Pax Wo`rld's largest stockholding is Gap Inc.

派斯世界基金所有的最多的票是盖普公司的票。

At the same time, we encouraged eligible large state-owned enterprises to get listed after the stockholding system was established.

同时，鼓励符合条件的国有大型企业改制上市。

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。