股东

Participation: After the payment of the Liquidation Preference to the holders of the Series A Preferred, the remaining assets shall be distributed ratably to the holders of the Common Stock and the Series A Preferred on a common equivalent basis; provided that the holders of Series A Preferred will stop participating once they have received a total liquidation amount per share equal to times the Original Purchase Price, plus any declared but unpaid dividends.

参与权：在支付给A系列优先股股东清算优先权回报之后，剩余资产由普通股股东与A系列优先股股东按相当于转换后股份比例进行分配；但A系列优先股股东一旦其获得的回报达到倍于原始购买价格以及宣布但尚未发放的股利，将停止参与分配。

Participation: After the payment of the Liquidation Preference to the holders of the Series A Preferred, the remaining assets shall be distributed ratably to the holders of the Common Stock and the Series A Preferred on a common equivalent basis; provided that the holders of Series A Preferred will stop participating once they have received a total liquidation amount per share equal to times the Original Purchase Price, plus any declared but unpaid dividends.

参与权：在支付给 A 系列优先股股东清算优先权回报之后，剩余资产由普通股股东与 A 系列优先股股东按相当于转换后股份比例进行分配。当公司退出价值低于优先清算回报时，投资人拿走全部清算资金。超过优先清算回报部分，投资人和普通股股东按股权比例分配。

Some legislative advices for accumulative ballot, large shareholder vote confine, shareholder proposer right, shareholder meeting convoking right and shareholder derived litigation right systems in our country are given.

对于累积投票制、大股东表决权限制制、股东提案权制、股东大会召集权制、股东派生诉讼制在我国的适用提出了立法建议。

The protection and guarantee system of middle and small shareholders' rights and interests should be built from both noumenon and formality sides through the establishment of accumulative ballot, large shareholder vote confine, shareholder proposer right, shareholder meeting convoking right and shareholder derived litigation right systems.

通过建立累积投票制、大股东表决权限制制、股东提案权制、股东大会召集权制、股东派生诉讼制，从实体和程序两个方面建立和完善中小股东行权的维护和保障体系。

In case a shareholder of the enterprise hypothecates its shareholding to its creditor under consent of other shareholders and approval of the approving authority, and the hypothecatee or other beneficiary acquires this shareholding according to law and contract, these shall be submitted:① Approval on hypothecation granted by the approving authority (1 Xerox);② Hypothecation contract signed between the hypothecating shareholder and the hypothecatee (1 Xerox);③ Valid certification for the hypothecatee or other beneficiary in acquiring the hypothecated shareholding (Xerox, in addition to checking the original).

企业股东经其他各方股东同意将其股权质押给债权人，并经审批机关批准，质权人或其他受益人依照法律规定和合同约定取得该股东股权的，提交：①审批机关批准质押批文（复印件1份）；②出质股东与质权人签订的质押合同（复印件1份）；③质权人或其他受益人获取出质股权的有效证明文件。

Empirical results show that the ultimate controlling shareholders play a vital role in explaining analysts' forecast errors. Its proxies for controlling shareholder's stock hypothecating ratio, board seats controlled by controlling shareholder, president as well as CEO controlled by controlling shareholder all reveal significant direct or potential effects on analysts' forecast errors. Whereas, the ratio of cash flow right to stock voting right has a negative impact on forecast errors.

实证结果显示，控制股东概念之治理变数却大多呈现对分析师预测误差有著直接或潜在作用，作为控制股东持股质押率代理变数之董监持股质押率，与控制股东董事会席位比率对於分析师预测误差皆具显著正向影响；当公司发生损失时，董监持股质押率、现金流量权占控股权比率与分析师预测误差呈现显著负相关，控制股东的参与管理则对於分析师预测误差则呈现显著正向作用。

The phenomenon that large shareholder infracts small shareholders is ubiquity. Ownershipstructure, especially a high centralization of controlling rights in our country, determines agencyconflict between big shareholder and medium and small shareholder, which may affect corporateperformance.

我国上市公司普遍存在大股东侵害小股东的现象，公司的股权结构，特别是控股权的高度集中决定了我国上市公司的主要代理问题是大股东与中小股东之间的代理冲突，进而可能影响到公司绩效。

The board is small in scale and can be easily controlled by majority shareholders. Once they control the board, the majority shareholders will enhance the entrance barrier. Thus, the core of optimizing the board of directors is to ensure lower entrance cost for stakeholders beside the majority shareholders. Moreover, independent director system and committee system, which should be kept independent, can keep the board of directors efficient.

董事会规模是有限的，绝大部分中小股东事实上不能对董事会产生什么影响，因此董事会容易为控股大股东所控制，沦为大股东实施其战略思路的工具；一旦成功控制董事会，控制者就会利用在位优势增加后来者的进入难度；董事会制度优化的核心是保证大股东以外的利益相关者以较低成本进入董事会，形成制约与抗衡；独立董事制度和委员会制度是保证董事会有效的重要制度安排，而保证独立董事和委员会的独立性是制度行之有效的关键。

Most of the listed companies are transformed from state-owned enterprises that lead to lots of adverse aftermaths such as listed company's mother company, or rather, majority shareholder's company has a lot of bad assets and heavy burden to provide social welfare for its staffs.

其控股股东母体资产的效益较差，社会负担很重，控股股东需要补充大量现金流进行生存，这样就会导致控股股东可能会利用其控股地位，采用隧道挖掘等方式损害中小股东利益。

In an acquisition, the offeror and majority stockholders are the deciders. The majority shareholders have chance to damage the benefits of minority stock holders by their advantage of capitals and information for their own profits. Following the gradually separating between ownership and rights of management , directorate is becoming more and more the center of decision in a corporation and has possibility to damage the minority stock holders benefits in some situation .

在公司收购中，收购要约人和目标公司大股东是行为的左右者，大股东利用其资金和信息优势，为了自身的利益有可能作出损害小股东权益的行为；随着两权的日益分离，公司董事越来越成为公司经营的中心，董事会权利越来越大，在关涉自身利益的时候，也有损害小股东利益的可能。

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