董事

Paired samples are hired to compare the performance between firms which hired independent directors and which didn't in the early stage. The result shows that no difference exists before and after the introduction of independent directors. Cross-sectional data of 2003 are used to test the affects in new stage of development.

对于制度发展早期的实施效果，笔者试图通过对已设立独立董事和未设立独立董事两组配对样本的比较检验，发现他们价值之间的差距，然而结果显示，无论在设立独立董事之前还是之后，两组公司的价值都没有显著差异。

If the trustee shall exercise such option to purchas e, they shall hold the beneficial interest thereof for the benefit of all the remaining trust certificate holders who shall, upon days' notice given by the trustee before exercising such option, contribute their respective proportionate share of the purchase money to be paid by the trustee.

如果董事行使了购买权，他们应当为了所有剩余的信托证书持有者享有其中有使用权的利益，信托证书持有者应当基于董事提前几天发布的通知，在行使选择权之前，将购买他们个人持有的成比例的股票的资金交给董事。

The result shows that due to the influence of many subjective and practical factors, at this stage, independent director system does not take distinct effect on corporate governance, the promotion of corporate performance and the protection of interest of minority shareholders.

其次，分析我国现阶段独立董事制度有效性，其中利用我国从2000年设立独立董事的上市公司的违规行为和经营业绩进行实证分析，研究结果表明由于受诸多主观、客观因素的影响，现阶段我国独立董事制度并未对公司业绩的增长和中小股东利益的保护起到显著效果。

The decision made by Board of Directors to enter into a house-leasing contract with Company B complies with the requirements of relevant laws. As per the stipulation, if the director of a listed company is affiliated with the enterprise involved in the matters discussed by the board of directors, the meeting of the board of directors may be held once more than half of the unaffiliated directors will be present..

董事会通过了一项与B公司签订房屋租赁合同的决定是合法的，根据规定，上市公司董事与董事会会议决议事项所涉及的企业有关联关系的，该董事会会议由过半数的无关联关系董事出席即可举行，本题出席董事会的董事中，有5名是无关联董事，是符合规定的。

However, the independent director system is still a new comer in Chinese security markets, which has avoidably met some blocks on its way and hindered its further development in China.

独立董事制度自实施以来取得了较好的成效，但是由于独立董事制度在我国尚属新生事物，在其实施过程中不可避免的遇到各种问题，阻碍独立董事制度作用的进一步发挥。

Contemporarily, narrates the significance of Directors Liability Insurance by analyzing the contributions of Directors Liability Insurance to economical and social development and make a brief introduction of the origination of Directors Liability Insurance and development history at home and abroad.

同时分析董事责任保险对经济和社会发展所起到的作用，阐述董事责任保险的意义；简要回顾董事责任保险的起源及在国外和我国的发展历程。

The ideal security legal system is the one that increases the civil responsibility for securities law violation, the civil responsibility for enterprise's "insiders" and the legal responsibility for the enterprise's "outsiders"(including the independent directors). On the other hand, the Confucianism culture that embodies philanthropism and rapprochement principle is, to a certain extent, conflicting with the independent director system. Therefore, given China's current status, there is no adequate condition on external/internal corporate governance and formal/ informal institutions for the implementation of the independent director system.

因此，在我国目前条件下，无论从外部公司治理还是从内部公司治理，无论是从正式制度还是从非正式制度，部未能为在我国上市公司建立和实施独立董事制度提供足够的前提条件和理论支持，从完善我国上市公司治理机制、规范证券市场的角度分析，独立董事制度也不是目前需要采取的最紧迫的举措，另外，我们的分析也得不出独立董事制度在现阶段对改善我国上市公司治理会有明显作用的结论。

Owing to the internal supervision mechanism' nominal establishment, supervision power's weakness, and other problems occurring in our public companies rifely, China has introduced the Independent Director Regime in public company since the end of the 1990s.

鉴于我国当前上市公司普遍存在的内部监督机制虚设、监督不力等问题，中国从90年代末开始尝试在上市公司建立独立董事制度，并以2001年8月16日证监会发布《关于在上市公司建立独立董事制度的指导意见》为标志，正式在上市公司中推行独立董事制度。

At the same time, the system that remits the responsibility of director should also be constituted to balance the right and obligation of director.

为了平衡董事的权利义务，除了董事责任保险制度，亦应建立起相应的董事责任免除机制。

But the special characteristics of the governance of "dual corporate governance system" and "the final-say as a big shareholder" decides that we must indigenize independent director mechanism instead of wholly accepting such mechanism without some necessary changes.

基于这样的认识，文章首先介绍独立董事制度的产生和独立董事在公司治理中的有关作用。然后分析中国移植独立董事制度的必要性和可能性。

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％。