资本所有权

Modern joint-stock enterprises as a form of capital organization, to ownership and management rights, the separation, conducive to improving the operation and efficiency of capital for China's reform of state-owned enterprises is an important reference.

股份制作为现代企业的一种资本组织形式，有利于所有权和经营权的分离，有利于提高企业和资本的运作效率，对我国国有企业改革有重要的借鉴意义。

Company manage structure 's essence is a kind of system arrange which is between manpower capital and non-manpower capital about enterprise ownership.

公司治理结构的本质就是在人力资本与非人力资本之间关于企业所有权的一种制度安排。

My paper is divided into three parts, firstly, introduces one — Person company in basic theory, including its conception, characteristics, dividends and relevant terms in other countries; Secondly, illustrates China should establish one — Person company system, discusses rationality to admit one-Person comPany from theoretical and practical sides, Points out group is not the essence of legal Person, mass organization as Legal Person is a legal Person based on Person; capital credit is the essence of a company, and one-Person company can also have it; limited liability of shareholders does not depend on detachedness of ownership and management, admitting one investor enjoy limited liability will not damage creditors' profits that much.

本文分为三部分，第一部分是一人公司理论与立法概要，主要介绍一人公司的概念、特征、类别及各国的立法例；第二部分全面论述我国应建立一人公司制度，首先，论述全面建立一人公司的理论依据，提出了团体性不是法人的本质特征，社团法人是以人为基础的法人；资本信用是公司的本质特征，一人公司可以具备资本信用；有限责任的基础不是所有权与经营权的分离，允许一人投资者享有有限责任并非对公司债权人极为不利的观点；接着论述全面建立一人公司的实践依据；最后进一步分析我国全面建立一人公司制度的必要性。

The joint stock system is a form of capital organization of modern enterprises , which is favorable for separating ownership from management and raising the efficiency of the operation of enterprises and capital .

股份制是现代企业的一种资本组织形式，有利于所有权和经营权的分离，有利于提高企业和资本的运作效率

The joint stock system is a form of capital organization of modern enterprises, which is favorable for separating ownership from management and raising the efficiency of the operation of enterprises and capital. It can be used both under capitalism and under socialism.

股份制是现代企业的一种资本组织形式，有利于所有权和经营权的分离，有利于提高企业和资本的运作效率，资本主义可以用，社会主义也可以用。

Without disturbing from landownership, the efficiency of private right mechanism can be improved. Basic income of collective and his members can be ensured, it is helpful to lift out of poverty. And landownership can share benefit at same time , it can provide help to property right reform of other public-owned assets.

其优点是明显的：在继续分股不分山的同时，可以有效接纳更多非土地社会资本，增进林业规模效应和科学经营；摒除土地所有权人制约的法人实体拥有私人产权的激励机制，效率提高是可以预期的；保障农民集体及其成员的基本收入，有助于消除贫困；让土地所有权搭乘私人资产的便车，为其他公有资产产权改革提供一定借鉴。

Human capital market transactions of property rights are human capital ownership of the process and its derivative right to use the right of disposal and the proceeds of the general term for a series of rights.

人力资本产权是人力资本的投资主体通过投资所形成的关于人力资本的所有权、使用权、收益权和处置权等一系列具有经济价值的权利的总称。

Article 38 Owners' equity refers to the ownership of the investors with respect to the net assets of an enterprise, including capital invested in by investors, capital reserve, surplus reserve, and undistributed profit, etc.

第三十八条所有者权益是企业投资人对企业净资产的所有权，包括企业投资人对企业的投入资本以及形成的资本公积金、盈余公积金和未分配利润等。

Some people even fully denied the property of the development of MBO in China, and they thought that MBO was not fit for China. The paper makes a systematic comparing analysis between the causes of MBO in western countries and China, applying the principal agent theory, human resource capital theory, and property rights theory, and so on. And we get the conclusion that there is the same incentive causes in China MBO and overseas MBO, and it is enterprise authority arrangement trend in knowledge and economy era. The difference is that domestic MBO is the result of institutional transition, but the overseas MBO is the competitive choice, and in China the price difference in share transactions makes managers have the goal to acquire the profits. This article analyzes the game relationship of MBO in China, and proves that the root caucus of China MBO non-prohibiting for the different behalves between local government and national assets management department, and between the representatives of state stockholders and managers.

本文应用委托代理理论、人力资本理论和产权理论等对中西MBO动因进行系统的比较分析，得出结论认为中外MBO具有相同的激励动因，都是知识经济时代智能资本获取企业所有权的企业权力安排形式，不同的是国内MBO是制度转型的结果，而国外MBO是竞争选择的结果，同时由于我国MBO存在股权交易价差，管理层具有获取价差的直接动机；本文运用博弈论的方法对我国MBO&禁而不止&问题进行分析，分析结论认为国资监管部门与地方政府和国有股东代表与管理层之间的利益差异是导致当前我国MBO&禁而不止&的根本原因；文章通过对我国26家上市公司MBO并购绩效的实证分析，得出结论认为MBO有利于公司绩效的改善，进而文章对当前我国MBO存在问题展开分析，并提出几点建议，我们认为当前对我国MBO的理性做法是适当引导，而非简单禁止。

This paper conducts an analysis on the "should-be" mode by use of ideas of New Classical Economics,and concludes that the efficiency mode of enterprise ownership allocation enables en...

并得出企业所有权分配的效率模式是企业家经营能力来雇佣企业其他资源，即把企业所有权分配给企业家人力资本是一种最有效率的安排。

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％。