产权确定性及其对投资和经济增长的价值

The Definitiveness of Property Rights and its Value to Investment and Economic Growth

产权确定性就是人们对其资产排他性权利的实现程度。当人们对资产的排他性权利存在被剥夺或被破坏的可能性时,产权就是不确定的。产权的确定性或不确定性可进行不同的分类,如依据不确定性概念,可把产权不确定性分为与物理环境相联系的产权不确定性和与人类环境相联系的产权不确定性。一国或地区的产权确定性可以用契约密集型货币比率和企业的资产结构(无形资产与固定资产的比率)等指标加以测度。理论和实证研究说明,产权确定性是决定投资和经济增长的根本性因素。

The definitiveness of property rights is the degree of exclusiveness concerning people＇s property. When such a right is subject to the possibility of deprivation or harm, it is indefinite. The defmiteness and indefiniteness can be classified in various ways. In terms of indefiniteness, for example, there can be the type related to the physical environment and the one related to human environment. The definiteness of the property rights of a country or region can be measured with the index of the contract-intensive currency ratio or the asset structure of the enterprises （ the ratio between the intangible asset and the fixed asset ）.Theoretical and empirical study show that the definitiveness of property rights is a decisive factor in determining investment and economic growth.