The troops were entrenched near the mountains.

部队群山边筑起壕沟以防卫自己。

He entrenched himself behind his newspaper.

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％，这时加管理层持股比率会加公司的代理成本，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于32.88％，这管理层持股比率会司的代理成本，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％，这时增管理层持股比率会增公司的代理成本，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，理层对外部股东的利益侵占。

The troops were entrenched near the mountains.

部队群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.

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

The troops were entrenched near the mountains.

部队在群起壕沟以防卫自己。

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％，这时增管理层持股比率会增公司的代理成本，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，导致管理层对外部股东的利益占。

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于32.88％，这管理层持股比率会公司的代理成本，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％，这时增管理层持股比率会增公司的代理成本，导致管理层对外部股东的利益占。