Embarrassing case of a bear market based on the Shenzhen Stock Exchange in May this year, the promulgation of the "cash-listed companies to choose the right business guidelines", refers to the cash option when listed companies to be implemented Asset reorganization, merger, separation and other major issues, related to shareholders in advance in accordance with the agreed price within a specified time period they will be held by the listed companies to sell shares to a third party.

一個(gè)熊市的尷尬情況下，于5月在深圳證券交易所上市，今年的"現(xiàn)金頒布上市公司選擇正確的業(yè)務(wù)準(zhǔn)則"，指的是現(xiàn)金選擇上市公司時(shí)在线欧美一级片，要實(shí)施議定的價(jià)格與資產(chǎn)重組，合并国产原创同事在线视频，分立等重大問(wèn)題上日韩一级黄片一区二区，有關(guān)股東按照事先在規(guī)定時(shí)間內(nèi)，他們將持有上市公司股份出售給第三方聚會(huì)黄网页观看。

This article uses the financial index to analysis the performance of 45 real estate listing companies which are listing on the Shanghai and Shenzhen Stock Exchange, and utilizes the factorization method to calculate their performance score, and analyzes how the capital structure, the equity structure and the company govern influences the performance of the listing companies. At last, we put forward some suggestions to improve the performance of the real estate listing companies.

本文以中國(guó)深滬A股市場(chǎng)45家房地產(chǎn)上市公司作為研究對(duì)象在线国内在线播放av，主要采用財(cái)務(wù)指標(biāo)對(duì)房地產(chǎn)上市公司展開(kāi)績(jī)效分析，運(yùn)用上市公司績(jī)效評(píng)價(jià)方法之一的因子分析法高清一级电影，計(jì)算房地產(chǎn)上市公司的績(jī)效得分老熟妇乱子交视频，并就房地產(chǎn)上市公司的資本結(jié)構(gòu)、股本結(jié)構(gòu)在线亚洲性爱、公司治理等方面對(duì)其經(jīng)營(yíng)績(jī)效的影響進(jìn)行了分析激情综合五月综合激情，最后提出對(duì)了改善我國(guó)房地產(chǎn)上市公司經(jīng)營(yíng)業(yè)績(jī)的對(duì)策建議。

With the controlling shareholders share the same trademark brands, large advertising expenses from the controlling shareholder of expenditure And the controlling shareholder with a brand share of listed companies is almost a common problem, some property owned by the controlling shareholders, some property owned by the listed companies, the controlling shareholder owned property rights in the circumstances, the listed companies only pay a small fee to use, and the brand Promotion of large fees from the controlling shareholder of expenditure, not to share listed companies, listed companies inflated the profits.

五久久精品这里只有精品、與控股股東共用同一個(gè)商標(biāo)品牌国产精品午夜掌交A片，大量廣告宣傳費(fèi)開(kāi)支由控股股東開(kāi)支與控股股東共享用一個(gè)品牌幾乎是上市公司的一個(gè)通病，有的是由控股股東擁有產(chǎn)權(quán)黄片A片黄片A片，有的由上市公司擁有產(chǎn)權(quán)色性久久久久性爱久电影女性爱，在控股股東擁有產(chǎn)權(quán)的情況下，上市公司只需支付少許使用費(fèi)用一级特黄牲交大片免费频，而品牌宣傳的大額費(fèi)用由控股股東開(kāi)支，而未讓上市公司分?jǐn)偱访儡潮苹粕悠担撛隽?strong>上市公司的利潤(rùn)在线亚洲欧美网站首页。

Offer for the grant of option The board is pleased to advise you that pursuant to a resolution passed at a meeting of the board held on 8th March 2007,the board has resolved to grant you the "Offer"(which is still subject to listing of committee of the stock exchange approving the granting of the listing of and permission to deal in the shares which may fall to be issued pursuant to the exercise of the options under the Pre-IPO Share Option Scheme) at a consideration of HK$1.00 an option pursuant to the Pre-IPO Share Option Scheme to subscribe for 40000 shares at an exercise price of 85% of final HK dollar price per share at which the shares are to be subscribed for /purchased and issued/ sold pursuant to the global offering of the shares in the initial public offering in or around March 2007 at any time during the six-year period commence from the expiry of twelve months from the listing dateprovided that the maximum number of shares in which you are entitled to subscribe for by exercising the option shall not exceed 25%of the total number of option shares during the period from expiry of the first anniversary of the listing date to the date immediately before the second anniversary of the listing date :and 25%of the total number of option shares during the period from expiry of the second anniversary of the listing date to the date immediately before the third anniversary of the listing date ;and 25%of the total number of option shares during the period from expiry of the third anniversary of the listing date to the date immediately before the fourth anniversary of the listing date ;and 25%of the total number of option shares during the period from expiry of the fourth anniversary of the listing date to the date immediately before the fifth anniversary of the listing date save that any of the outstanding and unexercised option at the end of each of the aforesaid vesting periods may be rolled over to the next vesting period and exercisable during the option period ,and the option shall,in any case ,lapse where you cease to be employed by the company or its subsidiaries for whatere reason or otherwise pursuant to the terms of the Pre-IPO Share Option Scheme.

