股东

The father is clay-cold, she discovers that father is a confirmed gambler unexpectedly, the in home is already a text does not remain, the creditor still seeks to come continuously, although the father's company business condition still on the whole good, the company shareholder spot they will not manage finance, cheated to walk their little bit and only property;At this time the cancer once more again encroaches upon the her body, the mother and younger sisters are unexpectedly to leave her but go to the ……… in a crash in every possible way hesitant medium, she is in " seek one more permanent job" and" the oneself stand up" these two voices win election to choose to listen to the latter, starting her freshman live from the temporary salesman of the stock certificate company, at this time, she is already 40 years old!

父亲死后，她竟然发现父亲是个赌鬼，家中早已一文不剩，债主还不断找上门，父亲的公司营业状况虽然还算良好，但公司股东看准他们不会理财，就骗走了他们仅有的一点财产；这时癌症又再度侵袭她的身体，母亲和妹妹竟然在一次空难中离她而去………百般犹豫中，她在「再找个长期饭票」和「自己站起来」这两个声音中选择听从后者，从证券公司的临时业务员开始她的新生活，这时，她已经四十岁了！

Firstly, this paper gives a general analysis for forming mechanism of the collusion.

本文首先对大股东和经理合谋的形成机理进行了一般性分析。

Large shareholder tunneling is common in China's stock market.

大股东掏空上市公司在中国资本市场上已经不是什么新鲜事物。

Under the takeover, existing owners of common stock will lose most of their investment.

在接管状态下，普通股的现有股东将会损失大部分的投资。

Common stockholders and potential investors in common stock look first at a company's earnings record.

普通股股东和普通股的潜在投资者最关心的是公司的利润记录。

Corporate social responsibility has a basic for deeped legal theory,it involves the moral obligation and legal duty,the corporate is a commonalty which includes pursuing maximum benefits of shareholders and seeking the maximum benefits of men who relate to the corporate.

公司社会责任有其深厚的法理基础，它涉及公司的道德责任和法律责任，公司作为各种利益的聚焦体，它既要追求股东利益的最大化又要顾盼公司相关者的利益。

It compares the relationship between competitive tender offer of listed companies where controlling shareholders dominated and auction.

对控股股东主导下上市公司竞争性要约收购与拍卖之间的关系进行了研究。

Finally, it proposes the framework and content on how to use auction theory to study competitive tender offer where controlling shareholders dominated.

最后提出了控股股东主导下竞争性要约收购的研究框架和内容，为后面诸章节的论述打下基础。

First, it introduces basic theory of auction, and then starts comparison from the role of controlling shareholders, competitive tender offer with different motives and tender offer process with the corresponding parts of auctioneers, auctions with different kind of values and auction process.

首先介绍了拍卖的基本理论，随后从控股股东的角色、不同并购动因下的竞争性要约收购以及收购过程等角度分别与拍卖中的拍卖人、不同估值类型的拍卖以及拍卖过程等进行了比较，总结了二者的相似性。

It mainly studies the choice of mode for competitive tender offer under different bidders' type.

首先，借鉴Perry，Wolfstetter和Zamir（2000）的有关理论，从基于两阶段密封价格投标的竞争性要约收购过程开始，讨论了其中的一些性质，结果表明，同质收购者前提下该过程不但能够获得和基于英式竞价的竞争性要约收购过程相同的期望收益，还能够克服后者存在的一些问题；随后，在异质收购者内生参与条件下就基于英式竞价和密封投标的竞争性要约收购过程进行了比较研究，得到了不同方式下收购结果的特征；最后，针对异质收购者不同知情程度的情况研究了竞争性要约收购方式的选择问题，借鉴Povel和Singh（2004）提出的机制，得到了具备"胡萝卜加大棒"性质的序贯出售过程是这种情况下控股股东的最优选择。

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。