产权证券化与企业直接融资

Property Right Transferring to Securities and Enterprises' Direct Financing

市场经济是以资本运动为基础的。资本运动是资源配置效率的保证。由计划经济向市场经济转轨的过程 ,实质上也是一个资产再资本化的过程。深化国有企业改革 ,盘活资产 ,都是为使固化形态的资产日益转化为证券形式和资源配置日益以证券为媒介进行融资。

Market economy is based on the capital movement. The free movement of capital is the guarantee for the efficiency of resource allocation. The transfer process from planned economy to the free market economy is, in fact, a process of assets capitalization yet again. Deepening the state-enterprises reform and making the assets circulative are all for the aim of transferring the fixed assets into stocks and shares forms and by the way of financing, which is using the securities as the media, allocating the resources increasingly.