由于企业所有权与实际控制权的分离，控制着企业主要权力并且不受监督的经理可能会以损害股东权益的方式追求他们自身的利益。
Because of the separation enterprise's ownership and actual control, manager control enterprise who may pursue interests by way of damaging stockholder's equity is not been supervised.
现代公司立法在承认和确立控制股东法律地位和公司事务决定权的同时，更强调对控制股东行为的规范和约束。
Modern corporation law not only admits that controlling shareholders have vantage ground on determining corporation affairs, but also restricts their action.
本文首先对上市公司控制股东诚信义务做出进一步论述，然后提出完善控制股东诚信义务的若干建议。
This paper would introduce the good faith duty of the controlling shareholders first, then it would give some advice to perfect the system.
控制股东因其持股数量超过其他任何股东而对公司的运营决策直接或间接地具有实质控制权。
Controlling Stockholders possess substantial control on the company's business operation directly or indirectly because of its larger amount in share holding.
作为最具有隐蔽性的控制股东，实际控制人理应受到更多的关注。
As the most covert controlling shareholders, the actual controllers deserve more attention.
本文从公司控制链微观结构的视角研究了大股东的终极控制与掠夺行为。
This paper mainly examines the ultimate control and predatory behavior of big shareholders based on the structure of control chains.
现代商业集团中对公司控制权和现金流权的分离使控制性股东具有隧道挖掘的动机。
The separation of corporate controlling right from the right to control cash flow in modern commercial groups makes controlling shareholders have motif to dig tunnels.
对控股股东侵害的规制，应在保护其合理控制权收益的基础上遏制其超控制权收益。
So to reduce controlling shareholders excessive benefits of control, we should limit the excessive benefits of control based on the protection of their rational benefits of control.
在集中的股权结构下，上市公司控股股东享有的控制权可能超过其持有的现金流权，造成控制权和现金流权的“两权分离”。
In concentrated ownership structure, the control right held by controlling holders of listed companies may exceed their cash flow right, which leads to the deviation of the two rights.
迄今为止，关于上市公司终极股东控制权的研究仍然仅仅局限于“股权控制链分析范式”。
So far, the researches on ultimate control right of listed companies are still limited in the analytic mode of share control chain.
分析了影响中国上市公司终极控制股东控制权收益的几种因素。
And analyze some factors that can affect the private benefits of corporate control of ultimate controlling shareholder of Chinese listed companies.
职工参与公司控制会改变股东控制公司的传统公司治理模式。
Employees sharing corporate control will change the conventional shareholder-control model of corporate governance.
公司股东内部，大股东凭借其控制地位攫取控制权收益，产生了大股东掠夺问题。
In companies, big shareholders, taking advantage of their controlling status, grab benefits of control, thus resulting in the problem of big shareholders expropriation.
如果任由实际控制人滥用手中的控制权，将无法保护少数股东、债权人、被控制公司的利益。
If the actual controllers abuse their controlling-power, the interests of minority shareholders and creditors, controlled companies would not be protected.
公司控制权市场是借助市场机制，通过转移公司控制权以达到制约公司经营者，从而有效保障股东利益的一系列制度安排。
The market for corporate control means such mechanisms as transforming the corporate control from the management to the guarantee of the interests of Stockholders.
财务控制权是公司治理结构的重要内容，通过财务控制权的最优安排，应该达到既能最大限度地激励经理人员的积极性，又能防止出现经理人员侵蚀股东利益的现象。
Through the optimum arrangements of financial controlling rights, not only managers will do their best in their work, but also shareholders can protect their capital from eroding by managers.
最终控制股东的现金流权与公司业绩显著正相关，控制权与现金流权的偏离程度与公司业绩显著负相关。
Firms in which ultimate controlling shareholders' control rights exceed their cash flow rights have significantly lower corporate performance.
为防止控制股东控制权之滥用，须对控制股东课以法律义务。
It need to impose the legal duty on the controlling shareholders in order to avoid abusing of the controlling shareholder's control power.
控制股东享有公司的控制权，确立控制股东的诚信义务有着法理学、民法学和公司法的理论基础。
Controlling shareholders have control power over companies. Their fiduciary duty has its theoretical foundation of law theory, civil law and company law.
其次，结合控制权交易的主要形式来分析中小股东的在控制权交易中的弱势地位。
The next part combines the main forms of control transactions to analyze the disadvantaged position of small and medium-sized shareholders.
控制股东滥用控制权与弱势股东保护。
Part Two The Abuse of The Controlling Shareholders' Power And The Protection of The Minority Shareholder.
根据信息不对称理论，大股东具有利用控制权侵害中小股东的利益、获取控制权私有收益的动机。
According to the information asymmetry theory, major shareholders have the motivation to against the interests of small and medium-sized shareholders and obtain earnings by using control.
考虑权力制衡对公司价值的影响，发现当控股股东的控制力和其现金流量权分离越大时，公司价值越低。股权制衡和控制权竞争程度越高时，公司价值越高。
Consider the effect of the balance power of shareholder, it shows the higher degree of the separation, the lower the company value it gets.
本文首先对上市公司控制股东诚信义务做出进一步论述，然后提出完善控制股东诚信义务的若干建议。
To regulate controlling shareholders fiduciary duty and legal liability is a important field that we should do more research .
第八条上市公司的控股股东和其他实际控制人对其所控制的上市公司及该公司其他股东负有诚信义务。
Article 8 the holding shareholders and other practical controller of a listed company shall bear good faith to the company under their control and other shareholders.
但是这种控制地位使得多数股东一旦滥用其控制权，则在公司内部就将不会受到任何约束，滥用的结果往往是多数股东为了自身的利益而损害公司和少数股东的利益。
But if they abuse the power, there is nothing in the company to check them. As the result, the company and the minority shareholders' right and benefits are deprived of by the majority shareholders.
然而布伊格兄弟控制股份，他们而不是布伊格股份有限公司的其余股东控制Cofipex。
Yet the brothers controlled the shares; they, rather than the rest of Bouygues SA's shareholders, controlled Cofipex.
然而布伊格兄弟控制股份，他们而不是布伊格股份有限公司的其余股东控制Cofipex。
Yet the brothers controlled the shares; they, rather than the rest of Bouygues SA's shareholders, controlled Cofipex.
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