The troops were entrenched near the mountains.

部山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

他躲报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而如果管理层持股比率大于32.88％，这时增加管理层持股比率会增加公司的代理成本，导致管理层对外部股东的利益侵占。

The troops were entrenched near the mountains.

部队在群山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

他躲在报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而如果管理层率大于32.88％，这时增加管理层率会增加公司的代理成本，导致管理层对外部东的利益侵占。

The troops were entrenched near the mountains.

部队在群山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

他躲在报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而理层持股比率大于32.88％，这时增加理层持股比率会增加公司的代理成本，导致理层对外部股东的利益侵占。

The troops were entrenched near the mountains.

部队在群山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

他躲在报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而如果管股比率大于32.88％，这时增加管股比率会增加公司的代成本，导致管对外部股东的利益侵占。

The troops were entrenched near the mountains.

部队在群山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

他躲在报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而如果管理层持股比大于32.88％，这时加管理层持股比加公司的代理成本，导致管理层对外部股东的利益侵占。

The troops were entrenched near the mountains.

队在群山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

他躲在报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而如果管理层持比率大于32.88％，这时增加管理层持比率会增加公司的代理成本，导致管理层对东的利益侵占。

The troops were entrenched near the mountains.

部队在群山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

他躲在报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而如果管理层持股比率大32.88％，增加管理层持股比率会增加公司的代理成本，导致管理层对外部股东的利益侵占。

The troops were entrenched near the mountains.

部队在群山边筑起以防卫自己。

He entrenched himself behind his newspaper.

他躲在报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而如果管理层持比率大于32.88％，这时增加管理层持比率会增加公司代理成本，导致管理层对外部利益侵占。

The troops were entrenched near the mountains.

部山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

他躲报纸后面。

But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.

而如果管理层持股比率大于32.88％，这时增加管理层持股比率会增加公司的代理成本，导致管理层对外部股东的利益侵占。