经理股

When analyzing the ESO project of many enterprises in china, you will discover that most of them are just analogues to ESO. The scheme is that most of the bonus is turned to stock and the beneficiary cannot choose whether to buy or not. The criterion for distribution is the achievements of managers made in the past time, not success in the future.

然而，我国目前的市场环境和企业状况还不适应发达国家的成熟模式，从我国企业实行经理股票期权的方案设计和实施特点来看，他们所采用的只是"股票奖励"计划，是一种股票化的奖金，把奖金的大部分转作了公司的股票，受益人不能选择是否购买，实质上是依据企业和经营者过去的业绩来确定他们的期股收入，而不是面向未来的激励，它并非真正意义上的经理股票期权，二者在效果上有很大差距。

Among them the influence factor of the stock is mainly: Fund manager select stocks ability, investment style and ability to deal with the accident, national macroeconomy situation factor, the market value of stock usually have the direct influence to the fund net value; To bond part in the net value of the fund, interest rate and the investment ability of fund manager concerns the value level of this part of assets directly, because the securities regulator of our country has made the regulation to the proportion of the fund investment bond besides this, so, this proportion will restrict fund managers investment on the bond either, thus exercise an influence on some value of bond ; Besides stock and two bond, to another important component in the net value composition --The cash, we will all sum up its factor of exerting an influence for the mobile risk factor, namely the risk as a reasult of the exility of cash.

其中股票方面的影响因素主要是：基金经理的选股能力、投资风格和选时能力以及大盘走势与突发事件、国家宏观经济形势因素，股票市值通常受到这些因素的直接影响；对于基金净值中的债券部分来说，利率和基金经理的投资能力直接关系到这部分资产的价值高低，除此以外由于我国证券监管机构对基金投资债券的比例作了规定，因此，该比例也会制约基金经理在债券上的投资，从而对债券部分价值发生影响；除了股票和债券两部分以外，对于净值构成中的另一重要组成部分——现金，我们将对其产生影响的因素全部归纳为流动性风险因素，即由于现金的稀缺而导致的风险。

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。

On the basis of this, the system of exchangeable and unexchangeable stock and other environmental issues of finance governance are the comprehensive reason of preference of stock financing of companies in our security market.

在以上分析研究的基础上，本文提出了以下改进建议：建立以大股东治理为主的综合财务治理模式；加强外部股东对内部股东的监管机制；建立经理人持股激励机制；加强经理人的外部约束机制；加强银行对企业的监控力度；建立有效的偿债保障机制；发展企业债券市场；培育机构投资者并创造使他们能有效发挥作用的条件；加强中小投资者法律保护等。

Customers, they will be entrusted to a fund with Buffett You Guage of private fund managers, the fund managers to uphold the value of Buffett's investment philosophy, and then Operation from the fund is likely to be similar with the Balao, Balao at present is a recognized stock God.

对客户而言，他们将资金托付给一个与巴菲特有瓜葛的私募基金经理，这位基金经理秉承了巴菲特的价值投资理念，再操作起基金来很可能会与巴老相似，而巴老目前是全球公认的股神。

Even though many managers have seen dislocation coming since the end of last year, being fully invested prevented most of them from doing more than just tweaking their positions. During the first half of 2007, as $1,000 par institutional preferreds corrected and $25 par retail preferreds held fairly steady, managers sold a bit of the latter and overweighted the cheaper institutional securities.

虽然很多基金经理在去年年底就预计到市场混乱的来临，但由于他们已经全仓投资，因而别无选择，只能缩减头寸。2007年上半年，随着1000美元面值的机构型优先股回调，而面值25美元的散户型优先股相对持稳，基金经理卖出了一些散户型股票，增持了相对便宜的机构型优先股。

This research utilizes regression models in three ways," all years","every industry", and " every year", and adopted corporate governance variables include scale of the board and the inspectors, the holding rate of the board and the inspector, the holding rate of primary shareholder, managers, trust funds, government, and corporations, the degree of concentration of shares, and two dummy variables,"whether the chairman and chief official executive is the same person", and "whether the company's CPA firm ranks the first four".

