未上市的

The primary problems were following: 1 the bequeathal stock did not disclose or renew the narration of raising capital by floating shares when they issued incremental stocks; 2 the rules of content and format on information disclosure of listed companies defined careless and simple special risk items. All the flaws did not benefit investors and others who needed external information to distinctly evaluate the risk factors and the risk degree.

那么笔者利用第三章的篇幅，重点介绍和分析了我国上市公司特别风险披露的现状，主要表现在历史遗留股增发股票操作时未尽披露或者补充披露招股说明书义务和"信息披露准则"对要求披露的特别风险项目界定过于粗略和笼统，不利于投资者和其他外部信息利用者准确评估上市公司的风险因素及风险度等。

The feed conversion ratio and the final body weight of broiler were not s...

早期限饲对肉鸡的上市体质量和饲料转化率未产生显著影响。

Since March 16,1998 security markets begin pursuing ST system, by the end of 2003, there are 178 special treated companies. Before these companies were special treated, 106 listed companies have offered debt guarantee for other companies. 43 companies of these 106 listed companies make the contingent liability become real debt because guaranteed companies default contracts.

从1998年3月16日起我国证券市场开始推行ST制度以来到2003年底，共有178家公司被ST，其中在被ST的前3年中，存在对外担保的上市公司有106家，在这106家上市公司中有43家公司由于被担保公司逾期未还担保贷款而使上市公司的或有负债成为实际负债。

With the controlling shareholders share the same trademark brands, large advertising expenses from the controlling shareholder of expenditure And the controlling shareholder with a brand share of listed companies is almost a common problem, some property owned by the controlling shareholders, some property owned by the listed companies, the controlling shareholder owned property rights in the circumstances, the listed companies only pay a small fee to use, and the brand Promotion of large fees from the controlling shareholder of expenditure, not to share listed companies, listed companies inflated the profits.

五、与控股股东共用同一个商标品牌，大量广告宣传费开支由控股股东开支与控股股东共享用一个品牌几乎是上市公司的一个通病，有的是由控股股东拥有产权，有的由上市公司拥有产权，在控股股东拥有产权的情况下，上市公司只需支付少许使用费用，而品牌宣传的大额费用由控股股东开支，而未让上市公司分摊，虚增了上市公司的利润。

Appear on the market in what good Ye refers in applying for draft, good Ye plan will issue the United States to put ask share , the hair linage of ADS is measured and at present of short duration did not determine financing amount.

在好耶提交的上市申请草案中，好耶计划将发行美国存托股份，ADS的发行数量和融资金额目前暂未确定。

By taking listed companies which took part in reform in 2006 for study samples, through descriptive statistic, and regression analysis, the influence of reformation in stock separation on listed company performances in China is analyzed. The result shows that there is a difference between companies which took part in reform and companies which did not take part in.

为了探讨股权分置改革对我国上市公司经营绩效的影响，本文选取沪深两市制造业上市公司为研究样本，通过回归分析和非参数检验进行研究表明参加股权分置改革的公司与未参加股改的公司经营绩效存在显著差异。

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。

In this regard, Tang Yonggang Hong Yuan Securities analyst said that the new board-listed small and medium-sized companies have a majority of the undistributed profits and higher capital fund, there is transferred to the high expectations, there are opportunities for transaction.

在这方面，汤拥纲宏源证券分析师表示，新的板上市的小型和中型公司有一个未分配的利润和更高的资本金多数，有转移到很高的期望，是有交易的机会。

They demonstrates the following characteristics obviously:The inside financing is far below than the outside financing;(2) The proportion of stock financing is higher than bond financing in the outside financing;(3) The equity structure is unreasonable;(4) For the level of the current liability is so high, the debt structure is unreasonable also;(5)Take the ration chares as the main resource of long-term capital.

而后，分析我国上市公司融资现状的成因：资本结构理论认为，公司融资方式的选择受到资本成本、融资工具等因素影响外，上市公司的融资问题反映的实际上是我国上市公司在转制建制上的不足，特别未建立高效率的治理结构和有效的治理机制。

The empirical study discovers that:(1) The information technology companies in Taiwan that invest in China shows better financial performance, growth opportunities and company assets than those that don't. It indicates that the companies investing in China have better performance, higher growth in the future, and the tendency to expand;(2) In terms of the relationship between the scale of investment and the performance of the parent companies, the information technology companies listed in Taiwan show an S curve while the top 100 information technology companies in 2005 lead to a U curve, which indicate that information technology companies adopt different management methods at different stages. The enterprises with better sales don't exceed the optimal degree of investment;(3) The growth opportunities of the information technology companies listed in Taiwan investing in China have positive

实证结果发现：（1）台湾资讯电子业赴大陆投资在财务绩效、成长机会与母公司规模皆高於未赴大陆投资者，显示出赴大陆投资者绩效较好、未来具有较高的成长、有大型化的趋势；（2）台湾上市柜资讯电子公司与2005年前百大排名电子公司大陆投资程度与母公司绩效关系分别呈现S型与U型，显示资讯电子业在不同阶段有不同的经营模式，营收较佳的企业未超过最适的投资程度；（3）台湾上市柜资讯电子业赴大陆投资之成长机会对财务绩效具正向影响，显示出大陆投资之成长机会愈高，则有较佳的财务绩效；（4）台湾上市柜资讯电子业之大陆投资程度会影响母公司成长机会，显示随著大陆投资程度的变动，明显牵动母公司的成长机会。

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。