股东

In the end, there is a brief conclusion . The conclusion of this passage mainly includes: The listed companies have obvious preference for stock right financing, and the financing order is stock right financing, the short-term debt, endogenous financing, the long-term debt, which differs from that of western countries; Financing structure is characterized by comparatively lower asset-liability rate, higher floating debt and lower long-term debt; The governance structure is irrational, and the shareholders" meeting perform practically no function. In the meanwhile, board of director structure is unreasonable, which is highly coincident with the manager layer. Board of supervisors" independent character is poor, while manager layer is lacking in restraints and supervision; The interdynamic

本文的结论：上市公司有明显的股权融资偏好，融资顺序为股权融资、短期负债、内源融资、长期负债，这与西方国家上市公司的融资顺序不同；融资结构具有资产负债率相对较低，流动负债偏高、长期负债偏低的特征；治理结构不合理，股东大会形同虚设、董事会结构不合理、董事会与经理层高度重合、监事会独立性不强、经理层缺乏约束与监督；治理结构与融资策略选择的互动关系不强；独立董事比例与资产负债率正相关，工业、公用事业与资产负债率负相关，商业与流动负债率正相关，第一大股东持股比例与流动负债率负相关，第一大股东持股比例与长期负债率正相关，执行董事比例、工业、商业与长期负债率负相关。

The controlling stockholders of listed company of our country control the board of directors, manager"s floor and the supervisory-board, and pass the proposal of SEO ignoring the minority shareholders" interests. Even in the course of the management of listed company, it takes place occasionally that the controlling shareholders infringe the minority stockholders legitimate interests.

且我国上市公司控股股东控制公司董事会、经理层、监事会，甚至不顾中小股东的利益，通过增发议案，即使在公司的经营过程中，侵害中小股东合法利益的事件也时有发生。

Therefore, in order to enhance the regulation of the offeror and the management of target company, to protect the benefits of the shareholders of target company, and to maintain the standard of the security exchange system, not only should the legislative establish the two basic principles of information transparency and equal treatment of target company"s shareholders, but also establish the supplementary principles of the protection of middle and small shareholders" benefits, of the forbiddance of underground transaction, of caution offer, and of anti-offer abuse.

因此，除充分披露和目标公司股东平等待遇两项基本原则外，笔者认为，要约收购还应受保护中小股东利益、要约谨慎、禁止内幕交易及阻挠不得滥用原则的规制，以加强对收购者和目标公司管理部门的规范，保护目标公司股东的利益，维护证券市场的正常秩序。英美两国在要约收购规制方面的规范较为完善，也做得比较成功，并具有一定的代表性。

Profs Bebchuk and Spamann add that four features of the modern financial system make the situation even worse: first, the capital of banks is itself partly funded by debt; second, the role of bank holding companies may further increase the incentives of shareholders to underplay risk; third, managers are rewarded for aligning their interests with those of shareholders; and, fourth, some of the ways managers are rewarded options, for example are themselves a geared play on rewards to shareholders.

拜伯切克和斯班曼教授补充道，现代金融体系的4个特征令情况更加恶化：首先，银行资本本身就有一部分来自债务；其次，银行控股公司的职能，可能会进一步增加股东不重视风险的动机；第三，管理层因为让自己的利益与股东相一致而受到奖励；第四，管理层获得奖励的某些方式，本身就与股东回报息息相关。

Finally, it need to perfect shareholder monitoring mechanism of compensation incentive of SOE executives.

完善国企经营者股东监督机制主要包括三方面：股东行使监督权的机关、股东监督的范围、监督的方式。

At the end of -2006 on four quarters, quarter by quarter to reduce the number of shareholders, after a period of time the ready, on the Topix index over the same period also began in the low start, ushered in a rising prices; then in 2007, the number of shareholders, has begun to trend showed an increase quarter by quarter, but the first three quarters of 2007 alleviate the growing number of shareholders At the same time, the Shanghai index is still of inertia on the red, and all the way to its peak Biao .

在-2006四季度，按季度季度末的2006年，以减少股东人数，经过一段时间的准备期间的同期东证指数也开始在低开始时，在迎来了价格上涨，2007年以后，股东人数，已经开始的趋势显示按季度增加四分之一，但前三四分之二千零七缓解日益增长的股东，同时数，上海指数仍然是惯性的红色，一路飙到了最高点。

Free or virtually free use of the controlling shareholder of the housing and land, reduce expenditure, inflated profits Some state-owned enterprises from the branch or branches of the restructuring of listed companies, the use of the controlling shareholder of the housing and land, is almost free of charge, and housing maintenance, depreciation and related taxes and fees are paid by the controlling shareholder of all expenditure and reduce the listed companies The cost of a listed company inflated profits.

四、免费或近乎免费使用控股股东的房屋和土地，减少支出、虚增利润一些由国有企业的分厂或分公司改制上市的公司，使用控股股东的房屋和土地，几乎是免费使用，而房屋的维护、折旧和交纳有关税费则全部由控股股东开支，降低了上市公司的成本，虚增了上市公司的利润。

In the second part, base the view of jurisprudence, we will talk about the infringement minor shareholder suffered, the juristical gist and the realistic meaning of the protection for minor shareholder.

第二章从法律的角度对大股东侵权及保护中小股东权的法理依据进行分析，阐述保护中小股东权益的现实意义。

In order to redress the inferior condition of the minority shareholders , the western countries have stipulated the duties of controlling shareholders when they sale the shares to looter and decide to share the premium on a case by case basis .

为了弥补小股东在控制权交易中的劣势地位，西方发达国家设置了控股股东在劫掠性收购中对小股东的义务以及通过个案审核确定控制权交易溢价分享。

Therefore, the characteristic of limited liability corporation rejects shareholder qualification be inherited limitlessly, and nonsupport the heir be shareholder unconditionally. Then we should set up certain conditions for inheritance to conform to the characteristic of limited liability corporation.

因此，有限责任公司的特性排斥股东资格这一身份不受限制的"当然继承"，不支持死亡股东的继承人无条件地成为新股东，而应对此设置一定的条件来照顾有限责任公司的"人合性"和"封闭性"。

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