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侵占。

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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侵占。

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