The concept of shareholder value works from the premise that a business only adds value for its shareholders when equity returns exceed equity costs.

股东价值观念的前提是，当资产回报大于资产成本时，才能为股东带来收益。

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The theory of dual property right distorts the concept and nature of property right, inevitably conflating the legal personality of corporation and shareholder.

双重所有权的理论扭曲了所有权的概念和性质，必然导致公司与股东人格的混同。

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For a sample of 991 firms from capital market in year 2000, we define the concept of shareholder protection according to equity ownership structure and study its relationship to the cash holdings.

本文选取了2000年上市公司样本991个，定义了基于股权结构的股东保护变量，并在此基础上研究了股东保护与现金持有量之间的关系。

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For a sample of 991 firms from capital market in year 2000, we define the concept of shareholder protection according to equity ownership structure and study its relationship to the cash holdings.

本文选取了2000年上市公司样本991个，定义了基于股权结构的股东保护变量，并在此基础上研究了股东保护与现金持有量之间的关系。

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