非法股利 的英文怎麼說

中文拼音 [fēi]
非法股利 英文
illegal dividend
  • : Ⅰ名詞1 (錯誤) mistake; wrong; errors 2 (指非洲) short for africa 3 (姓氏) a surname Ⅱ動詞1 ...
  • : Ⅰ名詞1 (由國家制定或認可的行為規則的總稱) law 2 (方法; 方式) way; method; mode; means 3 (標...
  • : Ⅰ名詞1 (大腿) thigh; haunches 2 (機關、企業、團體中的組織單位) section of an office or enterp...
  • 非法 : illegal; unlawful; illicit
  • 股利 : capital bonus
  1. Because of imperfect in regulation, laws and market, the model brings out lots of problems such as insider - control, excessive freedom for large stockholder, no efficiency of supervisory, hollowing out the listed firm, etc. the fourth chapter : to solve the problems of corporate governance in china, we must do these things as follow : to diminish the difference of currency stock and incurrence stock, to realize that common stocks have common rights, to perfect the stimulation and control mechanism, to perfect the - structure of the board of the directors through introducing independent directors, to perfect market system and law system

    4 、研究問題的目的是為了解決問題,而要解決我國公司治理中的問題,不但要克服制度構造的缺陷,逐步縮小流通流通益差別,實現同同權:要完善公司的激勵、約柬機制,改善董事會的結構,引進獨立董事,加強公司對其他益相關者益的考慮:而且還要建立和完善市場體系,加強律和執體系的建設,使外部治理市場和律、規在公司治理中發揮強勢的監督和約柬功能,最終形成公司治理的良勝生態環境。
  2. In view of the content of o - verseas invetment, investments are eligible for a guarantee if the eeo - nomic soundness of the investment and it contribution to the develop - ment of the host country and it should be in the interests of the investor " s home country. in view of the types of overseas investments, eligible investments should include equity investment and non - equity direct in - vestment. in view of the host country, investments are eligible for a guarantee if exists a bilateral investment protection treaty with china or if exists the same international conventions of investment protection, which together with china join

    第三部分論述了我國海外投資保險制度中的合格投資問題,指出從海外投資的內容上看,合格的海外投資應有經濟上的合理性、律上的合性、對東道國發展的貢獻性以及符合投資者本國的益;從投資的時間看,僅限於新的直接投資;從投資的類型來看,應包括權投資和權直接投資兩種;從投資的東道國來看,通常應限於與我國簽訂有雙邊投資保護條約或有共同參加的關于投資保護的國際公約。
  3. Starting from the definition of consideration, the paper states the theoretical and legal basis of consideration, and makes comparison between consideration and compensation. the content contains : ( 1 ) consideration is an important concept in the british and american law of contract ; ( 2 ) when nonnegotiable share turns to be negotiable, the price of negotiable share will decrease. therefore, if this action occurs, nonnegotiable shareholders should make promise to protect negotiable shareholders ’ benefits ; ( 3 ) shareholder structure premium is the basic theoretical basis of consideration payment ; ( 4 ) consideration is a reasonable compensation which contract beneficiary gives to sufferer, according to the fair principle of the civil law

    對價從律上看是一種等價有償的允諾關系,而從經濟學的角度說,對價就是益沖突的雙方處于各自益最優狀況的要約而又互不被對方接受時,通過兩個或兩個以上平等主體之間的妥協關系來解決這一沖突; ( 2 )把對價運用於權分置改革,其基本含義是未來流通轉為可流通時,由於會導致流通價下跌,因此,流通東同意流通可流通的同時,流通東也要對這一行為發生時將充分保護流通東的益不受損作出相應承諾; ( 3 )權分置溢價是支付對價的基
  4. If a shareholder makes his capital contribution in cash, he shall deposit in full the amount of such cash capital contribution into a temporary bank account opened for the contemplated limited liability company ; if capital contribution is made in the form of tangible goods, industrial property, non - patented technology or land use rights, the appropriate transfer procedure for the property rights therein shall be carried out in accordance with the law

