过家族控股上市而形成的民营上市公司中，年度内董事会会议次数对企业的市场价值有显著的正向影响，而在通过兼并重组取得控股地位的民营上市公司中，这种影响并不显著；在考虑控股股东现金流权与投票权分离程度的调节作用后发现，随着控股股东现金流权与投票权分离程度的提高，年度内董事会召开会议次数的增加有利于企业市场价值的增加。

Corporate financial power is the core of despoilment of controlling shareholder, excess control of corporate financial power leads to depreciation of controlling shareholder on other stakeholders, but proper allocation of corporate financial power helps to retrain the depreciation behavior.

控股股东代理问题与公司财权配置有着密切的内在联系：公司财权是控股股东争夺公司所有权的核心内容，控股股东对公司财权的超额控制可能会侵害其他利益相关者的利益，但进行有效的财权配置制度设计有助于抑制控股股东的侵占行为。

Free or virtually free use of the controlling shareholder of the housing and land, reduce expenditure, inflated profits Some state-owned enterprises from the branch or branches of the restructuring of listed companies, the use of the controlling shareholder of the housing and land, is almost free of charge, and housing maintenance, depreciation and related taxes and fees are paid by the controlling shareholder of all expenditure and reduce the listed companies The cost of a listed company inflated profits.

四、免费或近乎免费使用控股股东的房屋和土地，减少支出、虚增利润一些由国有企业的分厂或分公司改制上市的公司，使用控股股东的房屋和土地，几乎是免费使用，而房屋的维护、折旧和交纳有关税费则全部由控股股东开支，降低了上市公司的成本，虚增了上市公司的利润。

Meanwhile for responding the GEELY Holding Group well the greatly GEELY strategy and obtains more resources and the development, the company reports after the GEELY Holding Group board of directors and has control over can authorize, in persisted the Shanghai culture will make the vehicle idea and in the Shanghai school intermediate automobile manufacture base localization invariable foundation increases the SMA automobile to construct the GEELY Holding Group upscale vehicle the production base, the new energy automobile and the classical vehicle type research and development base, the mold and the advanced equipment manufacturing center three big new localizations, In completes the existing SMA automobile limited company, Shanghai SMA GUORUN automobile limited company, the SMA engine company, the SMA research institute limited company, the SMA trading company, in the SMA automobile international Trading company's foundation, prepares for construction the establishment the Shanghai LTI China automobile Co., Limited and the SMA mold manufacture Co., Limited company which cooperates with English famous LTI Corporation, thus utilize GEELY Holding Group the international resources to realize the SMA automobile industry rapid development enabling SMA automobile to become China and even the world famous enterprise.

同时为更好地响应吉利控股集团的大吉利战略和得到更多的资源和发展，公司报经吉利控股集团董事会和经管会批准后，在坚持海派文化造车理念和海派中级汽车制造基地定位不变的基础上增加将上海华普汽车建设成吉利控股集团高档车的生产基地、新能源汽车与经典车型的研发基地、模具及先进设备制造中心的三大新定位，在做好现有上海华普汽车有限公司、上海华普国润汽车有限公司、上海华普发动机公司、上海华普研究院有限公司、上海华普汽车销售公司、上海华普汽车国际销售公司的基础上，筹建成立和英国著名的LTI公司合作的上海英伦帝华汽车部件有限公司和上海华普模具制作有限公司，从而更好地利用吉利控股集团的国际化资源实现上海华普汽车产业的飞速发展，让上海华普汽车成为中国乃至世界的驰名企业。

The positive test draws the following conclusions: control rights is significantly negatively related with firm value which indicates that the bigger control rights the actual controller hold, the lower firm value is; cash flow rights is significantly negatively related with firm value which may due to the ravening share bonus deeds by controlling shareholder; the separation ratio of cash flow rights to control rights is negatively related with firm value and not significant which may due to the ravening share bonus deeds,or the deficient market, or inadequate information exposure etc; stock proportion restriction is significantly positive related with firm value which indicates the good effect of stock proportion restriction; actual controller who participate in the management and the ratio of director who have position in controlling shareholder's company don't pass the significant test; the size of the company is significantly negatively related with firm value; the ROE cannot explain the firm value.

