股份资本

This thesis analyzed the applicability of stock option plan in our country through discussing the theory of stock option incentive, based on comparing and using for reference the mature stock option plan, the model of emprise preference appraisal and human capital fixing a price, put forward the idea and method for designing the Hi-Tech industry stock option plan.

本文通过对股权期权激励理论的探讨，分析了股份期权计划在我国现阶段的适用性，在比较借鉴成熟的股票期权计划、公司绩效评价模型和人力资本定价模型的基础上，提出了高新技术企业股份期权技术设计的思路和方法。

Article 11 When a debt is converted into capital, the creditor shall recognize the fair value of the shares to which it becomes entitled as investment to the debtor and shall handle the difference between the book balance of the debt to be restructured and the fair value of the shares in accordance with Article 9 of these Standards.

第十一条将债务转为资本的，债权人应当将享有股份的公允价值确认为对债务人的投资，重组债权的账面余额与股份的公允价值之间的差额，比照本准则第九条的规定处理。

Article 129 The capital of a joint stock company limited shall be divided into shares of equal value.

第一百二十九条股份有限公司的资本划分为股份，每一股的金额相等。

By these analysis and research, it puts forward that the contradiction of agriculture production and big market is the base of system changing of agriculture industrialization; it is the basic way to system changing and organization innovating that it can provide enhancive organization system guarantees for the development of agriculture industrialization by promoting actively agriculture resources and production factors to become capital on the base of the present production factors system of ownership in country; it can promote modern agriculture to come into being by resolving thorough the contradiction of agriculture production and big market and satisfy socialization big production; The stock cooperative system is a direction of managerial organization innovation of agriculture industrialization because it can make production factors flow and be recomposed, and promote actively agriculture resources and production factors to become capital, and realize per capital to be accumulated, and satisfy socialization big production of agriculture.

通过这些研究和分析提出了：我国农业生产与大市场之间的矛盾是农业产业化制度变迁的基础；制度变迁和组织创新的基本途径是在现有农村生产要素所有制的基础上，通过农业资源及生产要素资本化的制度创新，为农业产业化经营提供强有力的组织制度保障，从根本性上解决农业生产与大市场之间的矛盾，满足社会化大生产的需要，推动我国农业向现代农业的转变；股份合作制能较好地促进不同生产要素的流动和重组，积极推动农业资源及生产要素资本化，实现单个资本向社会资本的转化，促进农业资本的积累，满足农业社会化大生产的需要，是农业产业化经营组织创新的基本取向。

In Beijing, the internationally renowned financial management and investment consultancy agencies meilin group to buy 30 million U.S. dollars in cash Beijing Yintai Center; Since then, investment banks Morgan Stanley dropped initial investment in Beijing, buy bodied man in the CBD; Japan Pacific Sim Transportation Company have signed a sale agreement with the glance; At the same time, Southeast Asia's largest real estate developers in the bar owned Shanghai early sell shares in the new Mau building projects, this year in February to 547.6 million yuan at the exclusive film Dongzhimen 14,700 square metres of land for the integrated development, early March, the bar owned and used 1.837 billion yuan to buy Central World Trade Center A, B two Grade a offices; Last April, the U.S. Keluoni Capital Group and the Shanghai Industrial Holdings Limited Shanghai Industrial Development Co., Ltd. subordinate co-sponsored Yangzi Fund spend 30 million U.S. dollars, the entire Beijing Cosco bought Block D offshore Shinkansen hotel-style apartments; Not long ago, China International Steel purchased a large class landmark building Zhongguancun Zhongguancun imposed financial center.

在北京，国际着名财务管理和顾问投资机构梅林集团以3000万美元现金入股北京银泰中心；此后，投资银行摩根士丹利在京投下首笔巨资，买下富力位于CBD的双子座；日本太平洋辛运公司与瞰都签下整售协议；与此同时，东南亚最大的房地产开发商凯德置地在年初卖掉上海新茂大厦项目股份之后，今年2月以5.476亿元人民币的高价独家拍得东直门1.47万平方米的综合开发用地，3月初，凯德置地又以18.37亿元买下中环世贸中心A、B两栋甲级写字楼；今年4月，由美柯罗尼资本集团和上海实业控股有限公司下属的上海实业发展股份有限公司共同发起的扬子基金斥资3000万美元，整栋购买了北京中远远洋新干线D座酒店式公寓；不久前，中钢国际出巨资购买了中关村5A级地标建筑中关村金融中心。

Issue or permit any of its Restricted Subsidiaries to issue shares, or any options, warrants or securities convertible into shares, except to the Borrower or another Restricted Subsidiary, provided in each case, the shares, option, warrants or securities have been pledged to the Lender pursuant to the Security Documents.