本研究以1994年至2003年的外资持股公司为研究对象，并将回归模型分为：总年度、各产业别及各年度以分别讨论之，样本总数共为4620笔。公司治理的变数中，本研究采用：董事会规模、监察人规模、董监持股率、大股东持股率、经理人持股率、股权集中程度、董事长是否兼任总经理、政府金融机构、信托基金持股率、公司法人持股率及是否由四大跨国会计师事务所查核。

In view of executive power to intervene in the allocation of resources over the reality of the situation, should intensify their efforts to clean up the recent各种乱收费, levies, and shut the power of the currency market of the "gray channel" reflects the strong focus on cleaning up the community, do not lead to monopolies fair competition policy, and actively create a fair and regulated competitive environment, maximizing the contribution of income and reflected on and so on; to be a more effective means of remediation of illegal income, seek to abuse the interests of individuals or small groups with severe punishment imposed for corruption ; At the same time, it is necessary to speed up the reform of the political system, and promote democratization and openness in decision-making, and strengthen the public service and acts of administrative bodies at all levels of supervision and constraints on the exercise of such power by the process of forming a comprehensive and reasonable mechanism for binding.

当中产阶级成为一个国家的主流群体时，就会结成一张维护社会长治久安的&安全网&。如果说&社会稳定是压倒一切的政治任务&的话，那么，扩大中产阶级的比重就是实现稳定的社会基础。如何促进中国中产阶级的快速发展？笔者认为当前应特别重视以下几个方面：（1）加强法律保护的力度。实践证明，只有依法保护私人产权和维护社会公正，才能促使人们凭借勤劳和智慧去创造财富，才能抑制少数人依仗权势&寻租&和通过贪污腐败手段暴富，才能防止百姓的私有财产不被权贵势力非法侵吞。这样，所有的人将可平等地获得上升的机会，私人资本和职业阶层也会有更大的成长空间。（2）大力发展公共教育事业。知识能够帮助人们改变命运，只有大力发展公共教育，才能使更多的人得到平等分享经济增长成果的机会，这是知识经济时代培育中产阶级的&树人工程&。我们要尽快普及12年制义务教育，大力开展终身教育，打造更多的学习型组织，营造学习型社会的氛围，从而使更多的人通过攀登知识阶梯而升入中产阶级。（3）加快金融创新。中国居民目前工资收入在家庭收入中的比重平均为70％左右，大大高于发达国家50％的水平。工资收入在家庭收入中的占比过大，自然会减缓大多数人进入中产阶级行列的步伐。我们认为，要提高居民收入中非工资收入的比重，最重要的措施就要培育居民的投资意识，并通过金融创新为他们提供多样化的投资工具（如形式多样的共同基金等）。（4）提高专业技术人员、经营管理者、教师、研究人员、公务员等智力劳动者的收入，鼓励智力劳动者进行智力投资，并保护相应的合法权益。（5）建立职业经理人激励机制（包括年薪、奖金、红股、期权等方式），形成职业经理人致富与企业发展互动的财富积累机制。

In addition, foliaceous Lu Sheng, Liu Xiaochu, Chen Zhicheng with Zhou Wengui each hold company 1.2 million; On Guan Changchuan (company director, standing vise general manager), Huang Lvduan, Lin Jun and Chen Geng give birth to each hold company 800 thousand.

此外，叶芦生、刘晓初、陈志程和周文贵各持有公司120万股；上官常川(公司董事、常务副总经理)、黄履端、林军和陈耿生各持有公司80万股。

Warfare investment manager and executive director Liu Chunlin military in South Korea on March 18, 19 days on the company carried out three triple reduction, respectively, 69,940 shares, 30,000 shares, 34,153 shares, the transaction price of 13.41 yuan, 14.2 yuan and 14.5 yuan.

据查，战圣投资执行董事刘春林和经理韩月军在3月18日、19日两天对三联商社进行了三次减持，分别为69940股、30000股、34153股，交易价格分别为13.41元、14.2元、14.5元。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。