论风险基金的物质产权与价值产权

On the Material and Value Property Rights in Course of Venture Fund Investing

企业产权是一种按契约选择使用企业资产的自由 ,产权主体对企业的权利包括经其他产权主体同意或以自己特有的、企业所必须的等价资源换得的权利。随着市场经济的成熟 ,企业逐步形成两种相对独立的存在形态 :物质形态与价值形态 ,它们分别规定了风险基金以及创新企业的两种产权 :物质产权与价值产权的对象和权利内容。风险基金的本质制度创新在于建立了一种物质产权与价值产权近似于完全分离的产权结构 ,是一种介于合伙制与股份制之间、接近于股份制的企业制度 ,经理人凭借其企业家才能换取了物质产权 ,投资人 (有限合伙人 )凭借资本换取了价值产权。

The property right of enterprises is the freedom to use the assests according to contract.The right of the proprietor consists of the right recognized by other property owners and the right obtained through equal exchanges with resources of their own possession,necessary to the enterprise.With the development of market economy enterprises gradually form two separate state of existence,namely,material state and value state with concrete specifications of venture fund and the objectives and contents of material and value property of the enterprise.The essential renovation of venture fund is that it helps to establish a new system with almost complete separation of material property right from value property right, a system between partnership agreement and stock ownership with more likeness to the latter.The managers obtain material property right by their talent as enterpreneurs while the investors (or limited partners) exchange for the value property right with their capital.