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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.

文章首先對(duì)交通運(yùn)輸倉(cāng)儲(chǔ)行業(yè)1999年以前上市的27家公司的截面數(shù)據(jù)進(jìn)行線性回歸，發(fā)現(xiàn)在分析時(shí)段1999年至2003年黄色视频高清无码国产，樣本公司的凈資產(chǎn)收益率和單位經(jīng)濟(jì)增加值與資產(chǎn)負(fù)債率之間線性不相關(guān)欧美美熟妇激情一区二区三区在线；然后文章又對(duì)該行業(yè)上市公司的截面數(shù)據(jù)進(jìn)行二次函數(shù)回歸，同樣也沒(méi)有得到令人滿意的結(jié)果亚洲国产精品一区二区免在线，這說(shuō)明僅就1999年至2003年五年的截面數(shù)據(jù)而言久久精品国产99国产精2020丨，上市公司資本結(jié)構(gòu)不存在最優(yōu)區(qū)間；最后真人黄色网，文章對(duì)我國(guó)證券市場(chǎng)存在的問(wèn)題以及該行業(yè)上市公司資本結(jié)構(gòu)的不合理性提出了改進(jìn)的設(shè)想狠狠干天天碰天天色，并從四個(gè)方面提出了優(yōu)化我國(guó)上市公司資本結(jié)構(gòu)的建議。

Hand in what print sent on May 2 to concern according to couplet do poineering work board of reform appear on the market regulation, the applicant is advanced the only cash reserve in a bank of two financial year flows aggregate not less than 20 million Hongkong dollar; Examine and approve do poineering work board new appear on the market the influence of publisher will by do poineering work board appear on the market committee turns award appear on the market division, and do poineering work board appear on the market the responsibility that committee will retain the remark on censorial, processing to make policy; Do poineering work board appear on the market the abidance of publisher responsibility will be clingier sponsorred provision; Existing do poineering work board publisher must rise by new regular effective date abide by new regulation, but the public holds a gauge formula to set 3 years wide deadline; By do poineering work board turn toward advocate board the program will give simplify, and all doing poineering work board turn board of the applicant advocate board appear on the market first cost will be obtained decrease 50%.

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The main conclusions are: [1] Rapid development of corporations engenders urgent demand of financing, conflict between capital market imperfection and demand of financing leads corporations to control listed corporations by purchasing "shell" and enhance it"s financing capability; [2] Two kinds of pricing institution of stock provides stirpses for controlling listed corporations by low cost, monitoring institution imperfections provides corporations for operating listed corporations. Adjust of national assets provides more "shells; [3] More private corporations purchase listed corporations, some of them form stirpses; [4] Stirpses have positive influence about adjusting industry and enhancing capital market financing function; [5] Stirpses magnify financial risk by controlling listed corporations, and transform listed corporations from shareholders benefit to block shareholder benefit, having tendency of infracting shareholders benefit.

本文主要的結(jié)論：[1]中國(guó)企業(yè)的迅速發(fā)展對(duì)融資有迫切的要求未满十八禁止进入，中國(guó)國(guó)內(nèi)資本市場(chǎng)發(fā)展不完善與這種強(qiáng)烈的融資需求的沖突導(dǎo)致了企業(yè)尋求通過(guò)買(mǎi)&殼&的方式控制上市公司，以此來(lái)提高自身的融資能力欧美又粗又长的A片在线观看；[2]中國(guó)上市公司股票的兩種定價(jià)機(jī)制為&系&低成本控制上市公司提供了可能人人区人人爽人人澡欧美一区，監(jiān)管機(jī)制的不完善為&系&提供了操縱上市公司的空間，國(guó)有資產(chǎn)在調(diào)整過(guò)程中從部分競(jìng)爭(zhēng)行業(yè)退出导航在线一区，為資本市場(chǎng)提供了一定數(shù)量的&殼&資源久久免费看少妇高潮A片不卡；[3]民營(yíng)企業(yè)紛紛買(mǎi)&殼&上市，在這個(gè)過(guò)程中日韩欧美一级特黄大片视频，部分實(shí)力突出的企業(yè)形成了&系&黄页精品在线视频；[4]&系&現(xiàn)象對(duì)進(jìn)行行業(yè)整合午夜福利欧美性爱、提高資本市場(chǎng)融資能力等方面起到了積極的作用；[5]&系&通過(guò)對(duì)上市公司進(jìn)行的操縱放大了金融風(fēng)險(xiǎn)欧美国产综合，將上市公司的股東利益最大化變?yōu)榇蠊蓶|利益最大化2av天堂网在线观看，存在著侵害小股東利益的潛在傾向。

From the different point of view, the listed company refinances mechanism has different structure and form of expression. Look from forming the key element, the refinancing mechanism is melted out such key elements as the square , person who incorporates square , price , market , supervision of fund , intermediary ,etc. to form by the fund. According to financing source, the refinancing mechanism while being endogenous and other source financing form again; According to financing way, the refinancing mechanism makes up indirectly by the direct financing. According to financing tool, listed company refinance mechanism include creditor"s rights financing, stock financing, half stock right half creditor"s rights financing.

