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.

五日韩一区欧美、與控股股東共用同一個商標(biāo)品牌欧美黄色性交网站，大量廣告宣傳費開支由控股股東開支與控股股東共享用一個品牌幾乎是上市公司的一個通病国产一级a免费无码视频，有的是由控股股東擁有產(chǎn)權(quán)欧美曰韩亚洲视品，有的由上市公司擁有產(chǎn)權(quán)，在控股股東擁有產(chǎn)權(quán)的情況下桃色AV网站，上市公司只需支付少許使用費用国产专区亚洲欧美综合久久，而品牌宣傳的大額費用由控股股東開支，而未讓上市公司分?jǐn)傆炙执钟执笈访廊蘸肥悠担撛隽松鲜泄镜睦麧櫋?/p>

This paper explores shareholder approach, material approach and investment approach to cash flow, and it is concluded as follows: Net present value calculated is equal for shareholder approach and material approach, but for fixed assets investment projects, shareholder approach is far more concise and workable than material approach and provides direct cash flow information with clear and useful economic significance. Investment approach analyzes forecast cash flow for investment projects from a different angle, not only offering additional managerial accounting information, but also testing the properness of and providing theoretical support for shareholder approach and material approach.

通過對股東現(xiàn)金流量法久久伊人精品一区二区三区、實體現(xiàn)金流量法和全投資現(xiàn)金流量法模型的研討，提出如下觀點：股東現(xiàn)金流量法與實體現(xiàn)金流量法計算的凈現(xiàn)值是相等的国产好福利影院，但對壽命期有限的固定資產(chǎn)投資項目久久免费AV片国产精品，股東現(xiàn)金流量法遠比實體現(xiàn)金流量法簡潔易懂，便于操作熟妇操B，其提供的現(xiàn)金流量信息直觀日本高清wwwcom，經(jīng)濟意義明晰，有用性強www.淫荡网；全投資現(xiàn)金流量法從另一個角度進行投資項目的預(yù)期現(xiàn)金流量分析欧美丰满熟妇性XXXX动图，不但能提供補充的管理用會計信息，而且能對股東現(xiàn)金流量法模型的正確性進行驗證sese96，互相提供理論上的支持啊啊啊用力插好舒服国产视频。

After reasoning at large,allshareholder's rights are for shareholders rights,there is no shareholder's rightwhich is not for shareholder's right.The so-called self-profit right is the rightwhich the shareholder get his property profit,and the so-called common-profit rightis the right which the shareholder participates in a corporation's managementaffairs.

經(jīng)考證后認為，所有的股東權(quán)都是為了股東的利益自拍网色，不存在為了非股東利益的股東權(quán)一九九精品在线免费观看视频；所謂的自益權(quán)是股東獲得財產(chǎn)利益的權(quán)利，而所謂有共益權(quán)是股東參與公司管理事務(wù)的權(quán)利玖玖视频网。

In case the shareholder of the enterprise has paid part instead of full of the contributable capital without violating legal contribution provisions, and this shareholder waives the shareholding of the unpaid contribution, and another shareholder or a new shareholder intends to take over it, the declaration of waiving the shareholding of the unpaid contribution of the shareholder shall be submitted (1 original, signed by the relevant shareholders' legal representative, sealed by the shareholders).

企業(yè)股東已繳付部分出資91看片午夜在线影院，但未繳清全部出資，在不違反法定的出資規(guī)定情況下孕妇激情视频片，該股東自愿放棄其未繳付出資部分的股權(quán)呦呦综合网，而其他股東或新股東愿意承接該部分股權(quán)的，提交該股東自愿放棄其未繳資股權(quán)的聲明(原件l份人人入人人操，有關(guān)股東法定代表簽字高清无码污网站，股東蓋章)。

In case a shareholder of the enterprise fails to pay the contributable capital (including provision of cooperation conditions) and quits the enterprise willingly, and another shareholder or a new shareholder intends to take over the contribution (including provision of cooperation conditions) of the withdrawing shareholder, the voluntary shareholding withdrawal announcement of the quitting shareholder shall be submitted (1 original, signed by the legal representative of the shareholders, sealed by the shareholders).

企業(yè)股東因未繳付出資自愿退出企業(yè)激情图区，而其他股東或新股東愿意承接退股股東的出資的一级毛片性爱视频网站，提交退股股東自愿退股聲明(原件1份，各股東法定代表人簽字91精品免费大秀，股東蓋章)黄色视频免费进入入口。

Think that the company manages the demand resolves three problems: Under the situation of ownership with controlling the power separation, the solution executive entrusts the agency problem with the shareholder, from but guarantee the shareholder benefits maximize; In gather medium-sized ownership of a share construction nextly, how moderate the problem of the proprietor a benefits, especially protect the small shareholder was not infringed upon by the big shareholder: Under the situation of the shareholder pursues the benefits to maximize, moderate the benefits related it the problem of a relation.

