证券公司

A person licensed by the SEC and the NYSE to act as an account executive for clients of brokerages.

证券交易委员会或纽约证券交易所授权为经纪公司的客户提供服务的业务经纪人。

Where a purchaser needs to alter a tender offer, it shall submit a written report to the CSRC in advance, simultaneously send a copy thereof to the representative office, the stock exchange and the securities depository and clearing institution, notify the target company, and make an announcement upon approval of the CSRC.

收购人需要变更收购要约的，必须事先向中国证监会提出书面报告，同时抄报派出机构，抄送证券交易所和证券登记结算机构，通知被收购公司；经中国证监会批准后，予以公告。

The Philadelphia Stock Exchange and the American Stock Exchange introduced what they thought was an exciting new product last week.

费城证券交易所和美国证券交易所上星期推出他们认为是一个令人兴奋的新产品，可是却遭到华尔街几家最大的公司的冷遇。

In methods and so on debt reorganization cannot solve in the serious loss company's question situation, these companies draw back the city finally, will be the development necessity, will consummate our country To be listed's withdrawal mechanism to be advantageous to the optimization stock market resources deployment; Is advantageous in the introduction superior win and the inferior wash out competitive system, the inferior company sets up the crisis to realize, guarantee To be listed's overall quality; Is helpful in suppresses the Stock market excessively congenially, cultivation mature, rational investor.

在债务重组等手段不能解决严重亏损公司的问题的情况下，这些公司的最终退市，将是发展的必然，完善我国上市公司的退出机制将有利于优化证券市场的资源配置；有利于引入优胜劣汰的竞争机制，劣质公司树立危机意识，保证上市公司的总体质量；有助于抑制股票市场的过度投机，培育成熟、理性的投资者。

Disclosed today, the company on November 3 Shenzhen securities trading system after closing Shenzhen received Mao Building Industry Co., Ltd. fax letter, Mao Building industry since last month the company began to buy the company A shares, the transaction price of District 324 yuan/share -3.97 yuan/share, as of November 3 closing, Mao Building Industry Total 8,191,418 shares held by company A shares; Mao Building industry investment concerted action the National People's Congress Co., Ltd. since Last month, the company began to buy B shares, the transaction price of 1.69 Hong Kong dollar area/-2.17 HK shares/shares, as of November 3 to close, large investment in China a total of 3,051,800 shares held by company B shares.

深国商今天透露，该公司于11月结束后深圳3深圳证券交易系统收到的金茂大厦实业有限公司传真信件，金茂大厦自上月该公司开始收购该公司业股，交易价格区三二四元/股-3.97元/股，截至11月3日闭幕，毛泽东建筑行业共8191418由公司A股股票；金茂大厦产业投资协同行动的全国人大有限公司持有的股份自上个月有限公司，该公司开始购买B股，在一点六九港元area/-2.17香港股票/股，交易价格为11月3日结束，在中国大的投资，持有股份的305.180万公司B股。

Anagement buyout means the purchase for cash or non-convertible senior securities of substantially all the business and assets of a public corporation pursuant to a statutory merger or other transaction in which members of the former management of the public corporation will acquire a significant equity interest in the purchaser, and the purchaser theretofore has not been an operating company or a subsidiary of one.

BO 即 Management Buyout ，中文译为"管理层收购"，"管理者收购"或"经理层融资收购"。西方对 MBO 的定义是指：购买者根据并购的立法规定，用现金或不可转换的证券购买一个上市公司大部分业务和资产；或者指这样一些交易：在这些交易中，上市公司的前任管理人员获得目标公司相当多的资产利益，因而，目标公司不再是上市公司的执行公司或子公司。

Firstly, the sectional data from 27 companies in communications and transportation industry, which are listed before 1999, are linearly regressed. We find their capital structure and firm performance are irrelated significantly. Then the section data are quadricly regressed, but the result is also disillusionary, which indicates that the capital structure of listed companies has not the best range only with the sectional data from 1999 to 2003. Finally, in allusion to the problems in the securities market and illogicality of the capital structure, we put forward some methods to optimize the capital structure for listed companies from four facts.

文章首先对交通运输仓储行业1999年以前上市的27家公司的截面数据进行线性回归，发现在分析时段1999年至2003年，样本公司的净资产收益率和单位经济增加值与资产负债率之间线性不相关；然后文章又对该行业上市公司的截面数据进行二次函数回归，同样也没有得到令人满意的结果，这说明仅就1999年至2003年五年的截面数据而言，上市公司资本结构不存在最优区间；最后，文章对我国证券市场存在的问题以及该行业上市公司资本结构的不合理性提出了改进的设想，并从四个方面提出了优化我国上市公司资本结构的建议。

Information on corporate governance, mechanisms for assessment of performance and performance incentives and restrictions of the Company, information disclosure and transparency, the relationship between CNPC and the Company, performance of duty by independent nonexecutive Directors, professional and ethical code for senior management personnel, code of conduct for staff and workers, and significant differences on corporate governance structure pursuant to the requirements under section 303A.11 of the New York Stock Exchange Listed Company Manual can be found on the Company's website ( www.petrochina.com.cn ).

有关公司治理的相关内容及本公司绩效评价与激励约束机制、信息披露与透明度、中国石油集团与本公司的关系、独立非执行董事履行职责情况、高级管理人员职业与道德规范、员工职业道德规范、根据纽约证券交易所上市公司手册第303A.11项要求而披露的公司治理规范中的重大不同等具体内容均载于本公司网站(www.petrochina.com.cn)。

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。

Repurchase of B share is the key of study and discussion.The author thinkthat securities repurchase has been an convention of international capitalmarket and that B share public enterprises should be allowed to repurchasetheir shares according to the adjustment of their capital requirement in order touphold share price and the image of enterprises.The sixth chapter,thedemerger of A Share and B Share,proposes the demerger of the equity of anenterprise which has issued both B share and A share under special conditions,in the situation that the phenomena of different prices for the same equity isdeteriorating,and the tentative plan to set up one pure B-share publicenterprise and one A-share enterprise.In the end,this chapter demonstratesthe feasibility from the view of law and finance.

而B股回购是目前研究和争论的焦点，笔者认为，证券回购已成为国际资本市场上通行的惯例，应当允许符合条件的B股上市公司根据公司资本结构调整需要，维护股价和公司市场形象等原因进行B股回购；第六章A、B股分立，针对目前A、B股同股不同价现象日益严重，特提出有条件的A、B股上市公司进行股权分立，成立纯粹的A股上市公司和B股上市公司的设想，并从法律、财务等方面进行论证。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。