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.

而如果管理层持大于32.88％，这时增加管理层持会增加的代理成本，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.

而如果层持股比率大于32.88％，这时增层持股比率会增公司的代成本，导致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.

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.

而如果管理层持股比率大于32.88％，这时管理层持股比率公司的代理成本，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.

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.

而如果管层股比率大于32.88％，这时增加管层股比率会增加公司的本，导致管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.

而如果管理层持大于32.88％，这时增加管理层持会增加的代理成本，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.

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.

股东们同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。