投资估价的若干理论问题

商品的价值和使用价值同是商品的属性 ,它们相互依存、相互制约。对商品估价 ,要综合考虑商品的劳动耗费和使用价值。知识产品的使用价值表现为技术创新、管理创新的能力 ,其价值不是决定于产品的劳动耗费 ,而是决定于产品价值的增值。金融产品本身没有价值 ,但代表一定的权利 ,应该有交换价值。金融资产的价值决定于其未来收益的资本化

Some Theoretical Issues in Assessments of Investments

Both value and use value are properties of commodities, which are interdependent and interactive. In assessing a commodity, it is necessary to take account of both expenditure of labor and use value. However, the use value of intellectual products lies in their technological innovation and managerial creativity, and their value is determined not by expenditure of labor but by the increment of their value. Financial products per se have no value but they represent certain rights which should have exchange value. The value of financial capital is determined by the degree of capitalization of its future profits.