公司

Anagement buyout means the purchase for cash or non-convertible senior securities of substantially all the business and assets of a public corporation pursuant to a statutory merger or other transaction in which members of the former management of the public corporation will acquire a significant equity interest in the purchaser, and the purchaser theretofore has not been an operating company or a subsidiary of one.

BO 即 Management Buyout ，中文译为"管理层收购"，"管理者收购"或"经理层融资收购"。西方对 MBO 的定义是指：购买者根据并购的立法规定，用现金或不可转换的证券购买一个上市公司大部分业务和资产；或者指这样一些交易：在这些交易中，上市公司的前任管理人员获得目标公司相当多的资产利益，因而，目标公司不再是上市公司的执行公司或子公司。

Over the years, he has served as a consultant to a number of governmental agencies, nonprofit organizations and companies including, World Bank, United Nations FAO, Engineering Science Consulting Firm; Foster Farms; Calgene; Plant Genetics; California Farmers Rice Cooperative; Upjohn; Eureka Laboratory; and Seminis companies in the US.

多年来，耿旭教授作为顾问为许多国际机构、组织和大公司提供咨询服务，包括世界银行、联合国粮农组织、工程科学咨询公司、佛斯特农业公司、CALGENE公司、植物基因公司、加州稻农协会、UPJOHN公司、优利卡实验室、SEMINIS 种子公司等。

This specification company administers from microcosmic on affected appear on the market the vendibility of company stock: Good to company processing state company can form investor of show off?

这说明公司治理从微观上影响了上市公司股票的市场价值：第一，投资者对公司治理状况好的公司会形成一定预期；第二，对公司治理状况改善空间大的上市公司，投资者的这种预期更大。

Following the above market positioning, principles of developing the corporate bond market in China will be suggested in relation to market-oriented principles, rule of law, industrial regulations, adaptative innovations within China situations and International standards, market advancement and sustainability, coordination between economic policy and macro-economic development, etc.

按照上述总体设想和政策定位，本文通过对中国公司债券市场历史沿革、发展状况以及存在问题进行实证分析，提出了中国发展公司债券市场的基本原则：市场化原则、法治化原则、规范化原则、立足国情与国际惯例逐步接轨相结合原则、适应性创新原则、循序渐进与可持续发展原则、贯彻经济政策与宏观经济协调发展原则；分别构筑了建立和完善多层次的公司债券发行市场和流通市场的体系架构；为解决当前中国公司债券发行市场存在的8大问题，提出了10项具体对策措施；针对当前中国公司债券流通市场发展缓慢的现实，提出了建立和完善中国公司债券流通市场的具体模式和实施步骤。

In Indonesia, PT Bumi Resources' higher revised A$ 504.1 million (US$ 484 million) counter bid for Herald Resources (its existing takeover bid was for A$ 445 million) has now been trumped by a higher revised joint counter bid of A$ 524 million (US$ 503 million) from Indonesia?s Antam (PT Aneka Tambang which owns 20% of Herald?s Dairi project) and China?s Shenzhen Zhongjin Lingnan (a leading Chinese zinc/ lead producer).

在印度尼西亚，PT Bumi资源公司将收购澳大利亚先驱资源公司的价格提高到了5.041亿美元，低于印尼Antam公司（PT Aneka Tambang公司持有先驱资源公司旗下Dairi项目20％的股份）和中国深圳中金岭南公司（中国一家领先的锌/铅生产商）提供的5.24亿美元的联合报价。

Article 19 Where the shareholders of a limited liability company or the directors and controlling shareholders of a joint stock company or the actual controllers of a company maliciously dispose of company properties and thus cause losses to any creditors after the company dissolution, or fail to make liquidation and cheat the company registration organ to deregister the legal person by means of a false liquidation report, if any creditors claim that the aforesaid shareholders, directors and controlling shareholders or actual controllers shall assume the corresponding civil liability for the debts of the company, the people' s court shall support the claim.

