N - nonnegotiable 中文 - EN166

nonnegotiable adj.不可談判的，無商議余地的；禁止轉讓的。

nonnitrogenous
The article introduces the definition and historic background of the stock options system , and analyses its theoretical bases on economy and jurisprudence . then the article analyses the legal characteristics of the stock options system , definiting the stock options as profitable , free , restrictive and nonnegotiable rights 本文首先介紹了股票期權制度的概念的由來，從經濟學和法理學兩個角度分析實行股票期權制度的理論基礎，并著重分析了股票期權制度的法律特征。
But all of these were not accepted by investors . the paper has proposed to analysis the origin of state shares , the hanns may be caused by nonnegotiable shares and the conunanding position stated shares and put forward a practical project of reducing statc shares , which is reducing the nonnegotiable shares and increasing the negotiable shares of listed companies to realize reducing state share gradually by increasing issue to refund pallial capital to purchase state shares 本文從國有股的產生根源進行分析，剖析非流通股及國有股一股獨大產生的危害，提出一個具有可操作性的國有股減持方案，即通過增發新股籌集的部分資金來回購國有股份，使上市公司非流通的國有股份不斷減少，流通股的數量不斷增家，實現國有股的逐步減持，并逐步達到全流通。
Starting from the definition of consideration , the paper states the theoretical and legal basis of consideration , and makes comparison between consideration and compensation . the content contains : ( 1 ) consideration is an important concept in the british and american law of contract ; ( 2 ) when nonnegotiable share turns to be negotiable , the price of negotiable share will decrease . therefore , if this action occurs , nonnegotiable shareholders should make promise to protect negotiable shareholders ’ benefits ; ( 3 ) shareholder structure premium is the basic theoretical basis of consideration payment ; ( 4 ) consideration is a reasonable compensation which contract beneficiary gives to sufferer , according to the fair principle of the civil law 對價從法律上看是一種等價有償的允諾關系,而從經濟學的角度說,對價就是利益沖突的雙方處于各自利益最優狀況的要約而又互不被對方接受時,通過兩個或兩個以上平等主體之間的妥協關系來解決這一沖突; ( 2 )把對價運用于股權分置改革,其基本含義是未來非流通股轉為可流通時,由于會導致流通股股價下跌,因此,流通股股東同意非流通股可流通的同時,非流通股股東也要對這一行為發生時將充分保護流通股股東的利益不受損作出相應承諾; ( 3 )股權分置溢價是支付對價的基
Concretely , it is creditor ' s right from the angle of request of company ' s performing obligation ; it is expectant right from the realization of right ; it is option from the content of exercising right . simultaneously , eso has the characters of right , profitability , time limit and nonnegotiable . eso system is not an arrange for system of property right but a long term incentive mechanism , because the aim of enterprise executive is not property of enterprise but rich profit by exercising their right , that is the value of eso for senior manager is not to control company but to acquire profit from the price difference 第一部分分析了股票期權和股票期權制度的含義，指出股票期權的性質從不同角度分析可以認定為債權、期待權、選擇權，具體而言，從需權利人請求公司履行義務的角度它是一種債權，從權利實現的角度它是一種期待權，從權利行使內容的角度它是一種選擇權，同時它具有權利性、收益性、時限性、非流通性等特點；股票期權制度是一種長期激勵制度而非產權制度安排，因為企業經營者的目標是通過行使權利獲得豐厚收益，而非企業的所有權，即該制度對高級管理人員的最大價值是獲得差價利潤而不是控制公司。
In fact , it is the special system of our country that increase the incoherence and unconditionally of all the stockholders and the lack of the true investors . these two elements increase the stockholders “ dissimilated behavior . in dividend policy , the difference of payment level resulted from the variance of the controlling degree embodies not the difference of stockholders “ decision making to increase the company “ value but the particular preference of the nonnegotiable shareholders and the management 而最根本的原因是由于我國特定制度安排導致了股東群體的非一致性和非制約性的強化以及真正投資主體的缺位，兩個因素的共同作用加劇了股東行為的異化，表現在股利政策上，由股權控制度變化產生的支付水平差異主要體現為非流通股股東及管理層的特殊偏好，而從質的角度，以公司價值為目標的真正股東化主體的決策差異分析無效。
( 2 ) the disadvantages of shareholder structure problem . from facts , we could see shareholder structure problems have bad influence on china ’ s securities market in eight aspects , which have seriously damaged matching mechanism between risks and profits in china ’ s capital market , causing inequality between negotiable shareholders and nonnegotiable shareholders . ( 3 ) the history of solving shareholder structure problem in china ’ s securities market 從現實來看,股權分置為中國資本市場帶來了八大危害,從而嚴重損害了中國資本市場風險與收益之間的匹配機制,客觀上使流通股股東與非流通股股東處在不平等的狀態; ( 3 )中國證券市場解決股權分置問題的歷程。
Shares of listed companes in our country are classified into nonnegotiable shares and negotiable shares . nonnegotiable shares include sponsor legal person shares , private placement of legal person shares , staff shares and state shares that include state - owned shares and domestics legal person shares 我國上市公司的股份分為非流通股和流通股，非流通股包括發起人股、募集法人股和內部職工股，國有股包括國家股和國有法人股。
The existence of nonnegotiable shares becomes the tool for nonnegotiable shareholders to get funds together and expand the gap of costs arnong the shareholders . at sarne time , it leads to the high profits rate of the market 非流通股的存在使其成為非流通股股東圈錢的工具、股東之間的成本差異極大、市盈率居高不下等問題。
This article gives a solution to calculate the value of nonnegotiable shares according to the cost - devoted and the price of negotiable shares 摘要在分析現有解決股權分置主要方法的基礎上，提出了一種新的投入成本法。
On the arrangement and policy of corporations nonnegotiable shares in the present stock market 上市公司非流通股的安排及政策的考證
If a check is sent , it should be crossed and made nonnegotiable . 如果開一張支票，那張支票必須畫線，使其不能流通。