股份资本，除向借方或另一个限定子公司发行外，不得发行、或允许任何限定子公司发行股份、或任何期权、股权认购证或可转换债券，除非根据担保协议已将这些股份、期权、股权认购证或可转换债券质押给贷方。

Some opinions have been argued in this paper : Corporate reacquisition does not do harm to the foundation of company system ;the renew of corporate ideas and capital liberalization promoted the alleviation of rigid law on corporate reacquisition ;we should regulate it through limiting financial resources, procedure, etc; there exist such problems as primary corporate development, little reacquisition, brief related legislation, excessively rigid limitation and inadequate rules.

本文认为：股份公司取得自己股份并不危及公司制度的根本；公司理念的更新和公司资本运用的自由化促进了公司取得自己股份立法的缓和化；但应从取得财源、程序等方面对取得自己股份加以限制；我国股份公司发展处于初级阶段，有关取得自己股份的实践还不多，相关立法过于简略，在取得自己股份上限制过严和限制不足同时并存。

Based on the assets specificity, this paper establishes the evolutionary game model under shareholding cooperative system and takes the degree of assets specificity、the size of appropriable quasi-rents、 cooperative surplus and average rate of return on capital as the major factors for the stability of the capital and the stability of the ownership structure.

本文以资产专用性为立足点，建立起农村信用社股份合作制下自然人股东和法人股东的演化博弈模型。本文认为农村信用社资产专用性的程度、可占用准租的大小、合作剩余、社会平均资本收益是股份合作制模式下农村信用社保持股权结构和资本稳定的主要因素。

Journalists access to brokerage report found, and now brokerage shares on the Erie rating is not high, capital securities on the Erie shares a neutral rating, the company researcher Wang believes that melamine incident Erie pay into the Olympic Games the east, a heavy cost burden would need at least two years to digest, Erie shares the cost of the first half of sales accounted for 77 percent operating margins, increased marketing efforts after the incident will further increase the cost of the scale.

记者进入券商的报告发现，现在的伊利股份的评级券商不高，对资本证券伊利股份的评级为中性，公司研究员王认为，三聚氰胺事件的伊利缴费参加奥运会东，一个沉重的费用负担，至少需要两年的时间消化，伊利股份的销售费用，上半年运营利润率百分之七十七，占增加事件发生后，营销工作将进一步增加成本的规模。

The clients Shi worked for or is working for are including: Hangzhou SongCity Travel Development Co., Ltd, Hangzhou Haihua Hotel, Zhejiang Guyue Longshan Shaoxing Wine Co., Ltd, Zhejiang Shangfeng Industry Co., Ltd, Zhejiang King Refrigeration Industry Co. Ltd and Youcan International ING., for who Shi provided legal service for their IPO in or outside China or acted as long term legal counsel. Meanwhile, he also did some attempts and research on the new capital operation fields such as short term capital securities and assets securities. Mr. Shi dealt with the bankruptcy and reorganization project of Tianhe Securities Company and a large size real estate group company, which was valued at several billons, and had great social impact. Shi has dealt with over ten of corporation disputes for companies in all kinds, and had rich practice experience in the area of corporation litigation as well.

施海寅律师曾经或正在为杭州宋城旅游发展股份有限公司、杭州海华大酒店有限公司、浙江古越龙山绍兴酒股份有限公司、浙江上风实业股份有限公司、浙江国祥制冷工业股份有限公司、佑康食品国际有限公司等拟上市或已上市企业的国内外上市和股票发行以及常年顾问提供法律服务，同时在短期融资券及资产证券化等新型的资本运作领域也作了不少尝试和探索；施海寅律师处理的天和证券经纪有限公司和杭州某大型房地产集团有限公司破产重组业务涉及数十亿金额，具有重大的社会影响；施海寅律师在执业经历中处理了数十起各种类型的公司业务法律纠纷，在公司诉讼领域同样具有丰富的实务经验。

For a big chunk of credit-card losses; the number of filings (and thus charge-off rates) would be rising again, whether

年美国个人破产法的一个改动使得破产登记急速下降，而后引起了信用卡大规模的亏损。

Eph. 4:23 And that you be renewed in the spirit of your mind

弗四23 而在你们心思的灵里得以更新