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我们知道,要让一项资产保值增值,就必须用该项资产进行投资经营活动,而投资方式不外乎两类:借贷性投资和非借贷性投资。前者是将资产借给别人,取得利息性质的收入,后者是出资者自己(或参与)经营,以获得经营利润。 而现代经济的投资活动中,财产所有者与经营者已经随着经理阶层的出现开始分离。即现代经济投资活动既涉及财产所有者,又涉及财产经营者(本文称之为动态投资)。在动态投资时产权与投资活动的关系图示如下:
We know that for an asset to maintain its value, it must use the asset for its investment and business activities. There are no more than two types of investment: lending and non-lending. The former is to lend assets to others, to obtain the nature of interest income, the latter is the funder himself (or participate in) business, in order to obtain operating profit. In modern economic investment activities, property owners and managers have begun to separate with the emergence of managers. That is, modern economic investment activities involve both property owners and property managers (referred to herein as dynamic investments). The relationship between property rights and investment activities in dynamic investment is shown as follows: