股权

Ownership structure includes two aspects of ownership and structure denseness.Ownership and structure denseness also can influence corporate governance.

股权结构包括股权构成和股权集中度两个层次的含义，股权构成和股权集中度都会对公司治理产生影响。

In the meantime, the thesis argues that the establishment and perfection of exit mechanism is a gradual process. A market for "enterprise development" should be established to ensure sustained and healthy development of venture capital industry. This thesis consists of 9 parts, including introduction, the basic theory of venture capital and its exit, the main route of exit and comparison, introduction on some exit systems in USA, British, Taiwan and some developed regions, the effect on economic growth, summary and case study of the exit, progressional establishment of venture capital exit system in China, equity pricing patterns for stock transfer and the information to be disclosed, and conclusion etc.

本文分为九个部分，包括导论，创业投资及其股权退出的基本理论，创业投资股权退出的基本方式，美国、英国和台湾多层次资本市场建设及对创业投资股权退出的影响，国内创业投资股权退出的现状及影响股权退出的因素分析，多层次资本市场体系是我国创业投资股权退出机制建设的重要内容，改善创投公司机制和提高被投资企业的质量是我国创业投资股权退出机制建设的重要基础，合理测算和制定转让价格及披露相关信息是当前实现创业投资股权退出的重要措施，主要观点和结论等。

No employee shall be granted an option, which, if exercised in full, would result in such employee becoming entitled to subscribe for such number of shares as, when aggregated with the total number of shares already issued to him under all options previously granted to him which have been exercised and issuable to him under all the options previously granted to him which are for the time being subsisting and unexercised, would exceed 25.0% of the aggregate number of shares for the time being issued and issuable under the Old Scheme.

认股权可于接纳当日起计十年内行使。倘赋予雇员认股权，而其全数行使该等认股权后可认购的股份数量，连同已行使其先前获赋予的所有认股权而已向其发行的股份，以及根据先前授出而当时仍有效及未行使的认股权可向其发行的股份合计，超过当时根据旧计划已发行及可发行的股份总数25.0%，则不得再赋予该雇员认股权。

The system of shareholders withdrawal will be designed as two ways: one is the general transfer that is implemented through the agreement between the shareholder and other people, including the internal transfer and external transfer; the other is the compulsory transfer that means other ways except the general transfer, including the appraisal right of dissenters in the limited liability company, the transfer on specific facts (as inheritance、division of property between husband an wife、impawn) and the transfer on the compulsory implementing of court.

本文将有限责任公司股东退出机制设计为两种方式，其一，普通转让，即股权的转让是股东与他方以协议的方式实现的，包括股权的对内转让和对外转让；其二，强制转让，指的是除通过协议转让的其他转让方式，包括异议股东股权回购、因特定事实的发生而因其的股权转让(包括因继承、夫妻财产分割、质押等引起的股权转让)以及因法院强制执行而引起的股权转让。

The definition for the"ownership structure"in the dissertation includes two aspects, the shareholder property and the ownership collecting. The former aspect means the compose of the stock owners,expressed by the proportion of current stocks, incurrent stocks, nation owned stocks, corporation owned stocks, etc.

本文对股权结构的定义包含股权属性和股权集中度两个方面，股权属性指股东的构成，由流通股比例、非流通股比例、国有股比例和法人股比例等指标表示，股权集中度由第一大股东持股比例和H指数等指标表示。

In this part, the article first elaborates the definition of shareholder and the qualification of shareholder. Then this article analyzes the differences between internal and external transfer of shares. Having analyzed the nature of shareholder's right, this article proposes that there exist obligational and property act in the transfer of shares and the share transfer contract is only necessary condition for the change of shareholder qualification.

本部分在阐述股东与股东资格概念（实质要件说、形式要件说）的基础上，对股权的内部转让与外部转让对股东资格认定的不同影响进行了分析，并结合股权法律关系即股权的权利属性的探讨，重点论述了股权转让过程中的债权行为（股权转让合同的签署与生效）与物权行为（股权转让合同的履行，即股权实际变动），认为股权转让合同的生效只是股东资格变动的必要条件而非充要条件。

Cost of shares refers to real contribution sum paid by share transfer assignor to Chinese domestic company, or transfer sum paid to original assignors in the time when assignors purchased these shares.

股权成本价是股权转让人投资入股时向中国居民企业实际交付的出资金额，或购买该项股权时向该股权的原转让人实际支付的股权转让金额。

With jurisprudential analyses, the author examinates the above issues one by one to determine how to achieve the best results in practice, and then brings out the suggestions: 1provisions should be added on supplementary compensative liability of faulty party in defective shares assignment; 2company law should in particular provide for conditions of partial assignment of powers Vested in Shares 3company law should detail on the price and process of shares assignment so as to protect other shareholders purchase privilege; 4relevant registration should be improved; 5in consideration of the overabsolute provision of new Company Law for company articles of association, exceptions should bemade to association articles restricting shares assignment; 6assignment withoutconsent should be included by company law as a separate provision of CompanyLaw.

笔者在法理学分析基础上，针对上一部分提出的问题在实践中如何操作才能取得最佳效果进行逐个分析，并提出建议：一、建议增加规定瑕疵股权转让中过错方的补充赔偿责任；二、应当对转让部分股权权能的条件作单独规定；三、应当对股权转让的程序、价格规则进行细化，以保护其他股东的优先认购权；四、建议完善与股权转让相关的登记制度；五、由于新《公司法》对公司章程的效力规定过于绝对化，因此应当对公司章程限制股权转让的约定作出例外性规定；六、将股权的非协议转让问题作为单独一节，纳入《公司法》规定。

These issues are the eligibility of stock-ownership investment, juristic relationship in stock-ownership investment,juristic sequents in stock-ownership investment and differentiate and analysediscriminate between stock-ownership investment and other relevant legal systems.

股权出资的适格性分为理论和实践两个层面；股权出资法律关系包含主体、客体、内容三个要素；股权出资的法律后果包括直接法律后果和间接法律后果；股权出资与股权转让、股权互换、其他标的物出资相比具有特殊性。

Juristic relationship in stock-ownership investment includes three factors which are subject,object and content.Juristic sequents in Stock-ownership investment includes direct ones and inderect ones. Particularities exist between stock-ownership investment, stock-ownership transfer

对于股权出资交付的研究从股份转让的程序入手，把四种主要股权变动生效的要件整理、深化，从而提出股权出资交付的要求；笔者在现物出资风险负担基本原理的基础上，结合股权出资的特殊性，提出了股权出资风险负担的一些原则。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。