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

派克斯世界基金所持有最多是盖普公司。

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

同时，鼓励符合条件国有大型企业市。

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.

而如果管理层持比率大于32.88％，这时增加管理层持比率会增加公司代理成本，导致管理层对外部东利益侵占。