中国企业高储蓄率的成因后果和对策研究

发布时间：2018-09-17 19:16

【摘要】：在扩大国内消费需求上,很多学者从消费的角度做了大量研究,尤其是针对居民消费问题,提出了很多有效的解决思路。但是,在扩大国内消费需求的同时,我们也应该看到国内储蓄率过高对经济增长的负面影响。事实上,居民储蓄率过高正是导致居民消费需求不足的重要原因之一,而企业的高储蓄率更是制约了经济社会的发展,进而影响到居民的消费需求。因此,研究企业的高储蓄率问题,无疑对于激发企业活力,促进经济增长具有重要的作用。对于储蓄问题的研究,本文分别从宏观部门和微观企业两个层面来分析我国的高储蓄率问题。在宏观层面,通过对我国宏观三部门(即居民、政府、企业)的储蓄率的描述性统计分析,可以发现近年来企业储蓄率呈现快速上升的趋势,并且企业部门的储蓄率,正赶上甚者超过居民部门的储蓄率,这说明仅仅从居民的角度研究,不论是储蓄问题还是消费问题都是不全面的。这也为下文专门针对我国企业的储蓄率进行研究阐明了原因和意义。对于企业储蓄率的问题,文章从理论和实证两个方面来进行研究。在理论方面,文章按照企业的所有制类型将企业分为国有企业和非国有企业,使得对于我国高企业储蓄问题的研究得以细化,即寻找出影响我国企业高储蓄率的共性因素,也寻求我国不同类型企业的企业高储蓄特点。而对于企业储蓄率的实证研究,本文选取上市工业企业最近12年的数据,选用平衡面板回归模型对企业的储蓄率因素进行实证分析,得出企业储蓄率较高的原因在于我国企业所受的融资约束、营业收入的快速增长、企业的股权结构的影响、企业所面临的投资机会、生产要素价格特别是劳动工资成本长期偏低造成的。特别是对于国有企业,主要是由于国有企业改革以来营业收入的快速增长、企业劳动工资成本长期偏低.国有企业的股权结构和外部政策环境的影响如国有企业分红少的政策造成的。
[Abstract]:In expanding domestic consumption demand, many scholars have done a lot of research from the perspective of consumption, especially in view of residents' consumption problems, put forward a lot of effective solutions. However, while expanding domestic consumption demand, we should also see the negative impact of high domestic savings rate on economic growth. In fact, the high saving rate of residents is one of the important reasons leading to the insufficient consumption demand of residents, and the high saving rate of enterprises restricts the development of economy and society, and then affects the consumption demand of residents. Therefore, the study of the high savings rate of enterprises undoubtedly plays an important role in stimulating the vitality of enterprises and promoting economic growth. For the study of savings, this paper analyzes the problem of high savings rate in China from two aspects of macro sector and micro enterprise. At the macro level, through the descriptive statistical analysis of the savings rate of the three macro sectors of our country (that is, residents, governments and enterprises), we can find that the enterprise savings rate has been rising rapidly in recent years, and the saving rate of the enterprise sector. It is in line with the savings rate of the household sector, which shows that the study of savings and consumption is incomplete from the perspective of the residents. This also explains the reasons and significance for the following research on the savings rate of Chinese enterprises. For the problem of enterprise savings rate, this paper studies it from two aspects: theoretical and empirical. In theory, the article divides enterprises into state-owned enterprises and non-state-owned enterprises according to the type of ownership of enterprises, which makes the research on the problem of high enterprise savings in our country more detailed, that is, to find out the common factors that affect the high savings rate of Chinese enterprises. We also seek the characteristics of high savings of different types of enterprises in our country. For the empirical study of corporate savings rate, this paper selects the data of listed industrial enterprises in the past 12 years, and chooses the balance panel regression model to analyze the factors of corporate savings rate. It is concluded that the reasons for the high enterprise savings rate lie in the financing constraints, the rapid growth of operating income, the influence of the ownership structure of the enterprise, the investment opportunities faced by the enterprises, Factors of production price, especially labor wage costs caused by a long-term low. Especially for state-owned enterprises, because of the rapid growth of operating income since the reform of state-owned enterprises, the labor wage cost of enterprises has been on the low side for a long time. The ownership structure of state-owned enterprises and the influence of external policy environment are caused by the state-owned enterprises with less dividends.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.22;F224

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