企业产权异化的过程和工具

On Alienation of Firm Property Rights

企业产权异化主要发生在金融市场。企业产权适度异化繁荣了金融市场,为实体经济解决了融资问题,提供了产权治理机制。然而,一些金融投资者在高额金融收益的驱动下,将股票、债券、基金券、衍生品等金融工具(产品)视为资本,促使企业的价值产权逐步脱离并疏远其物质产权,控制甚至反对其物质产权,导致金融异化。这便背离了企业产权异化为实体经济活动服务的初衷,对市场经济的健康稳定发展构成威胁。企业的价值产权向物质产权回归的有效途径是,正确认识和把握企业产权异化的工具和过程,揭示价值产权收益的实质增强物质产权与价值产权之间的联系防止产权无端地过度异化等等!。

The alienation of firm property rights mainly takes place on finance market. It causes finance market flourish, and settles some financing problems, that the firm property rights are moderately alienated. However, for higher profit, some investors regard money、stock、bond、fund, and so on, as capital. And this makes the value property rights of firms alienated with its matter property rights, and sometimes opposes its matter property right.