产权资本

Self Descriotion: Specialize on the legal services in corporate and securities, and financial investments; legal services in capital market, property rights regime and reform, definition and trading of property rights, industry convergence and reform of state management system, etc; legal services on capital operations projects, like joint-stock system reform, issuing and listing of securities (including A shares, B shares, H shares, rationed shares, newly issued shares, convertible loan shares, debenture and fund), and finance; specialized legal services in law-based administration of government departments, foreign investments, corporate acquisitions and reorganizations and insolvency liquidation, etc; legal services in overall planning of large projects and design of significant procedure, and negotiations on projects of overseas financing and investments, etc.

或评价：本人擅长公司与证券、金融投资领域的法律服务项目；资本市场、产权制度与产权改革、产权界定与交易、产业整合、国有资产管理体制改革等领域的法律服务项目；企业股份制改造、证券发行上市（A股、B股、H股、配股、增发新股、可转债、公司债、基金）、金融等资本运作项目；政府机关依法行政、外商投资、企业并购重组、破产清算等领域的专项法律业务；大型项目的整体方案策划与重大流程设计、对外投融资项目谈判等法律服务。

And economic benefit and to the malposition of internal and external equity allocation of enterprises on micro-level and to the declining of enterprise's value.

国家主导下的基本产权制度变迁过程中，各产权主体争夺共同财产的博弈决定着我国上市公司资本结构的演进和现状，而这种资本结构造成了：宏观上整个社会产权配置错位，国家控制了过多的社会经济资源，社会经济效益下降；微观上企业内外产权配置错位，企业价值下降。

S control of too many social and economic resources and to the decrease of social and economic benefit and to the malposition of internal and external equity allocation of enterprises on micro-level and to the declining of enterprise's value.

摘 要：国家主导下的基本产权制度变迁过程中，各产权主体争夺共同财产的博弈决定着我国上市公司资本结构的演进和现状，而这种资本结构造成了：宏观上整个社会产权配置错位，国家控制了过多的社会经济资源，社会经济效益下降；微观上企业内外产权配置错位，企业价值下降。

Furthermore,this kind of capital structure leads to the malposition of totally social equity allocation on macro-level and to government,s control of too many social and economic resources and to the decrease of social and economic benefit and to the malposition of internal and external equity allocation of enterprises on micro-level and to the declining of enterprise's value.

摘 要：国家主导下的基本产权制度变迁过程中，各产权主体争夺共同财产的博弈决定着我国上市公司资本结构的演进和现状，而这种资本结构造成了：宏观上整个社会产权配置错位，国家控制了过多的社会经济资源，社会经济效益下降；微观上企业内外产权配置错位，企业价值下降。

It is the summation which the society and economy relation reflect essentially. The manpower capital property right have three common characters: exclusiveness、 resolvability、business and four special characters: the first one, the owner have not impartibility ownership and control right to the manpower capital himself. The second one, manpower capital can reflect in the different way of material capital when the property right deformity; the third one, manpower capital's employment and investment course are in-phase, the fourth one, the effective yardstick and mechanism of measuring manpower capital are absence.

在此基础上，概括出人力资本产权排他性、可分解性、可交易性的一般特征以及它的四个特殊特征：一是所有者对其自身的人力资本并不具有不可分离的所有权和控制权；二是当发生产权残缺时人力资本可以以迥然于物质资本的方式回应，通过关闭人力资本达到效用享有的均衡；三是人力资本的使用和投资过程是同步合一的；四是缺乏有效计量人力资本的尺度和机制。

At last, the article indicates that there are some problems in capital management and put forward that we should improve capital management on nine facets we should change the role of government in capital management perfect law system environment of capital management , emphasis on internal recombination of enterprise , strengthen daytimeaudit and supervise in capital management to avoid profit package, strengthen adjustment of the right of assets , strengthen the role of invest bank in capital management , pay attention to recombination of immateriality assets ,emphasis on imagine package in the recombination enterprise ,call the ability of entrepreneur and so on to perfect capital management and solve some problems which enterprise confronts (1) solve the problem of poor enterprise (2) solve the problem of prepotent enterprise expansion (3) solve the problem of irrational form of recoinbinatiori enterprise (4)solve the problem of single right structure of enterprise (5)solve the problem of irrational asset collocation to induce bad effect (6)solve the problem of lack increment in development of enterprise (7)solve the problem of irrational structure so we induce enterprise to coruscate flesh vigor continually,and stock market will develop and boom continually.

最后提出了资本经营中存在的一些问题，提出要从九个方面着手改进资本经营，通过对政府在资本经营中角色的转换、健全和完善资本经营的法制环境、加强企业内部的重组、加强资本经营的审计与监督、防止利润包装、加强产权结构的调整、加强投资银行在资本经营中的作用、重视无形资产的重组、加强重组企业的形象包装和呼唤企业家才能等方面改善资本经营，解决企业经营所面临的一些问题：（1）解决劣势企业问题；（2）解决优势企业扩张问题；（3）解决企业重组形式不合理的问题；（4）解决企业产权结构一元化问题；（5）解决资源配置效益低下问题；（6）解决发展中增量不足的问题；（7）解决结构不合理的问题，这样才能使企业不断焕发出新的活力，证券市场才能不断繁荣发展。

Then, by the supermarginal analytical methods, the author further puts forward the supermarginal strategic decision of marketized division and professional management of regional environmental assets pack, and initiatively constructs the concessionary chain contract and professional management theory of regional environmental assets pack.

总之，通过建立了区域型环境资产包的收益回报机制、区域性环境资本项目市场化融资机制、以及区域性环境资本项目融资与经营的制度基础，真正实现了区域性环境资本项目融资供给与经营的政府资本适度退出、民间资本进入、产权体系清晰的政府与民间资本有机合作模式，达到了加快补足我国环境资本历史欠帐、有效提高环境资本经营效率、以及实现区域性环境资本项目商业化资本化经营的目标。

The stock option rights is a scientific mechanism prizing the property rights of entrepreneurs' human capital by the capital market, is a effective style about realizing the property rights of entrepreneurs' human capital.

股票期权是通过资本市场对企业家人力资本产权进行定价的科学机制，是企业家人力资本产权的有效实现形式。

In this frame, all these three firm ownership arrangement (physical capital ownership, human capital ownership, and customer ownership) may come to optimal allocation.

在该框架中，实物资本所有者享有企业产权、人力资本所有者享有企业产权以及客户享有企业产权这三种企业产权配置都有可能是最优配置。

Especially, we point that if the employees are very heterogeneous and the people with high capacity have the firm ownership, this partnership ownership will be optimal, then followed by human capital cooperative ownership, physical capital ownership, customer ownership orderly.

特别地，我们提出，如果员工是异质的，并且高能力者享有企业产权，则这种高能力者享有企业产权的主从制是最优的，其次是人力资本平等享有企业产权，再次是实物资本所有者享有企业产权，最后是客户享有企业产权。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。