法人股

The result states that corporate stock acquisition is more marketing than national stock acquisition. In the acquisitions, the different view between consignee and alienator makes the difference on valuation base. Commodity price theory tells us that alienators sell commodity for the value, while consignee buy commodity for the using value.

从国有股和法人股的分组情况来看，国有股收购价格同每股净资产的相关性更为明显，而法人股同收益指标的相关性较为明显，证明法人股收购的市场化程度高于国有股收购。

After the actual data analysis, this article discovered that, the circulation stock and the law annual bonus account for the total capital stock proportion elevating, is advantageous to the promotion enterprise's management achievements, has confirmed this article the supposition which starts in the article to propose; But the national stock institute accounts for the enterprise total capital stock the proportion and the enterprise manages in the achievements overall to assume the negative influence, moreover because the state-owned stock generally accounts for the maximum proportion, therefore, the stockholder's rights centralizations manage the achievements in the this time also basic performance for the state-owned stock to the enterprise the influence, basically has also confirmed myself the supposition which proposed to the national stock.

经过实际数据的分析，本文发现，流通股和法人股所占总股本比例的升高，有利于提升企业的经营绩效，验证了本文在文章开始提出的假设；而国家股所占企业总股本的比例与企业经营绩效总体上呈负面影响，而且由于国有股一般占最大比例，所以，股权集中度在此时也基本表现为国有股的对企业经营绩效的影响，基本上也验证了本人对国家股提出的假设。

Second, there is direct ratio correlation between the share of large shareholders and investment, and the more share large shareholder hold, the more the largest shareholder can influence the investment decision of listed companies.

2上市公司控股股东的性质和控制权结构对投资行为产生重要的影响，国有法人股控制上市公司的投资规模相对较小，而国家股和民营控制上市公司的投资规模相对较大。

The loss will be larger in the listed company that has a high degree of shareholder concentration. State share ratio and legal person share ratio have negative relation with company's loss degree. Floating stock and employee share are not an obvious factor in which the company is in loss.

对亏损上市公司而言，股权集中度有一定的负面影响，股权集中度越高亏损程度趋大；国家股和法人股比例与亏损程度成负相关关系；流通股和内部职工股在企业亏损时发挥作用不明显。

The legal person share scale and the company performance exist the indistinctive plus relativity, the outstanding share scale and the company performance exist the distinctive negative relativity.

通过对股权结构与公司治理绩效的非线性实证分析，得出法人股比例、流通股比例与公司治理绩效呈U型相关关系的结论。

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。

Finally, a twophase model of residual claim assignment is set up. The ShapleyShubik method and the serial pricing are used in the two phases respectively. This method is proved to be justice and efficient. residual claim ; axiomatic distribution theory ; two_phase assignment ; Shapley_Shubik method ; serial pricing

但股份有限公司作为占主导地位的公司形式，在其所有权结构中，剩余索取权与剩余控制权却并不对应：1公司的大股东(在我国主要是国家股、法人股)掌握有企业的最终控制权，同时承担了较大的风险，研究表明，股份的集中

So the urgent question before securities market is to research how the state owned stock of the list companies select the right way to quit or transfer.

我国的证券市场从一开始就建立在国有股和法人股不能流通的基础之上，并在此基础上形成了现有证券市场的均衡。

Meanwhile,it also affects the development and integrity of our stock market,which in turn...

因此，解决好国家股、法人股的流通问题，这将是我国发展经济过程中一个重要的课题。

Compared with western countries, such kind of shares in China are unexchangeable, including state-owned shares and legal person-owned shares, and Chinese stock market is not very mature. That will probably make difference between our conclusions and theirs.

由于中国上市公司的股权结构的特殊性，股权转让的标的基本都是不可流通的国有股和法人股，加之股票市场还不成熟，可能使得中国股权转让的股价行为与西方的实证结论不完全一致，而带有一些中国特色。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了