股东

At the same time,the paper analyzes the deficiency of sharing in human capital,emphasizing that we must understand and grasp the essence of enterprise governing structure entirely under the circumstance of unsoundly outside restriction surrounding at present,advocating the"Assets Mortgage"mechanism.

企业治理结构理论最初源于新古典学派主流的企业理论即委托——代理理论，该理论建立在"资本雇佣劳动"的前提基础上，以资本所有者或称股东为中心，又被称为"股东至上"或"股东主权"理论。

In west, there is not a generally accepted opinion, though there are much theoretical and empirical evidence, there are two theories: Dividend policy is relevant, vintner study dividend policy about dividend signaling by positive research, Jensen and Meckling created agency cost theory, they provide and analysis of the affects of agency conflicts among corporate stockholders, corporate managers and creditor; they suggest that management stock ownership can reduce agency cost by aligning their interests with shareholder's interest.

因为一定量的内部留存收益是保证公司长期发展的重要资金来源，而股利则为股东提供当期收入，股东对股利的不同偏好直接影响公司未来的股票价格，从而影响公司的发展，因此，在信息不对称的条件下，如何将公司实现的收益在股东和内部留存之间进行合理分配，以制定一个合理的股利政策，使股利的发放与公司的未来持续发展相适应，并使公司股票价格稳中有升，便成了公司管理层难以处理的实际问题，也使得对影响我国股利分配政策影响因素的研究变的尤为重要。

In the operation of American companies, the system of voting trust plays a unique role, such as ensuring stability and continuity of company governance, safeguarding the interests of creditors and assisting the restructuring of the company, in particular, it has operation significance for protecting the rights and interests of minority shareholders.

股东表决权信托制度是起源于美国并已发展到较为成熟的一种股东表决权行使的法律制度，是在公司法框架下引入信托制度，以实现公司控制权为目标的独特设计，对于保护中小股东利益等方面具有积极的现实意义。

You certainly did your share in this respect last year. The 194300 square foot hall adjoining the meeting area was filled with the products of Berkshire subsidiaries, and the 21000 people who came to the meeting allowed every location to rack up sales records. Kelly Broz ( neé Muchemore), the Flo Ziegfeld of Berkshire, orchestrates both this magnificent shopping extravaganza and the meeting itself. The exhibitors love her, and so do I. Kelly got married in October, and I gave her away. She asked me how I wanted to be listed in the wedding program. I replied "envious of the groom," and that's the way it went to press.

去年各位的表现相当不错，面积19.4万多平方英呎的会场中布满了Berkshire关系企业各式各样的产品，21000名出席的股东让股东年会期间产品的销售数量屡创新高，Kelly Broz - Berkshire的齐格飞，主导了整个股东年会的购物秀，所有参展的公司都爱死她了，当然我也一样，Kelly去年十月结婚，我被迫放弃掉她，她问我在婚礼上该如何被称呼，我回答说「最嫉妒新郎的人」，结果喜帖上还真的就这样印。

Not only relations between fact partners, sign partners and corporation, but also relations between fact partner, sign partner and third party except for corporation, are related to dormant contribution. It is very anfractuous of relations mentioned above, to which there is no law to obey in China.

由于实际出资人和公司登记材料等所记载的名义股东的不一致，使司法实践中对于存在隐名出资的有限责任公司中如何认定股东资格成为一个难题，而股东资格认定不仅涉及隐名出资人、显名出资人与公司之间的权利义务关系，还涉及与公司以外第三人之间的法律关系，这几种法律关系本身错综复杂，而我国立法就此问题的规定却是空白，处于无法可依状态。

But the shareholder′s undertaking of the limited liability to the obligation of company is just in regard to general meaning,actually,the responsibility of shareholder to the obligation of company is more complicative,being not only l...

但股东对公司债务承担有限责任只是就一般意义而言，实际上，股东对公司债务的责任要复杂得多，并非仅仅限于有限责任，在有些情况下，股东还需要对公司债务承担无限责任。

First, the decentration of the shareholders cause the absence of the active investors, none is willing to implement the rights of the shareholders by representing other shareholders, the managers become the insiders to control the company.

股票期权制度作为一种有效的公司激励机制广受发达的市场经济国家所推崇，然而，在美国，成批登场的大公司财务造假丑闻却对这种制度提出了挑战，首先，股权过度分散导致维护公司利益的&积极股东&缺位，没有哪一家股东能够或愿意积极主动地代表股东对经营者行使所有者权利，公司经营者成为控制公司的&内部人&；其次，美国对股票期权的会计处理规定，股票期权的价值不计入公司成本，也为经营者造假提供了合法的便利；再次，中介机构为了自身的利益，不能保持绝对的独立性，成为公司造假的帮凶；另外，美国倡导自由经济，依靠行业自律和市场制衡来约束市场参与者的行为，一方面给经济繁荣带来了活力，同时也带来了巨大风险，如果没有严密的制度保障和严厉的打击及监管，谁也不会放弃低成本的&道德风险&所带来的好处。

We show that the optimal share ratio of the controlling shareholder as well as the optimal shareholder structure of a firm is endogenously determined, although the deficiency of capital is probably

我们证明，尽管自有资金不足可能成为大股东选择向分散股东融资的最初原因，但大股东最优的持股比例，从而一个企业最优的股权结构是内生决定的。

If your shares are held in joint names, the shareholder whose name stands first on the register of members of the Company in respect of the joint holding should sign on this Reply Formin order to be valid.

如属联名股东，则本回条须由该名於本公司股东名册上排名首位之联名股东签署，方为有效。

The system of shareholders withdrawal will be designed as two ways: one is the general transfer that is implemented through the agreement between the shareholder and other people, including the internal transfer and external transfer; the other is the compulsory transfer that means other ways except the general transfer, including the appraisal right of dissenters in the limited liability company, the transfer on specific facts (as inheritance、division of property between husband an wife、impawn) and the transfer on the compulsory implementing of court.

本文将有限责任公司股东退出机制设计为两种方式，其一，普通转让，即股权的转让是股东与他方以协议的方式实现的，包括股权的对内转让和对外转让；其二，强制转让，指的是除通过协议转让的其他转让方式，包括异议股东股权回购、因特定事实的发生而因其的股权转让(包括因继承、夫妻财产分割、质押等引起的股权转让)以及因法院强制执行而引起的股权转让。

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