公司l治理翻译.docVIP

65-66面 Berle and Means-type public companies (Berle and Means 1932) are an exception in Italy,and often a temporary one. 伯利和指式公司（伯利和米恩斯1932）在意大利是一个例外，并通常是暂时的一个。 The cases of Olivetti and Telecom Italia in the late 1990s seem to support this argument. 在1990年代晚期好利获得和意大利电信的情况似乎支持了这个观点。 In 1998, as soon as several capital increases had diluted existing blocks to meet liquidity needs, 在1998年，只要有几个增资来满足现有块以满足流动性需求， Olivetti’s CEO assembled a group of investors and gained control of the company. 好利获得的执行总裁聚集了一群投资家和取得了对公司的控制。 After its privatization in 1997, Telecom Italia was characterized by a rather widespread ownership and control structure that was uncommon according to Italian standards. 1997年它私有化后，意大利电信就以一个相当广泛的私有权和控制结构为特点，依据那时候意大利的水平它并不常见。 In 1999, Telecom Italia was the target of an exceptional (according to the Italian standards) hostile takeover and its control was secured via a complex pyramidal structure. 在1999年，意大利电信的目标是一个罕见的（根据意大利的标准）恶性接受，而且它的控制是通过一个很复杂的金字塔结构被固定。 In the absence of an institutional framework facilitating more dispersed ownership or mechanisms for financial supervision, 在制度框架缺乏的情况下，促进机制更加分散金融监管机制， pyramidal groups are a common device to maximize the ratio between the amount of the resources controlled and the own capital invested to maintain the control of a company. 锥体组是常见的设备，以最大限度地提高资源量之间的比率控制和自有资金投资，以保持公司的控制权。 Pyramidal groups work as organizations in which legally independent firms are controlled by the same shareholder (or group of shareholders) via a chain of ownership relations (Onida 1968;Saraceno 1972; Bianco and Casavola1999). 锥体团体合作组织在法律上独立的公司由同一股东（或股东集团）通过控制链所有制关系（1968年Onida萨拉切诺1972年;比安科和Casavola1999年） For example, a family firm A owns 51 per cent of company B, which in turn owns 51 per cent of company C. Company A is still able to maintain control of company C even though its direct stake in C is nil. 例如，一家公司A拥有B公司51％，其中反过来，拥有51％的公司三公司是仍然能够保持C公司的控制，即使其直接的利害关系是在C In practice, the situation is usually much more complicated with th