    東以貨幣出資的,應當將貨幣出資足額存入準備設立的有限責任公司在銀行開設的臨時帳戶;以實物、工業產權、技術或者土地使用權出資的,應當依辦理其財產權的轉移手續。
  5. Investment income of a non - investment company, engaged in short - term or long - term investments, including dividends received under cost method and income recognized under the equity method based on the investor ' s percentage of ownership in the investee company ' s current period income

    以投資為業之公司,因從事短期及長期投資,依成本取得之收入,及依權益按持比例認列之被投資公司本期盈餘等投資收益屬之。
  6. For example, in china, mbo is more like an encouragement way than to reduce agent cost ; illegal financing channel causes latency problem for future operation ; management members make advantage of so - called " internal people control " to undervalue the share price that damage the interests of the middle - and - little share holders ; management members also obtain large proportion dividend from the company that limits its development

    比如說,國內mbo更多是一種激勵措施;融資制度不健全,管理層杠桿收購資金的來源不合,導致了收購完成後的短期行為;不完善的資產定價體系、權割裂導致管理層壓低凈資產,造成國有資產流失和損害中小東的益;由於流通流通不同價,管理層用大比例分紅抽逃資金等等。
  7. Article 82 in the case of establishing a joint stock limited company by sponsorship, upon the sponsors ' full subscription in writing for the shares to be issued as prescribed in the articles of association, the sponsors shall promptly pay the share proceeds in full ; where tangible goods, industrial property, non - patented technology or land use rights are contributed in lieu of money, the property rights therein shall be transferred in accordance with legally prescribed procedures

    第八十二條:以發起設立方式設立份有限公司的,發起人以書面認足公司章程規定發行的份后,應即繳納全部款;以實物、工業產權、技術或者土地使用權抵作款的,應當依辦理其財產權的轉移手續。
  8. First, introduce the reasons and character of current banking m & a, then summarized the former studies of the three ways of m & a to efficiency gaining : size versus size economy, m & a versus banks efficiency, and m & a versus shareholders wealth. then introduce the research approaches of m & a efficiency gaining, especially the approaches of m & a versus banks efficiency, such as parametric frontier approaches and non - parametric frontier approaches. in the following, through roe model and dea model to study the relations between size and efficiency, finding : middle size banks efficiency is higher, larger banks have n ' t scale economy, small banks have low em, and through directly analyzing m & a efficiency of four commercial banking m & a case in china, finding : the past - merged efficiency of shanghai pudong development bank has been improved, and others have been deduced, but after three years the efficiency increased little by little

    首先,分析了當前銀行並購的主要原因、特徵以及我國銀行並購的現狀與特點;接著對銀行效率水平的概念進行分析,綜述了國外對銀行並購與效率獲的三方面的研究(考察銀行的規模與效率這種間接方式、比較並購行並購前後的效率以及並購行與並購行的效率和考察上市銀行並購前後東財富的變化這兩種直接方式)的有關文獻;再次對銀行並購與銀行效率獲的分析方進行了介紹,其中詳細地研究了前沿分析:參數分析參數分析,並指出了這些方的特點;然後運用財務比率分析和dea方對我國商業銀行規模與效率從間接角度對銀行並購產生的效率獲進行了實證研究,結果發現:中等規模的商業銀行的效率最佳,而小規模的銀行的em值較低,同時大規模的商業銀行的規模無效;同時用我國已發生的四個銀行並購案從直接的角度對我國商業銀行並購的效率獲進行分析,結果發現:除上海埔東發展銀行在並購後效率提高,其他三家銀行並購后的效率都有所下降,但並購后第三年效率又逐漸回升。
  9. In china the stock exchange is now in general a non - profit - making legal entity with membership system

