股东产权

Like DNA itself, the story has two entwining strands. As researchers deprived of public funds turn to commercial companies to pay for their research, those companies seek to protect their intellectual property for their shareholders' benefit.

正如脱氧核糖核酸本身一样，这种情况也具有两股缠绕的链因为研究人员不能取得公共基金而转向商业公司，并由这些公司来资助他们的研究，那些公司则为了他们股东的利益力求保护他们的知识产权。

Some people even fully denied the property of the development of MBO in China, and they thought that MBO was not fit for China. The paper makes a systematic comparing analysis between the causes of MBO in western countries and China, applying the principal agent theory, human resource capital theory, and property rights theory, and so on. And we get the conclusion that there is the same incentive causes in China MBO and overseas MBO, and it is enterprise authority arrangement trend in knowledge and economy era. 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.

本文应用委托代理理论、人力资本理论和产权理论等对中西MBO动因进行系统的比较分析，得出结论认为中外MBO具有相同的激励动因，都是知识经济时代智能资本获取企业所有权的企业权力安排形式，不同的是国内MBO是制度转型的结果，而国外MBO是竞争选择的结果，同时由于我国MBO存在股权交易价差，管理层具有获取价差的直接动机；本文运用博弈论的方法对我国MBO&禁而不止&问题进行分析，分析结论认为国资监管部门与地方政府和国有股东代表与管理层之间的利益差异是导致当前我国MBO&禁而不止&的根本原因；文章通过对我国26家上市公司MBO并购绩效的实证分析，得出结论认为MBO有利于公司绩效的改善，进而文章对当前我国MBO存在问题展开分析，并提出几点建议，我们认为当前对我国MBO的理性做法是适当引导，而非简单禁止。

I'm strongly against the death penalty — it's an eye for an eye.

我不赞成死刑——这是以牙还牙的报复行为。

And to get you the support you need, we're enlisting all elements of our national power: our diplomacy and development, our economic might and our moral suasion, so that you and the rest of our military do not bear the burden of our security alone.

并给你们所须的支援，我们正徵召国家所有各种的力量：我们的外交及发展，我们的经济力量与道德劝说，所以你们与其他军人不须要孤独地负起国家安全的责任。