通过实证检验发现，我国金字塔结构下民营上市公司的治理效应有以下特征：控制权与公司价值显著负相关，说明实际控制人掌握的控制权越大，公司价值越低；现金流权与公司价值显著负相关，这可能与我国民营上市公司控股股东的"掠夺性分红"行为有关；现金流权与控制权的分离率和公司价值负相关且未通过显著性检验，这可能与控股股东的"掠夺性分红"行为有关，也可能与市场的不完善、信息披露的不充分等有关；股权制衡度与公司价值显著正相关，说明我国民营上市公司的股权制衡机制能够产生一定程度的效果；实际控制人参与管理情况与在控股股东单位任职的董事比例和公司价值的关系均未通过显著性检验；公司规模与公司价值显著负相关；ROE对公司价值没有解释力。

We study the shareholders structure in Chinese public listed companies, the cause of formation, the abuse, the comparison with other countries and the relation between the controlling power and the shareholders structure,so as to find policies.In chapter four we discuss the cost of the private benefit from control by model when the block shareholder colludes with the manager.

在存在外部制衡的状态下，对模型进行了拓展，进一步研究在引入外部制衡力量后，公司在控股股东的控制下追求其自身效用的最大化所达到的均衡结果，并与不存在外部制衡情况下的均衡结果相比较，最后分别讨论了公司存在外部债务的情况下的模型的解和控股股东对公司捐赠利润的可能性。

Recent big deals include the July 13 acquisition of Anheuser-Busch, the owner of Budweiser and other iconic American beer brands, by Belgian brewer InBev for $52 billion. On July 21, Swiss biotech company Roche Holdings said it will swallow the rest of San Francisco-based Genentech that it doesn't already own for $43.7 billion. And on July 23, Japanese insurer Tokio Marine Holdings announced plans to buy U.S. insurance company Philadelphia Consolidated Holding for $4.39 billion.

仅仅7月份，就出现了几项巨额收购。13日，比利时啤酒公司英博斥资520亿美元收购了安海斯－布希公司（Anheuser-Busch），后者拥有百威等美国著名啤酒品牌。21日，瑞士生物技术巨头罗氏公司宣布，将以437亿美元收购其控股的基因技术公司的剩余股份。23日，日本保险商东京海上控股宣布，计划以43.9亿美元收购美国保险公司费城统一（Philadelphia Consolidated Holding）。

Based on these facts, it defmitude the New-hope company"s strategy orientation: keeping absolute control to Cable company, keeping opposite control to Software company, quiting Cenment company; Cable company indraughts strategy investor, realizing product,market and capital"s fast expansion, finally becoming a leader in cable field; Software company transfers its wroking emphases, and becoming influential local software house dedicating to petroleum geology, Cenment company is sold, and takes back money for relevant uses; through capital operation, by three to five years effort, New-hope company become a industrial-type holding company which dominating in electrical wire and cable yield and simultaneously set foot in information industry.

在此基础上给出了新希望公司的战略定位，即：对各业务单位进行战略调整，保持对电缆公司的绝对控股，对软件公司实行相对控股，退出水泥公司；电缆公司引入战略投资者，实现产品、市场和资本的快速扩张，成为国内同行业领先者之一；软件公司转移经营重点，并通过&创业版&进行社会融资，成为国内有影响力的石油地质软件开发商；退出在水泥公司的股权，转而投向上述相关产业；以资本运营为手段，经过3～5年的快速发展，使公司成为以电线电缆的生产经营为主，同时涉足信息产业的产业型纯粹控股的企业集团。

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。

Listed companies that are more than 30% owned by controlling shareholders shall adopt a cumulative voting system, and the companies that do adopt such a system shall stipulate the implementing rules for such cumulative voting system in their articles of association.

控股股东控股比例在30%以上的上市公司，应当采用累积投票制。采用累积投票制度的上市公司应在公司章程里规定该制度的实施细则。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。