| 1. | Moreover , because of these transactions , investors have lost influence over their company to a dominant shareholder
而且，因为这些交易，投资者丧失了对公司的控制权，让给了一个具有支配权的股东。 |
| 2. | But the proportion in the dominant shareholder ' s hands remains above 70 per cent for businesses controlled by the public sector , by foreigners and by other private owners alike
但在公共部门、外商和其他私人所有者控制的企业中，主导股东的持股比例也还在70 %以上。 |
| 3. | The interests " conflicts and agent ' s problems between outside shareholders and dominant shareholders are minimized and all the stakeholders " rights and interests will be protected more effectively
而培育人格化的更趋理性和更具代表性的少数大股东则是优化股权结构。形成少数大股东联盟治理的核心内容和基本前提。 |
| 4. | On account of the imperfect institutional environment of our country , we should pay more attention to inner - firm governance , and the most important thing is how to resolve the agent problem between the outside shareholders and the dominant shareholders
在我国不完全的制度环境下，必须以内部治理为重点，最根本的是解决外部股东和控制型大股东(或董事会)之间的代理问题。 |
| 5. | While emphasizing the limited protection of the shareholders , traditional corporation law overlooks the protection of the creditors , with dominant shareholders holding the board of directors , thus the directors have opportunities to abuse the corporate personality
传统的公司法在突出对股东的有限保护时，忽略了对债权人的保护，大股东把持董事会，为董事滥用公司的法人人格提供了机会。 |
| 6. | For the aspect of ownership structure , increase the proportion of outstanding issues , limit dominant shareholder ’ s dealings ; meanwhile , form a level of ownership concentration to lower down the agency cost and improve operating effectiveness
在股权治理方面，要逐步提高流通股比例；要限制大股东的掠夺行为，形成相对的股权制衡局面；要形成一定程度的股权集中，降低代理成本，提高经营效率。 |
| 7. | This paper analyzes that the ownership structure affect the earnings management in two sides , the one is the ownership concentration characteristics and the other is the ownership concentration degree . the most ownership structure of chinese listed companies is dominant shareholder
从公司层面上讲主要有股票发行和上市的动机、配股和增发的动机、影响股票价格的动机、避免处罚的动机,从个人层面讲主要是薪酬计划和职位的晋升。 |
| 8. | The relationships among different shareholders , especially the agent relationships between the outside shareholders and the dominant shareholders ( or the board dominated by them ) , are the start point and the determinant element for other types of agent relationships in a company . therefore , the corporate governance should commence with the inner - shareholders governance . that is to say that we should put the focus on finding the solution to the interests conflicts between outside shareholders and dominant shareholders ( or board of directors ) and resolve the agent problem between them
股东资产是公司存在的首要前提，股东权益是公司的权益之源，股东之间的相互关系，尤其是外部股东和控制型大股东(或受其控制的董事会)之间的代理关系就成为公司中其它类型代理关系的起点和和决定性因素，从而，公司治理的出发点应当放在股东的内部治理上，即解决外部股东与控制型大股东(或董事会)之间的利益冲突和代理问题。 |
| 9. | At the same time , study on efficiency of ownership structure also has some practical values . as for chinese stock market , to understand such phenomenon as " a dominant shareholder " and to design and implement the policy of downsizing state - owned shares all call for the study on efficiency of ownership structure . furthermore , some feasible policy suggestions on how to protect the minority shareholders " interests can be put forward based on such study
同时，所有权结构效率研究还具有很重要的现实意义，就我国股市的实践而言，正确认识我国上市公司“一股独大”的问题和设计及实施“国有股减持”方案实际上都与所有权结构效率的研究有关，此外，所有权结构效率研究还将为我国上市公司如何制定和建设中小股东权益保障机制提供理论依据。 |
| 10. | Therefore , the pursuit for personal rationale leads to collective rationales , no cooperative games are transformed to cooperate ones , and no cooperative competition is replaced by competitive cooperation . furthermore , the dominant shareholders control the company by establishing alliances , which make the governance more stable . the board of directors becomes a qualified delegate for the alliances shaped by dominant shareholders
上述分析表明，在我国不完全的制度环境下，塑造人格化大股东，以中间型股权结构为目标，从制度上优化股权结构，建立少数大股东联盟治理的公司治理模式，是我国国有企业公司治理改革和建立现代企业制度的根本出路。 |
