The stockholders agreed to let their company keep back a part of its profits for reserve funds.

股东们同意让公司扣留一部作为公积金。

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益侵占。

The stockholders agreed to let their company keep back a part of its profits for reserve funds.

股东们同意让公司扣留一部分利润作为公积金。

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.

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

The stockholders agreed to let their company keep back a part of its profits for reserve funds.

们同意让公司扣留一部分利润作为公积金。

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32.88％，这时增加管理层持比会增加公司的代理成本，导致管理层对外部的利益侵占。

The stockholders agreed to let their company keep back a part of its profits for reserve funds.

股东们同意让司扣留一部分利润作为。

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司的代理成本，导致管理层对外部股东的利益侵占。

The stockholders agreed to let their company keep back a part of its profits for reserve funds.

们同意让扣留一部分利润作为积金。

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％，这时增管理层持比率会增的代理成本，导致管理层对外部的利益侵占。

The stockholders agreed to let their company keep back a part of its profits for reserve funds.

股东们同意让扣留一部分利润作为积金。

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的代理成本，导致管理层对外部股东的利益侵占。

The stockholders agreed to let their company keep back a part of its profits for reserve funds.

东们同意让公司部分利润作为公积金。

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，导致管理层对外部东的利益侵占。

The stockholders agreed to let their company keep back a part of its profits for reserve funds.

股东们同意让公司扣留一部分利润作为公积金。

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 stockholders agreed to let their company keep back a part of its profits for reserve funds.

股们同意让司扣留一部分利润作为积金。

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％，这时管理层持股比率会司的代理成本，导致管理层对外部股的利益侵占。