股东

Shareholders are short of a restriction-and-balance mechanism. For state-owned enterprises, the final managers of the assets are holding the absolute majority of shares and indifferent to asset efficiency. For civil enterprises, the enterprise under control may just be a chessman on board, which means its strategy can be scarified for exchange for holding companies'interests. Different information advantages cause different supervision costs. Large costs can cause the shareholders to waive the supervision rights, which may be acquired by other stakeholders like managers, so even dispersive shareholder structure may go through strategic failure. The healthiness of external supervision regulation can influent the strategic participation of shareholders, since it directly influents the interest expectation of shareholders.

对国有企业来讲，大部分存在一股独大的特征，而国有资产最后管理者缺乏对资产效益的内在关心，这是导致管理者缺位的关键；对民营企业来讲，被控股企业可能是其投资安排的一个棋子，如果牺牲部分利益可以换得更多利益，或者能够将股份公司的利益直接转移到控股公司，企业的战略失败就很难避免；股东们的信息优势不同，造成监督代价不同，如果监督的代价过大就会导致股东放弃监督，而股东放弃的监督权必然被其他利益相关者，如经理人获得并被利用，因此分散的股东群体也可能出现战略失败；外部监督法规的健全与否对股东的战略参与行为有重大影响，因为它直接影响了股东的利益预期。

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。

After reasoning at large,allshareholder's rights are for shareholders rights,there is no shareholder's rightwhich is not for shareholder's right.The so-called self-profit right is the rightwhich the shareholder get his property profit,and the so-called common-profit rightis the right which the shareholder participates in a corporation's managementaffairs.

经考证后认为，所有的股东权都是为了股东的利益，不存在为了非股东利益的股东权；所谓的自益权是股东获得财产利益的权利，而所谓有共益权是股东参与公司管理事务的权利。

This articlebring forward some very new view about the sort of the shareholder's right in chapter1,and the shareholder's right is classified with self-profit right,common-profitright,expectancy right and coexistence right.

本文在第一章对股东权的分类提出了最新的见解，将股东权分为自益权、共益权、期待权和共处权，并在此后四章中分别对这四种股东权的诉讼进行了探讨，对我国关于股东权利的规定进行了全面的检讨，也对股东行使权利的方法，以及股东行使权利遇到障碍时的救济途径进行了系统研究，对我国公司法以及民事诉讼法的有关内容提出了许多新的科学设计。

In order to safeguard the interests of small stockholders,we should perfect correspond legislation gradually,endow the right of vote for stockholder that consistent with their holding sections,definitude the obligation when big stockholders exert the vote right,realize contain between right and obligation,enhance supervision on the decision of stockholder meeting,endow small stockholders subornation right of claim under special condition,endow small stockholders the rights of instituting derive lawsuit under special condition.

为依法保护小股东的利益，应逐步完善相关立法，赋予股东与其所持股份相一致的表决权，明确大股东在行使表决权时所应承担的义务，以实现权利与义务的制衡；赋予小股东特定情形下的股份收买请求权；限制大股东的表决权；加强对股东会决议的监督；同时，赋予小股东在特定情形下提起派生诉讼的权利。

The fourth part is aiming at regulating the transactions between the controlling shareholders and the company. The author first expounds on the theoreticalfoundations of such regulation--the principle of shareholder equality and thefiduciary duties of the controlling shareholder. Then he compares the three different modes of legislation concerning the regulations on the transactions between the controlling shareholder and the company. After that ,the author concludes that we can borrow from the USA and Germany their relevant institutions. That is, disapplying the rule of exclusion of voting rights of the controlling shareholder, perfecting the recission system of the decision of the shareholders meeting and the rule of shifting the burden of production of proof. The author thinks that the adoption of those measures will achieve a reasonable balance between the efficiency and fairness of the RPT with the controlling shareholder.

