股东

Moreover, we examine how the agency cost between managers and liquid shareholders is affected by nonliquid shares and stateowned shares, which we believed to exist only in Chinese Market. Through the same method of event study, we find a symmetric effect regardless of the proportion of nonliquid shares, and this shows that the proportion of nonliquid shares is not a factor of conflicts between managers and liquid shareholders. As for the sub-sample with stateowned shares, there is a larger positive price impact for firms with high proportion of stateowned shares, which tells us that the stateowned shares do raise the problem of "absence of the owner", and it is a part of agency cost in China.

我们进一步检验了国内特殊存在的非流通股以及国有股对于管理层与流通股东之间代理成本的影响，通过同样的事件研究方法对上述样本进行市场宣告反应检验，结果发现非流通股比例不同的公司其市场反应并无显著差异，说明非流通股的存在对管理层与流通股东之间的代理问题没有影响；而国有股比例不同的公司其市场宣告反应存在显著差异，这说明国有股产生的&所有者缺位&问题成为国内代理成本的一部分，并确实影响了现金股利的发放。

Some Italian banks are protected by shareholder pacts, which can create a blocking vote; others are dominated by foundations, which fear seeing their influence diluted by mergers; then there are dozens of banche popolari, which award a single vote to each shareholder, further stymieing consolidation.

一些银行为可以投反对票的股东协议所累，另一些银行则被基金所扰，担心合并会削弱自己的影响力。还有一些具有一票否决权股东的普通银行，也是阻碍合并的羁锁之一。

The article points out,on agency theory analysis,the interest clashes among managers, shareholders and creditors in modern corporate system because of the separation of funds supplier and funds user and the separation of proprietorial rights and control rights, which is also known as the problems of financial-agency.

在现代公司制度下，因资金提供者与资金使用者以及企业所有权与控制权的分离会产生管理者与股东、股东与债权人之间的利益冲突，即财务代理问题。

Owing to the transformation from proprietory right to shareholders' right, especially the objective existence of the situation of informational assymmetry, it has threatened the realization of the shareholders' controlling power to the company.

由于所有权向股权的转换，尤其是信息不对称情形的客观存在，股东对公司的支配力弱化，从而危及股东利益的实现。

It mainly checks the controlling shareholder's abused use of its domination,safeguards the independence of board of directors,and promotes a stainable development of the company as well as guarantees the shareholder's integral benefits.

独立董事是英美法系国家公司治理模式的特色制度，其在制衡控制股东的控制权滥用，捍卫董事会独立性，促进公司可持续发展以及保障股东整体利益等方面卓有成效。

At present Li Zejie reachs his to be filled with subordinately division extend, the report that the net tells hold of add up to is filled with share about 47%, among them the net is connected for the 2nd large stockholder, hold 19.84%, other in the report of small shareholder hold is filled with share to be close to 53%.

目前李泽楷及其旗下的盈科拓展、网通总计持有的电盈股份约47%，其中网通为第二大股东，持股19.84%，其他中小股东持有的电盈股份接近53%。

Selecting Wanxiangqianchao(000559) as sumple, the third level analyzes the investment structure and behavior of listed firms,and talks about the charactericstic of listed firms from the anagle of financing structure and corporate governance.

4ROA、MROA、ROE、CFO对第一大股东持股比例平方的回归系数显著为正，而企业市场价值指标托宾Q和M/B对第一大股东持股比例平方的回归系数显著为负，表明业绩指标和市场价值指标之间存在背离的关系。

The majority shareholder of the company is AFL Dachser Pvt Ltd., furthermore the logistics manager Syed Sadaquat Hossain has shares in the joint venture.

该公司的大股东是美国达赫泽有限公司，此外，物流经理赛义德侯赛因是合资企业的股东之一。

End of the day, now 9神力Group shareholders, Aokang Group, TELI industrial, real estate Guoguang, Yaohua Electric Appliance, ocean glasses, Star Industry, Xinya investment Fapai Group's chairman had formed a consensus - China and Switzerland are the main areas of "national key construction projects, corporate restructuring and mergers and acquisitions in the restructuring Convertible", were "extensively gathering and utilizing the Chinese large-scale private capital", as people from various professions, in order to avoid a conflict of interest that China and Sweden's nine shareholders equity sharing.

一天结束的时候，现在9神力集团股东，奥康集团，泰力工业，房地产刘国光，耀华电器，远洋眼镜，明星产业，新雅投资法派集团的主席已形成了一个共识-中国和瑞士的主要地区的&国家重点建设项目，企业重组，兼并和收购的重组转换&，是&广泛收集和利用中的大型私人资本&，因为来自不同行业，以避免利益冲突认为中国和瑞典的九个股东权益共享。

To date, some 300 listed companies, out of 1,370 or so, have announced plans by their nontradable shareholders to pay tradable shareholders.

迄今为止，在1370多家上市公司中，共有300多家公司宣布了由其非流通股股东补偿流通股股东的计划。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。