我國(guó)上市公司高管股權(quán)激勵(lì)計(jì)劃現(xiàn)狀外文翻譯

1、膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿

2、罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖

3、節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈

4、肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅

5、莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿

6、膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃

7、罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈

8、芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂

9、肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆

10、羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃

11、腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇

12、羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂

13、芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆

14、肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀

15、艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅

16、膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿

17、莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆

18、膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀

19、肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄

20、芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿

21、膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃

22、蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇

23、膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄

24、肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈

25、芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃

26、肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇

27、莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)?/p>

28、膇蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅

29、肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀

30、芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇

31、肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁

32、莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅

33、膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿蚄羂芄薈袇螅膀薇薆肀肆薆蠆袃蒞薅螁肈芁薄袃?cè)i蚄薃肇肅芀蚅衿

34、罿艿袈肅莇羋薇羈芃羋蝕膃腿芇螂羆肅芆襖蝿莄芅薄羄芀莄蚆螇膆莃蝿羃肂莂蒈螅肈莂蝕肁莆莁螃襖節(jié)莀裊聿膈荿薅袂肄莈蚇肇羀蕆蝿袀艿蒆葿肆膅蒆薁衿膁蒅螄膄肇蒄袆羇莆蒃薆螀芁蒂蚈羅膇蒁螀螈肅薀蒀羃罿薀薂螆羋蕿 shandong 外文翻譯 學(xué) 院： 商學(xué)院 專 業(yè)： 會(huì)計(jì)系 學(xué)生姓名： 張成功 學(xué) 號(hào)： 0711206342 指導(dǎo)教師： 胡紅霞 2011 年 6 月 soe execs: get ready for stock incentivestan weistock option incentive plan will soon be available to state-owned enterpri

35、se executives, but will it lead to greater prosperity or new problems?a trailblazing new scheme to infuse state-owned enterprises (soes) with incentive stock options is under way. its a plan that may bolster company performance, but its not without risks.on august 15, li rongrong, minister of the st

36、ate-owned assets supervision and administration commission (sasac), disclosed that after careful study, a stock option incentive trial plan will be carried out in the listed soes.according to the trial plan, about 102 a-share listed soes are expected to be the trial companies. the short list of some

37、 of those expecting to participate includes: china unicom, citic group, kweichow moutai, china merchants bank and beijing financial street holding co.stock option incentive plan is designed to entice executives to work hard for the long - term development of their companies. as stocks rise based on

38、company performance, they too gain through this profits haring arrangement. this kind of incentive plan is popular in foreign countries, especially in the united states, where stock options can account for as high as 70 percent of a ceos income. further, many economists believe the stock option ince

39、ntive plan optimizes corporate governance structure, improve management efficiency and enhance corporate competitiveness.on the other hand, after the measure s on the administration of stock incentive plans of listed companies was issued early this ye a r, some of the companies turned out to have mi

40、sused the incentive stock options. the result was insider dealings, performance manipulation as well as a manipulation of the company stock price. although the stock option incentive scheme is a frequently used tool to encourage top management, it could also be a double - edged sword especially in a

41、n immature market economy, li said. the sasac is therefore taking a cautious approach, placing explicit requirements on corporate governance, the target and extent of the incentive measures, li added.li stated that the overseas-listed soes would be the first few companies that willimplement the mech

42、anism because of their sound management structure and law-abiding nature. then the domestic listed soes will have the chance to embrace incentive stock options, which would be promoted if the trial results were good.executive face-liftas for more than 900 listed soes, the personnel structure of the

43、boards of directors will pro b ably face substantial change. thats because the plan states that if the s t o ck option incentive mechanism is going to be implemented in listed soes, external directors should account for half of the board of directors.the trial plan introduced the concept of external

44、 directors for the first time. the external director should be legally recommended by directors of listed soes, and should not be working in the listed soes or in a holding company, said the plan. however, currently, most of boards of directors of listed soes are not in compliance with the requireme

45、nt. they have to readjust the structure of board of directors to fit in with the new mechanism.for most of the soes which are listed in the a-share market, their boards of directors are made up of non-external directors and independent directors, which means that apart from independent directors, me

46、mbers of board of directors are all working for the listed company or for the large shareholder, said zhu yongmin, an economist with the central university of finance and economics. if the stock option incentive mechanism is to be carried out in those companies, a large-scale restructuring of board

47、of directors is unavoidable and external directors must be introduced into the board. china securities regulatory commission (csrc) stipulates that an independent director is one who doesnt hold another office beyond his job as a director, and has no such relations with major share holder that would

48、 interfere with the exercise of independent and objective judgment.currently, the independent directors of listed companies can be categorized as external directors, zhu said. however, the definition of external director is much broader than independent director. those who work for a company which h

49、as business ties with a listed company, though they do not meet the requirements of being an independent director, but can be considered an external director.additionally, the trial plan also stipulates that the salary committee of listed soesthat exercise the stock option incentive mechanism should

50、 be composed of external directors. however, for most of the listed companies, there are still non - external directors. as a result, a considerable number of listed soes need to transform their salary committee to fulfill the prerequisites of the stock option incentive mechanism.avoiding over-compe

51、nsationover- compensation is something that the trial stock plan is trying to avoid as well. therefore, the trial plan states that domestic listed soes executives should receive no more than 30 percent of their total salary (including options and dividends). but as for the overseas-listed soes, the

52、maximum incentive is 40 percent of the target salary. the trial plan also fixes the volume of incentive stock options.the trial plan states that the volume of incentive stock options should be fixed in accordance with the scale of the listed company and the number of incentive objectives. the number

53、 of share allocated may not exceed 10 percent of the companys total share capital and no less than 0.1 percent.in fact, beijing review was informed by the csrc that some 20 listed soes also began exploring stock option incentive schemes in the first half of this year. but none of them received appro

54、val from the csrc because their schemes revealed sharp contrast with the trial plan in terms of the scale of incentive stock options offered.results-orientedunder the trial plan, better performance is a must to obtain stock privileges.the number of incentive stock options that senior executives in l

55、isted soes can get depends on their annual performance. if they cannot fulfill the targeted objective s , the listed company may have the right to take back the incentive the stock options or purchase them back at the price at which they we re sold to the executives .zhu yongmin noted that the stock

56、 option incentive plan is not invariable. the directors of listed companies, senior executives, and core technological and management personnel may not get the target stock options if they fail to achieve a satisfactory performance.no freebiesfor sure, state stocks wont be given to executives for fr

57、ee, under the trial plan. the state stocks have prices, zheng said. if they we re paid to senior executives for free in the name of incentive stocks, it is equal to a loss of state assets. to elaborate, the incentive stocks should be the increment of stocks that are earned by the executives for list

58、ed soes after the implementation of the trial plan, and should not be previous stock inventory. in short, the past is past. only future stock increases can be used as incentive stocks.further, the incentive stocks should not be paid only by the sasac, which is the largest shareholder of all the cent

59、ral soes, said zheng peimin, chairman of shanghai realize investment consulting co., who took part in drafting the trial plan,. the incentive plan should be a joint action of all share holders of a company and they should shoulder the same responsibility and enjoy equal benefit .already, share holders pay for salaries of directors, senior executives and technology managemen