    中國目前的票交易所通常是會員制、性的人組織。
  10. Part 3 is the empirical analysis to the influencing factor of listed company ' s capital structure in china, specifically with spss software and main composition analysis method, it correlated dividend policy, income tax, equity structure, non liability tax shield and income variation level of company, company growth, company ' s profit ability, asset structure, company ' s scale with capital structure ( the contents embrace btdr, bldr, bsdr ), we make the conclusion as follows : comparing with the research result of influencing factor of the company ' s capital structure of the developed country, the influencing factors of the listed company ' s capital structure in china have partial similarnesses

    第三部分中國上市公司資本結構的影響因素分析這部分是本文的重點之一,具體是採用spss11 . 5軟體,用主成分分析與多元回歸分析,對公司的政策、所得稅、權結構、負債稅盾、收入變異程度、公司的成長性、公司盈能力、資產結構、公司規模與代表資本結構的變量( btdr , bldr , bsdr )作相關研究,結果是:和發達國家公司資本結構的影響因素研究結果相比較,我國上市公司資本結構的影響因素存在部分相似性。
  11. Based on the analysis of the current situation of the state medium - small - enterprise and the difficulties met during the stock reorganization of the high technology medium - small - enterprise, the article tries to provide possible solutions on the issues of definition of property rights, management of state assets, stock evaluation of commercial and non - commercial capital, disposal of enterprise debt and the use of land, and the settlement of retired people respectively. applying the modern theory of financial management, the article also gives its suggestion on the comprehensive evaluation on the companies during their stock reorganization and on the optimal allocation of capitals. according to the western experiences of developing high technology industries by venture investment and the prospect of the roles played by the forthcoming growth enterprise market, the article concludes that the sate medium - small high technology enterprises raising money from growth enterprise market through stock reorganization may be a shortcut for their development. a case of an " institute of automatization ", whose scheme was planned by the author for practice, is discussed throughout the paper

    本文在對我國國有中小企業改革現狀的分析基礎上,針對我國國有中小高新技術企業的現狀及份制改組過程中的難點,對產權界定、國有資產管理、經營性和經營性資產的剝離、凈資產的折、企業債務和土地使用權的處理、離退休人員的安置等等問題,分別提出了具體的解決辦。運用現代財務管理理論,提出了份制改組過程中的公司整體價值評價方及最佳資本結構確定的方。在分析國外用風險投資機制發展高新技術產業的經驗及即將推出的二板市場相關內容基礎上,明確提出國有中小型高新技術企業通過份制改組最終到二板市場上市融資是其快速發展的途徑。
  12. Study suggests the main constraints of management buy - out : it ' s groundless to fix a price, the information published not confirm with regular standard, purchase procedure is not transparent, purchase action is not with market law, and also policy restriction. consequently, the paper put forward solutions to improve management buy - out : 1 ) the policy to evade the inside risk : the main way is to select suitable enterprises to develop management buy - out ; 2 ) to ensure the transparent and the market standard of the purchase procedure : the main point is to guarantee the justification of the purchase price, to strengthen the transparent of the information announcement ; 3 ) to consummate the mechanism of supervise government : which the work should be done in the supervise department of government ; 4 ) to emancipate the mind, decrease the government action in the enterprises purchasing ; 5 ) to care for the latter developing of the mbo, the purpose of mbo is to pursue the biggest profit of the enterprise ; 6 ) to consummate the environment of circulating necessary funds ; 7 ) to solve the funds and taxes problems of mbo, this is a better way to solve the problems of mbo

