流通股股东

因此，上市公司实施MBO后，管理层具有分红倾向，高分红有损于流通股股东利益。

So , management has high dividend distribution aptitude , which brings damage to the interests of the stockholders circulated .

现在，他却要和伯克希尔哈撒韦的流通股股东分享这些收益。

Instead , he has shared those gains with the public shareholders of Berkshire Hathaway .

上市公司增发新股将使非流通股股东财富增加，流通股老股东财富减少。

SEO leads to the fact that no-public shareholders ' wealth increase and public shareholders ' reduce .

因此，非流通股股东为使其财富增值最大，倾向于提高增发价格。

Thus no-public shareholders incline to raise the price of SEO to make their stock wealth maximized .

非流通股股东的利益主要是通过溢价发行、净资产增值和盈利分红来实现。

No-public shareholders realize their interests mainly through premium issue , net assets appreciation and money bonus .

非流通股股东拥有公司控制权。

Non-circulating Equity stockholders hold controlling rights of company , and financing strategy represents benefits of Non-circulating Equity stockholders .

独立董事应当向流通股股东就表决股权分置改革方案征集投票权。

Independent directors shall solicit votes from the holders of tradable shares for the vote on the Separation reform plan .

可转债是控股股东掠夺中小股东（非流通股股东）的又一替代性工具，此种融资方式并不能改善公司业绩。

Convertible bond which can not improve company performance has become an alternative tool for controlling stockholders to expropriate un-controlling stockholders .

基金公司的持股比例每增加1%，流通股股东的投票率就增加0.91%。

If the ratio of holdings the fund holds increases one percent , the vote ratio will increase by 0.91 percent .

但，他说，非流通股股东为了让股份流通，应该付给其他股东一定的对价。

However , he said owners of non-tradeable shares should pay a price to other shareholders to have the shares listed .

尚说，流通股股东在国有股减持中所造成的股份稀释不会得到补偿。

Mr Shang said investors in listed companies would not be compensated for dilution of their holdings through the sale of state-owned shares .

结果表明，非流通股股东存在着选择能带来最小理论对价水平计算方法的偏好。

The findings show that the shareholders owning non-circulation stocks tend to select the method which can bring about the smallest consideration payments .

流通股股东获得对价的基础在于非流通股股东在股份发行之初有关所持国有股、法人股暂不流通的承诺构成与流通股股东之间的合同。

The basis of the consideration is that the promises of non-circulating shareholders constitute a contract between the shareholders and shares in circulation .

只有在流通股股东的合法权益得到有效保护的前提下，才能有公平合理的股权分置改革。

Only the legal rights of the shareholder gets the valid protection , then the reform of shares separation can be fair and reasonable .

研究表明，分配现金股利使非流通股股东实现高回报率，流通股股东获得股票股利的较高短期收益率。

The result shows that non-circulated shareholders get high return rate by cash dividends , and circulated shareholders high return rate by stock dividends .

上市公司的战略行为充分体现在控股股东或实际控制人的决策结果之中，严重侵害了流通股股东的利益。

The strategic behaviors of the listed companies are fully showed up in the decision-making results of the proprietary shareholders or the actual controllers .

因此，内部经理人员控制和非流通股股东控制都会导致中国上市公司偏好增配，而当公司有较好的前景时则发行可转债融资。

Therefore , the controllers have prejudice on the equity refinancing since the firms are usually controlled by the managers or the non-tradable shareholders .

第三部分在委托代理理论的基础上分析了股权结构对公司绩效的影响，对流通股股东和非流通股股东进行行为分析。

Section Three analyses the impact of EOS on corporation performance and the behavior of both liquid and non-liquid shareholders based on the agency theory .

为协调流通股股东和非流通股股东两者的利益，非流通股股东必须支付一定的对价，作为取得流通权的成本。

Non-floating stock holders must pay certain consideration as the cost of getting circulation right in order to coordinate with the benefit between the two sides .

为了推动股权分置改革继续顺利进行，证券监管机构要进一步完善投票表决制度，切实保护流通股股东的权益。

In order to push the reform of the split share structure , the voting structure needs to be perfected to protect interests of public shareholders .

资本利得收益权是流通股股东独享权利，这是具有实践意义的创新点，并通过分析指出该项权利是流通股股东的核心利益所在。

The shareholder of current shares attaches importance to the right of income about capital gain , and think it as monopolistic right and core benefit .

另外，股权结构和股利支付率的变动关系取决于第一大股东是否绝对持股，而上市公司管理者在制定股利政策的过程中并未有迎合流通股股东的现金股利需求。

Besides , the relationship between the ownership structure and dividend payout ratio depends on whether the primary stockholder could control the listed firm or not .

上市公司解决股权分置方案由非流通股股东、公司管理层、机构投资者、自然人股东之间的博弈决定。

The act of solve the split share structure in listed company is decided by non-negotiable shareholder , company government , institutional investor and nature person .

由于对现有流通股股东实施了慷慨的补偿，消除了他们对自己所持股份可能被稀释的担心，从而为这一改革计划排除了阻力。

A generous compensation plan for owners of the existing tradeable shares , who feared their holdings might be diluted , managed to overcome any resistance .

同时，关于委托授权范围和法律效力在股改中呈现出百家争鸣的趋势，这不利于保护流通股股东的利益。

At the same time , it shows the various trends about the scope and effects of proxy which is harmful to the benefits of negotiable shareholders .

公司的非流通股股东正在积极协商，争取尽快提出股改动议，启动股改程序。

The company 's non-tradable shares are actively in order to reach as soon as possible changes to the proposed shares , the shares to start the process .

一些非流通股股东在为自身利益的考虑下，在股权流通限制解禁后，选择了抛售自己的股票，形成了所谓的大小非减持问题。

Some non-tradable shareholders choose to sell their shares after the restricted period out of their own interest , which formed the so-called share-reduction of the non-tradable shareholders .

公司董事会正在督促各非流通股股东就公司重新启动股改程序的时间与具体方案尽快达成共识。

Board of Directors is to urge the non-tradable shareholders on the company to restart the reform process with concrete proposals to reach a consensus as soon as possible .

普通股收益率的计算方法非流通股股东拥有公司控制权。

How to Calculate the Earning Rate of the Common Stocks Non-circulating Equity stockholders hold controlling rights of company , and financing strategy represents benefits of Non-circulating Equity stockholders .

股权分置时代，非流通股股东与流通股股东的利益分置格局使得以非流通股股东为主的大股东并不关注二级市场的股价波动。

In the time of partitioned stock structure , tradable and non-tradable shareholders have different interests , which make big shareholders ignore the stock volatility of the secondary market .