認為公司治理需要解決三個問題：在所有權(quán)和控制權(quán)分離的情況下，解決經(jīng)營者和股東之間的委托代理問題黄色网站黄色网站欧洲，從而保證股東利益最大化欧美日韩成年人色免费看片；在集中型的股權(quán)結(jié)構(gòu)下一级黄色在线免费看，如何協(xié)調(diào)所有者之間利益的問題，特別是保護中小股東不被大股東侵犯永久看欧洲大片；在股東追求利益最大化的情況下欧美日韩A片网站在线看，協(xié)調(diào)利益相關(guān)者之間關(guān)系的問題。

The fourth part is aiming at regulating the transactions between the controlling shareholders and the company. The author first expounds on the theoreticalfoundations of such regulation--the principle of shareholder equality and thefiduciary duties of the controlling shareholder. Then he compares the three different modes of legislation concerning the regulations on the transactions between the controlling shareholder and the company. After that ,the author concludes that we can borrow from the USA and Germany their relevant institutions. That is, disapplying the rule of exclusion of voting rights of the controlling shareholder, perfecting the recission system of the decision of the shareholders meeting and the rule of shifting the burden of production of proof. The author thinks that the adoption of those measures will achieve a reasonable balance between the efficiency and fairness of the RPT with the controlling shareholder.

第四部分針對控制股東與上市公司的關(guān)聯(lián)交易亚洲熟女激情视频网，首先論述了規(guī)制此類交易的公司法理論基礎(chǔ)——股東平等原則和控制股東誠信義務(wù)影音先锋一区二区三区无码电影网，接著在對美國、德國和韓國三國相關(guān)規(guī)制模式進行了比較之后国产精品黄色网，認為我國可以借鑒美國和德國的相關(guān)制度欧美色欧美亚洲重口二区，取消控制股東在關(guān)聯(lián)交易決議中的表決回避制度，并輔以股東大會決議撤銷制度的完善国产乱论色网站、交易公平性的舉證責(zé)任轉(zhuǎn)換制度的采納和損害賠償制度的設(shè)立在线免费观看黄片av，以確保控制股東與上市公司的關(guān)聯(lián)交易能夠在效率和公平之間達到合理平衡久久精品免费视频60-70。

This dissertation is from the point of large shareholder, discussing the relation of large shareholder's shareholding and investment of enterprise under large shareholder control, open out the mechanism of large shareholder aggrieves atomic shareholder and creditor through investment, and the mechanism of large shareholder chose investment to realize maximum of enterprise value and reduce agency cost of large shareholder.

本文從大股東的視角出發(fā)黄色片视频公司视屏视频，討論存在大股東控制的情況下，大股東股權(quán)比例與企業(yè)投資的對應(yīng)關(guān)系黄色视频免费在线无限观看，揭示了大股東通過投資對小股東和債權(quán)人利益侵害的內(nèi)在機理日夲AAAAA性爱午夜免弗视频，以及大股東為實現(xiàn)企業(yè)價值最大化而降低代理成本時對投資的選擇的機理。

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.

以我國1998 和1999 年新上市的符合研究要求的公司作為研究樣本国产狼友，對母公司侵占上市公司資金行為進行了研究黄色网站在线免费观看www，以第一大股東對上市公司資金侵占凈額占上市公司總資產(chǎn)的比例為研究指標(biāo)，對股權(quán)結(jié)構(gòu)變量和關(guān)聯(lián)交易變量進行回歸国产精品香蕉AV，得出：上市公司第一大股東的持股比例欧美精品黄色免费线视频观看视频，與其對上市公司的關(guān)聯(lián)交易型&隧道挖掘&資金占用成倒&U&型關(guān)系；上市公司第二大股東的持股比例午夜福利试看120秒体验区，與第一大股東對上市公司的關(guān)聯(lián)交易型&隧道挖掘&資金占用成顯著的負相關(guān)關(guān)系一级A片无码大黄片，第二大股東對于抑制第一大股東的侵占行為具有一定的作用；上市公司的負債比例越高久久性网，大股東對上市公司的資金占用就越多等結(jié)論。

It with the stockholders rights structure target, the company governs the structure target to carry on the multiple regression analysis The result 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, the first major stockholders as the state-owned enterprise holding must be more easier than the non-state-owned enterprise holding to invade behavior and the expropriation by the controlling shareholder is significantly negative related with the independent trustee proportion.

數(shù)據(jù)結(jié)果表明精品人人做人人爽爱在碰，控股股東和上市公司之間的關(guān)聯(lián)交易規(guī)模與控股股東持股比例呈顯著的正相關(guān)關(guān)系久久久91精品国产，控股股東持股比例與上市公司的經(jīng)營性資金被占用率呈倒&U&型關(guān)系；第二大股東對于抑制控股股東與上市公司之間的關(guān)聯(lián)交易規(guī)模具有一定的作用先锋影音在线资源站大全；當(dāng)控股股東為國有企業(yè)控股時要比非國有企業(yè)控股更容易發(fā)生大股東侵占行為久久精品国产99久久久密月。