智力资本出资的理论分析与制度设计

现代企业的一个主要矛盾是处理财务资本和智力资本的关系问题。企业的高能激励使得智力资本所有者拥有了一部分股权，但他们还不是真正意义上的出资者。对智力资本的产权特征、价值属性和出资适格性的分析表明，如果通过制度设计，克服智力资本在产权特征和价值属性上的缺点，使得智力资本能够像财务资本那样作为出资，则现代企业的基本矛盾可以得到进一步缓解。

Theoretical Analysis and System Designing about Equity Contribution of Intellectual Capital

The main conflict in the modern enterprises is to dispose the relationship between financial capital and intellectual capital. Owners of intellectual capital gain some equity interest through incentives mechanism, but they are not the true capital investors. Analysis of property rights, value character and feasibility of capital contribution indicates that if the defect of intellectual capital can be overcome by institution designing, the main conflict in the modern enterprises may be settled more, as the intellectual capital can be contributed as the financial capital.