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Third, this paper theoretically demonstrates and analyzes the four assumptions of the preference theory of guarantee behavior of Chinese listed companies:(1) On the condition of guarantee behavior preference of Chinese listed companies shaped, Chinese listed companies take on the risks, duties and functions on evaluating and supervising the debtors which Chinese banks transfer to listed companies;(2) On the condition of guarantee behavior preference of Chinese listed companies shaped, the irrational financial and investmental psychology of the debtors bourgeons, and then, results in the appearance of irrational behaviors;(3) On the condition of guarantee behavior preference of Chinese listed companies shaped, the security screening system of bank is deformed, the "relation-security system" forms, and results finally that the self-develop system of the debtors becomes flabby;(4) On the condition of guarantee behavior preference of Chinese listed companies shaped, the "guarantee chains" and the "guarantee nets" give birth, and the "tool" function of guarantee,"guarantee chains" and "guarantee nets" forms.

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Based on the data of listed companies suiting study, this paper tests the expropriation by controlling shareholder in public companies. The results show that the connection between the expropriations by the controlling shareholder with the proportion of controlling shareholder is a reversal 'U', the expropriation by the controlling shareholder is significantly negative related with the shares of the second shareholder, and the expropriation by the controlling shareholder is significantly positive related with the rate between debt and asset.

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listing as a whole：整體上市

我國(guó)上市公司:Chinese listing company | 整體上市:listing as a whole | 上市 地點(diǎn) 選擇:Listing Place Select

backdoor listing：借殼上市

一些原本不知名的企業(yè)飛上枝頭作鳳凰. 但今年4月港交所修訂了交易規(guī)則,對(duì)借殼上市制定了較以往更為嚴(yán)苛的條件. 這意味著在香港被稱為"后門(mén)上市"的借殼上市(Backdoor Listing)將喪失某些操作優(yōu)勢(shì). 那么劉夢(mèng)熊的生意是否會(huì)就此一落千丈?

backdoor listing：借殼"上市;"買(mǎi)殼"上市

back tax 補(bǔ)繳稅款 | backdoor listing "借殼"上市;"買(mǎi)殼"上市 | back-to-back credit 對(duì)開(kāi)信貸

listed issuer：上市發(fā)行人

Listed corporation 上市法團(tuán) | listed issuer 上市發(fā)行人 | listed open-end fund (LOF) 上市開(kāi)放式基金

listed bond：上市債券

Listed 上市的,登錄的 | listed bond 上市債券 | listed company 上市公司

Listed company：上市

讓我們一起見(jiàn)證金山安全上市(Listed Company )的時(shí)候~讓我們一起見(jiàn)證金山安全上市(Listed Company )的時(shí)候~讓我們一起見(jiàn)證金山安全上市(Listed Company )的時(shí)候~

listed securities：上市證券zEB中國(guó)學(xué)習(xí)動(dòng)力網(wǎng)

listed investment 上市投資zEB中國(guó)學(xué)習(xí)動(dòng)力網(wǎng) | listed securities 上市證券zEB中國(guó)學(xué)習(xí)動(dòng)力網(wǎng) | listed share 上市股份zEB中國(guó)學(xué)習(xí)動(dòng)力網(wǎng)

Back-door listing：借殼上市

借殼上市(Back Door Listing) 借殼上市定義 與一般企業(yè)相比,上市公司最大的優(yōu)勢(shì)是能在證券市場(chǎng)上大規(guī)模籌集資金,以此促進(jìn)公司規(guī)模的快速增長(zhǎng). 因此,上市公司的上市資格已成為一種"稀有資源",所謂"殼"就是指上市公司的上市資格. 由于有些上市公司機(jī)

Back-door listing：買(mǎi)殼上市

借殼/買(mǎi)殼上市(Back Door Listing),適用于企業(yè)資本積累已有相當(dāng)規(guī)模,業(yè)主手頭有幾千萬(wàn)現(xiàn)金的大型企業(yè)集團(tuán),資金規(guī)模須大到足以購(gòu)并上市公司的相對(duì)控股權(quán)(在香港觸發(fā)全面收購(gòu)比例為30%),此方法好處在于速度快,不像公開(kāi)上市那樣須經(jīng)過(guò)層層關(guān)卡,

Back-door listing：后門(mén)上市/借殼上市

Balance Sheet 資產(chǎn)負(fù)債表 | Back Door Listing 后門(mén)上市/借殼上市 | bourse證交所