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英语翻译In China,a large number of listed firms are restructured

来源:学生作业帮 编辑:作业帮 分类:英语作业 时间:2024/05/13 20:06:26
英语翻译
In China,a large number of listed firms are restructured from existing state-owned enterprises (SEOs) through “carve out,” under which part of a business group is carved-out to set up the to-be-listed firm and the original business group remains as the parent firm.The government controls the majority of these SEO shares through different government agencies.Due to this unique ownership structure,connected transactions are almost as common as a daily routine for the majority of the listed firms.Statistics show that out of 719 listed firms in 1997,609 firms were involved in different degrees of connected transactions,which is 84.6% of listed firms.In 2000,this number reached to 93.2% (www.forumcn.com,2003-10-9).Among those connected transactions,above 70% were conducted between the controlling shareholders and their listed firms.Evidence indicates that the current corporate governance system in China fails to constrain controlling shareholders from tunneling through connected transactions when the firm in sound financial conditions.
在中国,大量的上市公司都是由现有的国企(SOE)通过剥离改制而来的,由此,业务集团的一部分被剥离并组建将要上市的公司,而原来的业务集团保留为母公司,政府通过其不同的机构控制这些国企的多数股.由于这种独特的所有者结构,对于大多数上市公司来说,关联交易就像家常便饭一样.统计表明,在1997年的719家上市公司中的609家都不同程度地卷入了关联交易中,这占了上市公司的84.6%.在2000年,这一比重达到了93.2%.(网址我就不翻译了).在这些关联交易中,超过70%是在控股股东和他们的上市公司之间完成的.有证据表明,现有的公司治理机制在上市公司处于健康的财务状况是,无法束缚控股股东这些隐蔽的关联交易.