股东

The Largest Shareholder ; Incentive Effect ; Entrenchment Effect ; Corporate Value

第一大股东；激励效应；防御效应；公司价值

In line with the "entrenchment effect", the excess control extent of ultimate controlling shareholder is negatively related to corporate transparency.

与"堑壕效应"相一致，终极控制股东超额控制程度与公司透明度负相关。

The article 27 of new Corporate Law broadens the forms of capital contribution, though equity contribution is not officially listed in the enumerative capital contribution forms, in fact equity contribution has been recognized by means of academic theories and corporate practices, equity contribution cases are increased gradually, especially it is common in the process of state owned enterprises' recombination and listing, equity contribution already had its survival space.

新《公司法》第27条大幅放宽了股东出资的方式，虽然股权出资未被明确纳入列举的出资形式当中，但无论从理论方面还是公司实践方面，股权出资已经被认可，以股权作为出资的案例在公司的实践中逐渐增多，特别是在国有企业改组上市的过程中较为普遍，股权出资获得了生存的空间。

Gorat's - my favorite steakhouse - will again be open exclusively for Berkshire shareholders on Sunday, April 29, and will be serving from 4 p.m. until 10 p.m. Please remember that you can't come to Gorat's on Sunday without a reservation. To make one, call 402-551-3733 on April 2. If Sunday is sold out, try Gorat's on one of the other evenings you will be in town. If you order a rare T-bone with a double order of hash browns, you will establish your credentials as an epicure.

我个人最爱的牛排馆-Gorat's为了Berkshire股东年会破例在4月29日星期天开门营业，从下午4点开始营业，一直到晚上10点，请记得星期天事先若没有订位的人请勿前往以免向隅，要预约请在四月2日以后打电话(402-551-3733)，若订不到星期天的位子，也可以试试其它晚上，如果你点的是丁骨\牛排加上双份的牛肉丸的话，你就有资格被称作是老饕。

Gorat's– my favorite steakhouse – will again be open exclusively for Berkshire shareholders on Sunday, May 1, and will be serving from 4 pm until 10 pm Please remember that to come to Gorat's on that day, you must have a reservation . To make one, call 402-551-3733 on April 1. If Sunday is sold out, try Gorat's on one of the other evenings you will be in town. Enhance your reputation as an epicure by ordering , as I do, a rare T-bone with a double helping of hash browns.

我个人最爱的牛排馆-Gorat's为了Berkshire股东年会破例在5/1星期天开门营业，从下午4点开始营业，一直到晚上10点，请记得星期天事先若没有订位的人请勿前往以免向隅，要预约请在4/1以后打电话(402-551-3733)，若订不到星期天的位子，也可以试试其他晚上，记得跟我一样，老练一点地点丁骨牛排加上双份的牛肉丸。

Gorat's – my favorite steakhouse – will again be open exclusively for Berkshire shareholders on Sunday, May 1, and will be serving from 4 p.m. until 10 p.m. Please remember that to come to Gorat's on that day, you must have a reservation. To make one, call 402-551-3733 on April 1. If Sunday is sold out, try Gorat's on one of the other evenings you will be in town. Enhance your reputation as an epicure by ordering, as I do, a rare T-bone with a double helping of hash browns.

我个人最爱的牛排馆-Gorat's 为了 Berkshire 股东年会破例在 5/1 星期天开门营业，从下午 4 点开始营业，一直到晚上 10 点，请记得星期天事先若没有订位的人请勿前往以免向隅，要预约请在 4/1 以后打电话(402-551-3733)，若订不到星期天的位子，也可以试试其它晚上，记得跟我一样，老练一点地点丁骨牛排加上双份的牛肉丸。

While the market is booming, the discussion of interest transfer and redistribute in the issue of convertible bonds is slight. In the second half of 2003, the Merchants Bank Convertible Bonds Event broke this equability and cause on the market discussion on the protection of the circulating shareholders' rights.

与市场上投资者追捧可转债的热潮相比，对我国可转债的相关者利益转移和再分配的讨论略显冷淡。2003年下半年沸沸扬扬的"招商银行可转债事件"却打破了这一平静，引发了市场上对流通股股东权益保护的讨论和反思。

Chinese commercial banks may issue equity loan s to Chinese shareholders meeting clearly-defined conditions.

允许中国商业银行对符合条件的中方股东发放股本贷款。

Chinese commercial banks may issue equity loans to Chinese shareholder s meeting clearly-defined conditions.

允许中国商业银行对符合条件的中方股东发放股本贷款。

Chinese commercial bank s may issue equity loans to Chinese shareholders meeting clearly-defined conditions.

允许中国商业银行对符合条件的中方股东发放股本贷款。

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。