资本交易是形成现代企业产权关系的基础

The Exchange of Capitals is the Foundation of the Property Rights of Modern Enterprises

现代企业和传统企业的一个根本区别 ,就是在企业和出资者之间存在着资本交易。这既是股份公司发展的结果 ,也是市场经济条件下资本市场高度发达的结果。出资者和企业间的资本交易 ,是出资者的资本转化为企业资本的过程 ,其结果对现代企业的产权关系有决定性影响。在国有企业中引出资本交易关系 ,就是按资本交易的结果、对国家明确资本所有权 ,对企业明确企业中的资本及其转化形态或运用形态的资本所有权 ,这种明晰的产权关系 ,是国有企业彻底转换经营机制 ,实现国有民营的基础。

s:The Exchange of Capital between the Firm and Investors,resulting from both the corporation development and the capital market advanced in market economy,differentiates critically the modern firms from the traditional ones.Such an exchanging process can capitalize the shareholders money in the firms assets,thereby impacting significantly on the ownership of modern enterprises.As a result of such an exchange,the nation should possess the ownership of capital,and the firm should enjoy the ownership of the assets in its operation and transition.This well defined property right is the foundation of changing the operational mechanism of state owned enterprises and managing the firm privately while the state still keeps its ownership.