股权

Legally , debt-to-equity swap means the conduit of the debtee converting its legal financial claims into investment to the debtor and increasing registered capitals of the debtor accordingly .

债转股即债权转股权的简称，从法律意义上讲，就是指债务人的债权人将其对债务人所享有的合法债权依法转变为对债务人的投资，增加债务人注册资本的行为，它包括债权的消灭和股权的产生两个法律关系。

This paper carries out study on corporate governance based on system theory, advances concept of corporate governance, analyzes and abstracts system core of corporate governance from the point of mechanism by means of study on environment energy-rank principle, running mechanism and model of corporate governance. This paper analyzes mechanism of stimulation and restraint by using game theory, verifies effect of stock right structure on efficiency of corporate governance in view of connection between capital and corporate governance, gives method of resolving optimum stock right limit of collection and deconcentration and adventure share model of blending capital, and discusses problem of entrance of stakeholders to corporate governance etc.

本论文以系统理论为基础对公司治理结构进行了研究，提出了公司治理结构系统的概念，分析提炼出了公司治理结构系统核，并通过对公司治理结构系统环境、系统能级原理和系统运行机制与模式的研究，从机制的角度分析了公司治理结构系统运行模式；运用博弈论对公司治理过程中的激励约束机制进行了分析；针对资本结构与公司治理结构的关系，运用模型验证了股权结构对公司治理效率的影响，给出了求解最佳股权集散度的方法和融资风险分担模型；探讨了利益相关者介入公司治理结构的问题等等。

Stimulated by the illusion of free capital, Chinese listed companies show strong preference to equity financing, and form the financing structure of low debt and high equity. Under the circumstance of law efficient capital market, distempered financing institution, and underdeveloped control transfer market, such kind of financing structure enlarges interest conflicts between stockholders and managements, and lowers the governance efficiency.

我国上市公司在免费资本幻觉的驱使下表现出强烈的股权融资偏好，形成了重股权、轻债权的融资结构，在目前我国证券市场低效、控制权市场欠发达、融资制度不健全的情况下，这种融资结构加大了股东与经理人之间的利益冲突，降低了公司的治理效率。

It may transfer part of or all of the stock equities it holds to other investors

将其持有的所投资企业的部分股权或全部股权转让给其他投资者

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 loss will be larger in the listed company that has a high degree of shareholder concentration. State share ratio and legal person share ratio have negative relation with company's loss degree. Floating stock and employee share are not an obvious factor in which the company is in loss.

对亏损上市公司而言，股权集中度有一定的负面影响，股权集中度越高亏损程度趋大；国家股和法人股比例与亏损程度成负相关关系；流通股和内部职工股在企业亏损时发挥作用不明显。

In order to solve the non-tradable share problems of turning non-floating stock into floating stock, it would happen that non-floating stock holders must pay consideration to floating stock holders for gaining circulation rights. From this perspective, the consideration is the core of the non-tradable share reform.

解决股权分置问题，让非流通股股东获得流通权，会在不同程度上损害流通股股东的利益，因此非流通股股东必须为获取流通权向流通股股东支付对价，从这个角度来说，对价是股权分置改革的核心。

Chinese enterprises will have a 80 percent stake in Airbus, China will have a 20 percent stake.

中方企业将拥有80%股权，空客中国将拥有20%股权。

NEPS LLC Closes Private Equity Investment - 8211%3B- NEPS LLC a leading provider of solutions for the automation of document-intensive business processes backed by a uniquely qualified services and integration team today announced that Hispania Capital Partners a private equity firm based in Chicago ...

棉总经理私人股权投资截止-8211%3B条-棉链路著名的自动化解文件密集型凭借独特的业务流程整合服务及人才团队今天宣布4-6，28014资本合伙公司总部设在芝加哥的一个私人股权

The essence of the stock equity in a broad sense or in a narrow sense is the same.

无论是广义的股权文化还是狭义的股权文化的实质是相同的。

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％。