    一是管理層收購定價方面的律依據不足:二是信息披露不夠規范,現階段運作或已完成的mbo案例在進行信息披露時尤其是披露其資金來源時多諱莫如深,令投資者對其資金來源皆產生懷疑;三是收購程序不透明,歸根到底也是律方面的不足,缺乏相關的公正的運作程序和政策保障;四是收購行為市場化,我國的管理層收購結束之後往往僅僅是相對控票繼續交易,所有者與經營者分離的問題並沒有從根本上得到解決,所有權與經營權相統一的目標沒有達到,這就可能造成大東也就是內部人侵吞中小益將更為便捷;五是融資渠道潰乏,主要是國家政策和律的障礙限制了mbo的融資渠道;六是服務市場不夠發達,主要是中介市場缺乏高素質的專業人才,無滿足客戶進行mbo的需要,從而限制了mbo在中國的運行;七是政策限制,主要對合的收購主體的限制、收購規模的限制、收購時點的限制以及收購資金來源的限制。
  13. Following reasons lead to the improper cash dividend policy : the equity structure dominated by a shareholder makes the manager and dominating shareholder have incentives for controlling dividend policy ; the bank system which is in weak position in governance structure lacks of governing ability ; inefficiency stock market cannot provide ‘ hard constraints ’ for external governance

    本文指出,導致現金政策的決定不科學的原因有以下:一獨大的權結構導致上市公司經理人和大東具有操縱現金的動機;銀行處于相對弱勢的地位,其對上市公司缺乏治理能力;並有效的證券市場無提供外部治理的硬約束。
  14. 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. this paper makes an empirical analysis of the mbo performance of 26 listed companies in china and proves that mbo are beneficial to improve company ’ s performance, and further we analyze the problems, which exist in china mbo, and gives some suggestions, we think that the rational action to mbo is to give proper guides, instead of prohibiting it simply

    本文應用委託代理理論、人力資本理論和產權理論等對中西mbo動因進行系統的比較分析,得出結論認為中外mbo具有相同的激勵動因,都是知識經濟時代智能資本獲取企業所有權的企業權力安排形式,不同的是國內mbo是制度轉型的結果,而國外mbo是競爭選擇的結果,同時由於我國mbo存在權交易價差,管理層具有獲取價差的直接動機;本文運用博弈論的方對我國mbo 「禁而不止」問題進行分析,分析結論認為國資監管部門與地方政府和國有東代表與管理層之間的益差異是導致當前我國mbo 「禁而不止」的根本原因;文章通過對我國26家上市公司mbo並購績效的實證分析,得出結論認為mbo有於公司績效的改善,進而文章對當前我國mbo存在問題展開分析,並提出幾點建議,我們認為當前對我國mbo的理性做是適當引導,而簡單禁止。
  15. The focus of the thesis lies in an elaboration of the influences exerted upon a listed company ' s profit return by the monopolist position the state - owned shares occupy, by the degree to which share - right is concentrated, and by the division of non - negotiable shares and negotiable shares, as well as of the positive promotion to the company ' s profit return by the system of executives buying - back shares and employees " share - ownership. based on theoretical analysis and case study, the thesis proposes some measures for optimizing the share - right composition and enhancing the profit return of the listed companies. the conclusion can be summed up as follows : ( 1 ) owing to the absence of real trustor, the unduly long, hence low, efficiency of the agency chain, state - owned shares are prone to being controlled by insiders and to the problem of share - holders " interests being embezzled by insiders

    基本的分析結論可以概括為如下幾點: (一)國有由於真正的委託人缺位,代理鏈條過長,代理效率低下,容易產生內部人控制,並發生內部人侵佔益的問題,在公司治理中的效率明顯優于國有,因此,如何完善國有資產管理體制是優化權結構的關鍵,本文提出了完善國有資產管理體制的具體建議; (二)在流通與流通並存的權分割下,流通東與流通東具有不同的目標函數,流通東的目標函數是提高每凈資產,而流通的目標函數是票的二級市場價格,目標函數的不一致,導致東之間行為的不一致,相互沖突的行為造成效率的損失。
  16. Chapter four control the stock investment risk, aims at the different types of risks discussed above, has constructed a systematic scheme to control the investment risk effectively. firstly, it utilizes basic analytic approach, the technological analytic approach and index system of the risk measurement to control individual stock ' s unsystematic risks in minimum ; secondly, it uses modern investment theory to dispel the unsystematic risks through combination investment. finally, our country should introduce the stock price index futures and so on in good time, utilize stock price index futures to hedge the stock portfolio and control the systematic risks of the stock portfolio, thus can finally realize the effective systematic controls on stock investment

