股权

This paper chooses residual income model to measure the cost of equity capital, and construct some index to represent the total disclosure quality and earnings disclosure quality of Chinese listed companies. Our analysis shows that for the whole sample of listed companies which conduct seasoned equity offerings in the stock market, controlling 6, company scale, B/M, leverage and asset turnover, there is positive relationship between the total disclosure quality and marginal cost equity capital; there is negative relationship between the earnings radical and marginal cost equity capita; there is no remarkable relationship between the earnings smoothness and marginal cost equity capital.

本文采用剩余收益模型计算公司的股权融资成本，分别以披露总体质量和盈余披露质量作为反映我国上市公司信息披露质量的指标，研究发现在控制β系数、公司规模、账面价值比、盈利水平等因素的条件下，总体来看，信息披露总体质量越高的样本公司的边际股权融资成本越高；盈余激进度与边际股权融资成本负相关；而盈余平滑度与边际股权融资成本的关系并不显著。

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。

The first part introduces the incentive models of actual bonus stock synoptically,analyses the stock on hand,option shares and stock option,the three kind of important incentive models,on rights and incumbencies,value and the incentive guidance by contrast.The second part discusses the difficulties and influential factors in the design of technical bonus stock,quests for the incentive models of technical bonus stock,analyses superiority and inferior position in action,difference and interosculation between them,discusses the need and significance for the technical bonus stock reanimation in the middle-small technicalfilms.

本文内容共分为五章三大部分，第一部分概括性地介绍了现行股权激励方式，对现股、期股和期权这三种重要的激励方式，从权利义务、价值和激励导向三个方面进行了对比分析；第二部分探讨了技术股权设计的难点和影响因素，讨论了我国中小科技企业技术股权激励的方式，分析它们在激励中的优势和不足，以及它们之间的区别与联系，并对中小科技企业实施技术股权激励的必要性和意义进行了探讨。

Shandong saves industrial and commercial bureau to depend on " matter right law " 226 regulations, took the lead in publishing company equity to go out to register temporary measure character in the whole nation, formulary blame appears on the market the company goes with equity qualitative, should give qualitative person and pawnee to conclude only written contract, can deal with to door of The Ministry of Commerce and Industry go out to be registered character, and door of The Ministry of Commerce and Industry also can pass equity change to register master a qualitative equity circumstance.

山东省工商局依《物权法》226条规定，率先在全国出台了公司股权出质登记暂行办法，规定非上市公司以股权出质的，只要出质人和质权人订立书面合同，可以到工商部门办理出质登记，而工商部门也可以通过股权变更登记掌握出质股权情况。

In order to make use of the technical bonus stock distribution mechanism fully,inspire the talent of technologists,encourage their devotion to films,we have some important discussion on the technical bonus stock distribution policy,introduce the distributed models of technical bonus stock,point out the questions in the excutive course,and offer the solution correspondingly.In the third part,we discuss the technical stock option design on middle-small technical films,and consider the logical thoughtfulness in the course of reanimation as follows:the more outstanding achievement for the powered man→the more increase on special target→the lower price on technical option premium→the more profit→the more effective reanimation.In the parameter,a set of detailed program is designed,which includes establishment of incentive fund,institution of merit system for the plans grantors,award of stock option,determination of premium,so as to reduce random in the incentive course,have a great effect on the mormative management for themiddle-small technical films.

在文中还重点讨论了中小科技企业技术股权分配的策略，介绍了技术股权红利分配方式，指出在技术股权激励过程中应注意的问题，并提出相应的解决办法，目的在于充分利用技术股权分配机制，来激发技术人员潜在的创新能力，激励他们为企业作贡献；第三部分着重探讨了中小科技企业技术股份期权的方案设计，在激励方面，按照技术期权获受人的业绩越突出→特定的指标增长越快→行权价越低→获利越多→激励效果越好的逻辑思路进行考虑；在参数设计方面，对技术期权计划中激励基金、授予和考核、行权价格等参数进行了详细地分析设计，旨在减少技术期权激励过程中的随意性，为中小科技企业的规范化管理起到一定的指导和借鉴作用。

First ,it carry on the demonstration analysis to the efficiency of Chinese stock market , judge present efficiency state , then use relevant analysis technology and T examine law in econometrics to analyze the relevant relationship between split share structure and the efficiency of Chinese stock market , and then ,put qualitative analysis on the reason of low efficiency of Chinese stock market and the uncertainty change of Chinese stock market after reform , to investigate the influence degree on the efficiency of Chinese stock market by split share structure .

