The credit should not require awb to be issued “ to order ” and / or “ to be endorsed ” 二)航空運單是不可流通的單據信用證不應要求航空運單發致“空白抬頭”及/或“予以背書” 。
Compared with western countries , such kind of shares in china are unexchangeable , including state - owned shares and legal person - owned shares , and chinese stock market is not very mature . that will probably make difference between our conclusions and theirs . the aim of this paper is to find those differences by calculating and analyzing cumulative abnormal returns with event study 由于中國上市公司的股權結構的特殊性,股權轉讓的標的基本都是不可流通的國有股和法人股,加之股票市場還不成熟,可能使得中國股權轉讓的股價行為與西方的實證結論不完全一致,而帶有一些中國特色。
Secondly , ownership control is an important way to restrain the act of plundering conducted by large shareholders while protecting the rights of minority shareholders . thirdly , compared to the inefficiency of state - owned shares and negotiable shares , the percentage of shares held by artificial persons is positively related with corporate performance . fourthly , interior shareholding has little stimulant effect on executive of corporate 目前中國上市公司的股權結構具有以下特征: ( 1 )股權高度集中, “一股獨大”現象嚴重; ( 2 )股份按照投資主體被劃分為國家股、法人股、社會公眾股,其中占總股本約2 3的國家股和法人股不可流通; ( 3 )內部人即公司高級管理人員持股數量少、持股比例低; ( 4 )機構投資者規模尚小,總體持股比例較低。
The principal - agency problem does not only exist in western country , but also exists in developing countries , but the problem in our chinese listed enterprise is very serious , there is many reason to lead the principal - agency problem include the self malpractice of principle - agency problem , and also include unrational capital structure of chinese listed enterprise . though positive analysis , this paper point out that the capital structure influence the company ' s market value . the stocks issuing preference also lead to low - efficient management of listed company , middle and small shareholders lack protection , the in - holder in facts determines the administrative behavior pattern , which also make principal - agency problem of our listed companies seriously 論文首先分析了當前我國上市公司存在的委托代理問題的成因,資本結構與委托代理問題之間的關系,進而分析了我國上市公司目前的資本結構的現狀,特點,影響因素,合理性,資本結構與企業績效關系,從而指出我國目前上市公司資本結構的不合理是導致我國目前上市公司委托代理問題的一個重要原因,正是因為上市公司資本結構的不合理,特別是股權結構的不合理,主要表現為國有股獨大,且不可流通,才導致了我國目前上市公司的所有者缺位,內部人控制現象,從而導致了我國上市公司治理效率低下,企業效益差。