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所有权与经营权的两权分离是一个整体的概念,伴随着经济社会的发展,所有权与经营权分离的内涵不断深化,外延不断扩展。时至今日,两权分离进一步拓展至两权四层次分离,相应形成了出资者系列与经营者系列,正是这种分离以及所形成的两个系列,使得所有者与经营者的委托受托关系也相应发生变化。两权四层次分离的第一层次是国家和自然人终极所有权与资本经营权(投资
The separation of ownership and management of the two rights is a whole concept, along with the economic and social development, the separation of ownership and management of the connotation of deepening, extension continues to expand. Today, the separation of the two rights has been further extended to the separation of the four rights and the two rights. Accordingly, a series of series of sponsors and operators has been formed. It is this separation and the formation of two series that allow the entrusted trust between the owner and the manager Also change accordingly. The first level of separation of four levels of ownership is the ultimate ownership and capital management of the state and natural persons (investment