第十九条有限责任公司的股东、股份有限公司的董事和控股股东，以及公司的实际控制人在公司解散后，恶意处置公司财产给债权人造成损失，或者未经依法清算，以虚假的清算报告骗取公司登记机关办理法人注销登记，债权人主张其对公司债务承担相应赔偿责任的，人民法院应依法予以支持。

Then based on analysis of the characteristics and trend of the corporate governance principles of other countries and organizations,we drew a conclusion that both the corporation laws and the flexible,guidable principles on corporate governance are necessary for Chinese enterprises.

面对各国、地区、组织制定公司治理原则的热潮，在分析世界各国、组织的公司治理原则的特点和发展趋势的基础上，提出了在我国企业进入公司治理改革新阶段的时候，良好的公司治理既需要国家通过强制性的法律法规对治理结构进行规定，还需要制定与公司环境变化相适应的、具有指导性、非强制性和灵活性的公司治理原则的观点。

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.

文章首先对交通运输仓储行业1999年以前上市的27家公司的截面数据进行线性回归，发现在分析时段1999年至2003年，样本公司的净资产收益率和单位经济增加值与资产负债率之间线性不相关；然后文章又对该行业上市公司的截面数据进行二次函数回归，同样也没有得到令人满意的结果，这说明仅就1999年至2003年五年的截面数据而言，上市公司资本结构不存在最优区间；最后，文章对我国证券市场存在的问题以及该行业上市公司资本结构的不合理性提出了改进的设想，并从四个方面提出了优化我国上市公司资本结构的建议。

Services Lawyers at Yao Liang have provided legal services to a great number of international and mainland based clients including Citibank, Kodak, Pfizer, BP, Honeywell, Inbv, Belgium, Société BIC, DHL, National Instruments, Mannesmann AG, Deutsche Bundesbank, Sakura Bank, Bank of Tokyo-Mitsubishi, Twentsche Kabel Holding, Schenker, PCCW-HKT Limited, Shanghai Electric Corp., China Pacific Insurance Co.

服务领域耀良的律师曾向国内外的许多知名企业提供法律服务，这些客户包括美国花旗银行、柯达公司、辉瑞公司、英国石油、霍尼韦尔、比利时英博制酒集团，法国比克公司、德国曼内斯曼集团、德意志银行、日本樱花银行、三菱银行、荷兰商业银行、荷兰特恩持、全球货运公司、电讯盈科、上海电气集团、太平洋保险公司、江南造船厂等；法律服务的领域涉及公司和并购业务、外商直接投资、知识产权、信息技术、电讯、海事（包括船舶制造、船舶融资和理赔等）、保险、物流、房地产、税务、反倾销、国内国际仲裁等各个方面。

Lawyers at yao liang have provided legal services to a great number of international and mainland based clients including citibank, kodak, pfizer, bp, honeywell, inbv, belgium, société bic, dhl, national instruments, mannesmann ag, deutsche bundesbank, sakura bank, bank of tokyo-mitsubishi, twentsche kabel holding, schenker, pccw-hkt limited, shanghai electric corp., china pacific insurance co. and jiangnan shipyard, etc. the firm's services extend over a wide spectrum: from corporate and m

耀良的律师曾向国内外的许多知名企业提供法律服务，这些客户包括美国花旗银行、柯达公司、辉瑞公司、英国石油、霍尼韦尔、比利时英博制酒集团，法国比克公司、德国曼内斯曼集团、德意志银行、日本樱花银行、三菱银行、荷兰商业银行、荷兰特恩持、全球货运公司、电讯盈科、上海电气集团、太平洋保险公司、江南造船厂等；法律服务的领域涉及公司和并购业务、外商直接投资、知识产权、信息技术、电讯、海事（包括船舶制造、船舶融资和理赔等）、保险、物流、房地产、税务、反倾销、国内国际仲裁等各个方面。

With the development of highway construction, the speed of cars has been gradually increased.

随着公路的发展，汽车的车速也在不断提高。

So we basically had to develop a bond with the animal in terms of socializing with it.

所以我们就主要想通过跟它沟通的方式来建立一种良好的关系。