利息本质的一种新诠释——投资人占有并行使企业直接价值产权的报酬

The Essence of Bonus——An Emolument of Investor Enforcing Direct Value Property Rights

从企业产权的角度来看,在资本被投入企业的过程中,投资人是以转让资本产权为代价,换取企业的直接价值产权(含利息索取权),而不是投资人单方面地向企业转让资本的使用权,以换取利息索取权。利息取决于投资人行使企业直接价值产权的实际绩效,它受资本的质量与数量以及投资人执行企业直接价值产权的能力与行为的影响。因此,利息的本质是投资人占有并行使企业直接价值产权的报酬。

From exchange of property rights, when the capital is invested into corporation, an investor changes the property rights of capital to the direct value property rights with a corporation. Bonus is decided on the performance of the investor enforcing direct value property rights, and affected by the quantity and feattrre of the capital and the ability and behavior that the investor enforces direct value property rights. Therefore, the essence of bonus is an emolument of investor enforcing direct value property rights.