股权

Private equity investment fund of the national industry self-regulatory organization - Association of Chinese equity fund would be established soon.

私募股权投资基金的全国性行业自律组织——中国股权基金协会不久将成立。

Under the share option scheme of the Company.

公司购股权计划项下之任何购股权。

The controlling shareholders' agency problem is of great importance to corporate governance in china listed companies. The purpose of this paper is to study the controlling shareholders' agency problem from financing instruments and to analyze the relationship between the controlling shareholders' agency problem and equity financing preference.

中文摘要：控股股东的代理问题是中国上市公司治理的重大课题，本文的研究的题目是中国上市公司的股权融资中的代理问题，是从融资的方面对代理问题进行展开研究，分析了控股股东代理问题和股权融资偏好问题之间的联系，并提出改进的建议。

The positive test draws the following conclusions: control rights is significantly negatively related with firm value which indicates that the bigger control rights the actual controller hold, the lower firm value is; cash flow rights is significantly negatively related with firm value which may due to the ravening share bonus deeds by controlling shareholder; the separation ratio of cash flow rights to control rights is negatively related with firm value and not significant which may due to the ravening share bonus deeds,or the deficient market, or inadequate information exposure etc; stock proportion restriction is significantly positive related with firm value which indicates the good effect of stock proportion restriction; actual controller who participate in the management and the ratio of director who have position in controlling shareholder's company don't pass the significant test; the size of the company is significantly negatively related with firm value; the ROE cannot explain the firm value.

通过实证检验发现，我国金字塔结构下民营上市公司的治理效应有以下特征：控制权与公司价值显著负相关，说明实际控制人掌握的控制权越大，公司价值越低；现金流权与公司价值显著负相关，这可能与我国民营上市公司控股股东的"掠夺性分红"行为有关；现金流权与控制权的分离率和公司价值负相关且未通过显著性检验，这可能与控股股东的"掠夺性分红"行为有关，也可能与市场的不完善、信息披露的不充分等有关；股权制衡度与公司价值显著正相关，说明我国民营上市公司的股权制衡机制能够产生一定程度的效果；实际控制人参与管理情况与在控股股东单位任职的董事比例和公司价值的关系均未通过显著性检验；公司规模与公司价值显著负相关；ROE对公司价值没有解释力。

In the last chapter, application of option pricing theory is studied in executive stock option plan.

最后一章为期权定价理论在股权激励上的应用及我国股权激励不明显的原因分析。

The withdrawal of stock equity of debt-to-equity swap benefitto resume connatural financial resource allocationfunction of market mechanism, basedon the viewpoint of market operation.

建立债转股股权退出机制，有利于在国有经济领域内恢复市场机制本身固有的金融资源配置功能，且股权的退出应该基于商业化市场运作观点。

Stock right transfer is the only way that a shareholder can choose to withdraw from the company.

股权转让是公司股东退出公司的唯一途径。而有限责任公司的特性决定了股东转让股权受到种种限制。

However, the deflection to stock financing of such underrate creditor's rights and overrate stocker's right, not merely can't bring the lasting growth of company's performance and effective improvement of resource distribution efficiency, and ignore shareholder's interests and dampening to shareholder's enthusiasm of long-term investment, will lead the companies to move towards the predicament.

然而，这种"轻债权、重股权"的股权融资偏好，不仅不能带来公司经营业绩的持续增长和资源配置效率的有效改善，而且对股东利益的漠视和对股东长期投资积极性的挫伤，也将引导公司自身走向困境。

Meanwhile, China economy has been becoming the focus in Asian-Pacific region, even in the whole world, and the environment of macro-economy, law, political has improved favorably with the reform of stockholding segmentation,, which strengthen the healthy development of the market for corporate control in china .

随着股权分置改革，中国的资本市场、股权结构都在发生变化，政治、经济、法律环境都在向着有利于控制权市场发展的方向推进。大量文献对公司控制权市场及其发展的影响因素从不同角度进行了研究，得出结论也不尽相同。

The second is the sky of the sky of the Group intends to issue additional orientation as a price to pay for the acquisition of Group holds or is entitled to dispose of the phosphating Group 100% stake in the joint 50 percent stake in Business, Tin Yiu Chemicals 18.13% stake in Yuntianhua Group tranquility assets, water-rich assets, Yuntianhua Group subsidiary office building and ancillary facilities and assets of Research.

二是对集团的天空计划问题作为代价的集团收购更多的方向持有或有权处置磷化集团100％的合资企业百分之五十，天耀股份的股权化工18.13％的股权资产，云天化集团安宁，水资源丰富的资产，云天化集团的子公司办公大楼及附属设施，研究资产。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。