The stockholders agreed to let their company keep back a part of its profits for reserve funds.

们同意让公司扣留一部分利润作为公积金。

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32.88％，这时增加管理层持比会增加公司的代理成本，导致管理层对外部的利益侵占。