股东

The author finds that both the ownership structure and organizational characteristics have significantly positive impacts on dividend policy; the large shareholders have stronger incentive to distribute corporate cash, and force management disgorges free cash flow.

本文发现，股权结构（第一大股东持股、前二大股东持股和前三大股东持股）对现金股利发放概率具有显著的正向影响。公司各项组织特征（成长性机会、每股收益、每股留存盈余、资产规模和财务杠杆）也对现金股利发放概率具有显著的影响。

End of paper, according to controlling and supervising model and issue which the case of YingGuangxia exposed, put forward some proposal to alleviate the principal-agent problem between majority shareholder and minority shareholder, such as emphasizing majority shareholder obligation, cumulative vote, the appraisal right of dissents etc, All measures should reduce the cost of operation.

最后，根据监控与监管模型以及银广夏事件暴露的问题提出从加强控股股东自身义务意识以及加强内外部监控与监管的两个方面，缓解目前中国控股股东与中小股东之间存在的严重的委托代理问题。

The results show that the companies of which the largest shareholder has higher ownership proportion holds more cash, which is likely to imply the high ownership is the basis of large shareholders expropriating minority shareholders.

结果表明，第一大股东持股比例较高的公司持有较多的现金，大股东的高持股比例是其占用企业资金侵占中小股东利益的基础。

The main conclusions are: [1] Rapid development of corporations engenders urgent demand of financing, conflict between capital market imperfection and demand of financing leads corporations to control listed corporations by purchasing "shell" and enhance it"s financing capability; [2] Two kinds of pricing institution of stock provides stirpses for controlling listed corporations by low cost, monitoring institution imperfections provides corporations for operating listed corporations. Adjust of national assets provides more "shells; [3] More private corporations purchase listed corporations, some of them form stirpses; [4] Stirpses have positive influence about adjusting industry and enhancing capital market financing function; [5] Stirpses magnify financial risk by controlling listed corporations, and transform listed corporations from shareholders benefit to block shareholder benefit, having tendency of infracting shareholders benefit.

本文主要的结论：[1]中国企业的迅速发展对融资有迫切的要求，中国国内资本市场发展不完善与这种强烈的融资需求的冲突导致了企业寻求通过买&壳&的方式控制上市公司，以此来提高自身的融资能力；[2]中国上市公司股票的两种定价机制为&系&低成本控制上市公司提供了可能，监管机制的不完善为&系&提供了操纵上市公司的空间，国有资产在调整过程中从部分竞争行业退出，为资本市场提供了一定数量的&壳&资源；[3]民营企业纷纷买&壳&上市，在这个过程中，部分实力突出的企业形成了&系&；[4]&系&现象对进行行业整合、提高资本市场融资能力等方面起到了积极的作用；[5]&系&通过对上市公司进行的操纵放大了金融风险，将上市公司的股东利益最大化变为大股东利益最大化，存在着侵害小股东利益的潜在倾向。

While in Anglo-American law, it named as " uncover the corporation veil" or "lifting the veil of corporation", still in continental laws, it calls as "Durchgriff" obligation, three phrases in this text are synonymies.

有权对公司法人人格否认提起诉讼的当事人，只能是利益受侵害者，不包含利益不相关的第三人，作为被告的可以是单一的股东，也可以是公司与股东共同作被告，还可以先将公司作被告，股东被追加为被告等。

Trolled by the first largest shareholders in substance, and the prevalence of single large shareholders remain little changed, which makes it hard to materialize the small and medium shareholders' senses of participation.

藉着第一个轮唱物质的最大股东，而且单一大的股东传播保持很小改变，这使赋予实质小的和决定性的股东分享感是困难

By Panzhihua Steel Vanadium today announced that, in order to encourage more of Panzhihua Vanadium Steel shareholders have the right to choose to choose to continue holding company stock, to encourage more climbing the Great Wall shares of Chongqing Titanium and shareholders have the right to choose to participate in convertible , Anshan Iron and Steel Group to make further commitments: Anshan Iron and Steel Group will "on the right to declare the cash option exercise period of the deadline for undeclared cash to exercise the right to choose have the right to choose shareholders," added the right to declare a cash option to the right line.

由攀钢钢钒今天宣布，为了鼓励攀钢钢钒的股东有更多的选择权，选择继续持有公司股票，以鼓励更多攀登长城重庆钛和股东的股份有权选择可兑换，鞍山钢铁集团公司参与做出进一步承诺：鞍钢集团将&对有权宣布现金选择了未申报行使现金期限内行使选择权的有选择权股东，&将有权宣布现金选择正确的路线。

Article 8 In transfer of shares subscribed by the shareholders conditions set in the previous article must be satisfied. Transfer of shares purchased by the promotors can only be made at least three years after the company's registration and the transactions shall be approved by the departments which approved the company's establishment.

以募集方式设立的公司，除应符合前款条件外，其中至少有一个发起人还应有募集股份前3年连续盈利的记录，该发起人为中国股东时，应提供其近3年经过中国注册会计师审计的财务会计报告；该发起人为外国股东时，应提供该外国股东居所所在地注册会计师审计的财务报告。

"In general, the restructuring program will certainly take into account the interests of shareholders of shares outstanding issues, such as the injection of assets given an appropriate level of earnings ratio, more or less guarantee of the outstanding shares of the market value of the shareholders before the suspension can Maintain,"who has been in charge of a listed company's bankruptcy restructuring investment bank said," However, this will certainly need to bring out the systemic risk of loss, for example, we calculate the flow of the market value held by shareholders, will be before the suspension The market point decline from now on the basis of a calculation."

&在一般情况下，重组计划一定会考虑到股份股东的利益，如资产注入悬而未决的问题，给予的市盈率，或多或少的流通股保证适当水平股东的市场价值停牌前能够保持，&谁在上市公司破产重组投资银行负责有人说，&但是，这当然需要带出损失的系统性风险，例如，我们计算由股东占有的市场价值流，将停牌前的市场，即由现在的计算下降。&

The third part puts forward the additional relief measures of shareholders limited liability in Single-member Company with shareholders unlimited liability and discusses definitely the common types of shareholders unlimited liability in Single-member Company by learning from the doctrine of veil piercing in Common Law System.

第三部分提出应以一人公司股东的无限责任作为股东有限责任的补充救济措施，并借鉴英美法系的揭开法人面纱理论，对一人公司股东无限责任的常见类型做了一定的探讨。

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