第四部分针对控制股东与上市公司的关联交易，首先论述了规制此类交易的公司法理论基础——股东平等原则和控制股东诚信义务，接着在对美国、德国和韩国三国相关规制模式进行了比较之后，认为我国可以借鉴美国和德国的相关制度，取消控制股东在关联交易决议中的表决回避制度，并辅以股东大会决议撤销制度的完善、交易公平性的举证责任转换制度的采纳和损害赔偿制度的设立，以确保控制股东与上市公司的关联交易能够在效率和公平之间达到合理平衡。

This dissertation is from the point of large shareholder, discussing the relation of large shareholder's shareholding and investment of enterprise under large shareholder control, open out the mechanism of large shareholder aggrieves atomic shareholder and creditor through investment, and the mechanism of large shareholder chose investment to realize maximum of enterprise value and reduce agency cost of large shareholder.

本文从大股东的视角出发，讨论存在大股东控制的情况下，大股东股权比例与企业投资的对应关系，揭示了大股东通过投资对小股东和债权人利益侵害的内在机理，以及大股东为实现企业价值最大化而降低代理成本时对投资的选择的机理。

Therefore , the company law of the countries all over the world confer rights to learn the truth on shareholders , which including the right of inspecting financial accounting report , the right of inspecting books and records , the right of inquiry and the right of request for empanelling inspector . the author writes the paper to present the assumptions on how to perfect our system of shareholders ' rights to learn the truth , by drawing on other countries ' successful experience of legislation and analyzing the shortages of our existing laws . this article is composed with four chapters

因此在借鉴各国公司立法经验的基础上，本文认为，要完善我国股东知情权制度首先应在我国公司法律制度中赋予股份有限公司股东查阅公司帐簿的权利，同时为防止股东滥用此项权利，应当对股东行使该权利时的正当目的、持股比例、持股时间以及行使程序上作出必要的限制；其次应当明确股东质询权以及行使权利的范围、程序，赋予股东在质询权受到侵害时的诉权，并对法院的裁判赋予强制执行的效力，即责令董事会必须限期对股东的质询作出充分说明。

Based on the data of listed companies suiting study, this paper tests the expropriation by controlling shareholder in public companies. The results show that the connection between the expropriations by the controlling shareholder with the proportion of controlling shareholder is a reversal 'U', the expropriation by the controlling shareholder is significantly negative related with the shares of the second shareholder, and the expropriation by the controlling shareholder is significantly positive related with the rate between debt and asset.

以我国1998 和1999 年新上市的符合研究要求的公司作为研究样本，对母公司侵占上市公司资金行为进行了研究，以第一大股东对上市公司资金侵占净额占上市公司总资产的比例为研究指标，对股权结构变量和关联交易变量进行回归，得出：上市公司第一大股东的持股比例，与其对上市公司的关联交易型&隧道挖掘&资金占用成倒&U&型关系；上市公司第二大股东的持股比例，与第一大股东对上市公司的关联交易型&隧道挖掘&资金占用成显著的负相关关系，第二大股东对于抑制第一大股东的侵占行为具有一定的作用；上市公司的负债比例越高，大股东对上市公司的资金占用就越多等结论。

It with the stockholders rights structure target, the company governs the structure target to carry on the multiple regression analysis The result show that the connection between the expropriations by the controlling shareholder with the proportion of controlling shareholder is a reversal'U', the expropriation by the controlling shareholder is significantly negative related with the shares of the second shareholder, the first major stockholders as the state-owned enterprise holding must be more easier than the non-state-owned enterprise holding to invade behavior and the expropriation by the controlling shareholder is significantly negative related with the independent trustee proportion.

数据结果表明，控股股东和上市公司之间的关联交易规模与控股股东持股比例呈显著的正相关关系，控股股东持股比例与上市公司的经营性资金被占用率呈倒&U&型关系；第二大股东对于抑制控股股东与上市公司之间的关联交易规模具有一定的作用；当控股股东为国有企业控股时要比非国有企业控股更容易发生大股东侵占行为。

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