第三章为股权分置改革对股票市场效率的影响分析，先对中国股票市场效率进行实证分析，判断中国股票市场目前的效率状况，然后运用计量经济学中的相关分析技术和T检验法，对股权分置制度与中国股票市场的效率进行了相关性分析，再从对中国股票市场低效率的成因、股权分置改革后中国股票市场不确定性变化的定性分析中，考察股权分置改革对中国股票市场效率的影响程度。

The enterprise stock rights owned by asset management companies include: stock rights obtained by asset management companies through debt-to-equity swap, stock rights possessed by asset management companies after the debt enterprise being restructured, and stock rights possessed by asset management companies by other means

资产管理公司拥有的企业股权，包括：资产管理公司对企业实施债转股后取得的股权，资产管理公司对欠债企业进行重组后拥有的股权，资产管理公司以其他方式拥有的股权

Offer for the grant of option The board is pleased to advise you that pursuant to a resolution passed at a meeting of the board held on 8th March 2007,the board has resolved to grant you the "Offer"(which is still subject to listing of committee of the stock exchange approving the granting of the listing of and permission to deal in the shares which may fall to be issued pursuant to the exercise of the options under the Pre-IPO Share Option Scheme) at a consideration of HK$1.00 an option pursuant to the Pre-IPO Share Option Scheme to subscribe for 40000 shares at an exercise price of 85% of final HK dollar price per share at which the shares are to be subscribed for /purchased and issued/ sold pursuant to the global offering of the shares in the initial public offering in or around March 2007 at any time during the six-year period commence from the expiry of twelve months from the listing dateprovided that the maximum number of shares in which you are entitled to subscribe for by exercising the option shall not exceed 25%of the total number of option shares during the period from expiry of the first anniversary of the listing date to the date immediately before the second anniversary of the listing date :and 25%of the total number of option shares during the period from expiry of the second anniversary of the listing date to the date immediately before the third anniversary of the listing date ;and 25%of the total number of option shares during the period from expiry of the third anniversary of the listing date to the date immediately before the fourth anniversary of the listing date ;and 25%of the total number of option shares during the period from expiry of the fourth anniversary of the listing date to the date immediately before the fifth anniversary of the listing date save that any of the outstanding and unexercised option at the end of each of the aforesaid vesting periods may be rolled over to the next vesting period and exercisable during the option period ,and the option shall,in any case ,lapse where you cease to be employed by the company or its subsidiaries for whatere reason or otherwise pursuant to the terms of the Pre-IPO Share Option Scheme.

登录后回答可以获得经验值奖励，并可以查看和管理所有的回答。登录|1.Offer的期权该委员会很高兴地通知您，根据是在对2007年3月8日举行的董事会会议上通过一项决议，该委员会决定授予您"要约"（依然受在联交所上市委员会批准给予上市，并准许其在交易的股票可能下跌发出依据根据首次公开招股前购股权计划之购股权获行使）在审议为港币1.00元的选择根据首次公开招股前购股权计划认购40000股为85港元，最终每股％美元的价格行使价格，股票要认购/购买并发行/出售依照全球发售的股份在最初在2007年3月左右上市期间的任何六年期开始从十二个月上市日期提供的届满时间，在你有权认购股份的最大数量行使在紧接上市日期2周年选项不得超过（在从上市日期一周年期间届满的日期一）25的选择权股份总数％：及在从该上市日期2周年期间届满之日起的25选择股份总数％，紧接上市三周年之日；25的选择权股份总数％，与从上市日期四周年期间届满的日期紧接上市日期五周年，并保存该悬而未决的和未执行的选择任何在最后上述的归属期间每年可结转到下一个归属期期间内行使的期权，而选择应在任何情况下，失误，你不再是由公司或whatere或其他原因及其附属公司雇用根据该条款前首次公开售股购股权Scheme。

Chapter two discusses the nomological foundation of equity contribution, analyzes the conception and legal attributes of shareholder's right, thinks that shareholder's right is a new, independent civil right.

第二章对股权出资的法理基础进行了详细的论述，在分析股权概念的基础上明确了股权的法律属性，认为股权兼有物权、债权、社员权的特征，是一种新的、独立的民事权利形态，在民事权利体系中处于和物权、债权并列的位置。

Business Combination, if a long-term equity investment is generated from a business combination under common control, the unamortized equity investment difference shall be entirely sterilized, the retained earnings shall be modulated, and the book balance of the long-term equity investment after the sterilization of the equity investment difference shall be considered as the cost recognition on the date of initial implementation.

根据《企业会计准则第20号--企业合并》属于同一控制下企业合并产生的长期股权投资，尚未摊销完毕的股权投资差额应全额冲销，并调整留存收益，以冲销股权投资差额后的长期股权投资账面余额作为首次执行日的认定成本。

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％。