    第四章「證券投資風險的控制」 ,針對前面討論的不同種類的風險,構造k碩士學位論文物篇夕m引皿』 s 」 l 」 i壓引s一了個有效控制投資風險的系統方案:首先,用基本分析、技術分析和風險度量指標體系,將單個證券的系統性風險控制在最小;其次,用現代投資理論,通過組合投資來消除系統性風險;最後,我國應適時推出票指數期貨等衍生余融工具,指期貨對證券組合進行套期保值,就能控制證券組合的系統性風險,最終實現對證券投資風險的有效系統控制。
  17. Corporation law in china stipulates that the shareholders can invest to a corporation by industrial property rights and non - patent technology

    我國《公司》也規定,東可以工業產權、技術出資。
  18. Chapter three the positive research of our country ' s stock market that utilizes the risk measurement index, uses the index and method about measurement of risk which discussed in chapter two, has carried on the positive research to the investment risk of china ' s stock market, and draws two conclusions : first, decentralized investment really can reduce unsystematic risk, dispel over 90 % unsystematic risk when the number of stocks are about 10 ; second, when general trend of events downwards, choose stock portfolio with low value, can reduce investment risk of stock portfolio effectively

    第三章「我國證券市場用風險度量指標的實證研究」 ,用第二章中討論的有關風險度量的指標和方,對中國證券市場的投資風險進行了實證研究,並得出兩個結論:一是分散化投資確能降低系統性風險,當組合票數為大約10隻時已消除超過90的系統性風險;二是當市大勢向下時,選擇值較低的投資組合,可以有效降低證券組合的投資風險。
  19. However, due to the inequality and specialty of the related parties and the obscurity of transactions, these transactions could be easily be used by some groups and individuals as a way to obtain illegal interests, which will possibly harm the corporation and the investors, the holders and the debtors, even the whole social economic system, for much state owned assets will be lost

    但同時,由於關聯交易中交易雙方關系的特殊性和地位的不平等性,以及交易的市場性、透明性,使其極易成為某些益集團及個人的手段,因此可能會侵害交易中從屬公司及其東、債權人的合權益,甚至造成國有資產嚴重流失和破壞社會主義市場制度的嚴重後果。
  20. The second part is about the theoretical base of the system of the shareholders " derivative action. the article discusses it from the substantive and procedural views. the reason that law grants shareholders the right of proceeding against directors and officers lies that shareholders are the very investors of the corporation and are closely related to the corporation, and that according to the theories of lawsuit trust and party ' s theory of broad sense the indirect party interested can also become party of litigation. the author considers that it is better to express that function of company law lies in protecting interst of minority shareholders and strengthen corporate governce. according to the fact that the shareholder ' s derivative action system consists of substansial rules and procedural rules, it analyzes faction of the system from above two aspects and points out that function of the system is not to solve conflicts among people but is to restrict or encourage the right of shareholder ' s derivative action

    律之所以賦予東以提起派生訴訟的權,一方面在於東是公司的出資人,與公司的益息息相關,另一方面根據訴訟信託理論及廣義當事人理論,訴訟標的權義務主體以外的直接害關系人也可以作為訴訟當事人,因而,東派生訴訟中東的訴權源於程序的直接規定。東派生訴訟的功能可以從不同的角度表示,我們當然可以認為其有事後救濟,事前抑制的功能,但是,筆者認為將其功能表述為保護中小東權益及強化公司治理結構則更能反映其特性。而且根據派生訴訟制度由實體和程序兩部分構成的事實,筆者分別從兩方面分析了派生訴訟的功能,並指出東派生訴訟的程序規則不同於一般的民事訴訟程序,其功能不在於解決當事人之間的實體糾紛,而在於約束、限制或鼓勵東的派生訴訟提起權。
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