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于32.88％，这时增加管理层持股比率会增加公理成本，导致管理层对外部股东利益侵占。

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.

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。

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.

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.

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.

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，导致管理层股东的利益侵占。

The troops were entrenched near the mountains.

队在群山边筑起壕以防卫自己。

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，导致管理层对外的利益侵占。