成渝地区民间资本投资现状研究

发布时间：2018-06-20 07:33

本文选题：成渝地区 + 民间投资　；参考：《西南财经大学》2012年硕士论文

【摘要】：自1978年改革开放以来,我国市场经济不断深化和发展,经济自由化程度大大提高,多种经济成分在改革开放三十年间都得到了不同程度的发展。其中,民间资本作为社会主义公有制经济的有益补充,经历了从无到有、由弱变强的巨大变化,对我国经济发展的贡献度也越来越显著。在相对落后的西部地区,民间资本投资对各省经济的发展同样起到了不可估量的作用。从我国改革开放的成功经验、区域经济的发展历程中可以看到,地区和国家的经济建设除了要激发多种经济成分的内在活力、不断深化和推进市场经济外,还需要大力建设核心经济区域,通过其辐射作用带动地区乃至国家经济的发展。成渝地区作为西部核心经济区,历来就是西部最重要、最发达的的区域。成都和重庆这两个特大型城市在产业布局、人才、交通、资源、投资及商贸等方面都有着很强的互补性,成渝两地的相互合作、共同发展对推进我国的西部大开发战略、带动西部经济的腾飞有重要的意义。成渝地区经济发展新的历史阶段的到来为当地民间资本的发展壮大带来了新的契机,而民间资本焕发的活力也必将推动成渝地区经济的建设。国外对于民间资本投资的研究,不论是宏观层面投资与国民经济增长、与宏观经济政策之间关系的研究,还是微观层面企业投资决策、投资效率的研究,都有较为成熟的理论体系。我国在宏、微观这两个层面的研究也取得了不少的成果。但是现今我国对于区域民间资本投资这一中观层面的研究尚不完善,对于我国特色经济区的民间资本投资的研究还待深入。与此同时,地区经济建设过程中存在的问题也不断浮出水面：地方政府如何切实优化地区投资环境、提升地区投资吸引力；投资者又如何紧跟成渝经济区的发展浪潮积极地参与到地区经济建设中,一系列现实的问题亟待分析和解决。本课题对成渝地区民间资本投资的现状研究不仅延续了我国区域投资理论研究,而且也顺应了当今国际与国内经济发展的大背景,具有很重要的理论意义和现实意义。本文在前人丰富的研究成果基础上,试图针对成渝地区民间资本的投资现状作更深一步的研究,对其影响因素进行分析探索,并在此基础上提出有借鉴意义的措施建议。具体实证方面,本文选取1985-2010年成渝地区民间资本投资的有关数据,对民间投资发展现状做了描述性分析,此外选取成渝地区国内生产总值增量、地区宏观税负、地区公共资本存量、实际利率、通货膨胀率作为影响因素建立回归模型进行定量分析。本文总共分成五个章节,前面两章主要为导论以及研究的理论基础。笔者首先界定了民间投资的相关概念,然后介绍了国内外民间资本投资研究的发展历程以及众多学者对民间资本投资的研究成果。在此基础上对投资的相关理论进行了细致的分析,对经典投资理论中投资的影响因素和影响机制进行了阐述。后面的三章为本文的主体部分。第三章着重介绍成渝地区民间资本的发展现状。该部分采用了描述性分析方法对成渝地区民间投资的相关特征进行了归纳和总结,对成渝地区民间投资发展的历史演变进行了详细的阐述和分析。数据选取方面,本章选取了1985-2010年成渝地区民间资本投资的有关数据,对成渝地区的民间资本的投资总量、投资增长率、投资比重、投资方向、投资贡献率、投资效率等几方面的指标进行了分析,为保证分析的客观和完备,此部分还纳入了全国、西部地区及部分省市的指标数据展开了比较。第四章则是对成渝地区民间资本投资影响因素的实证分析,并对实证的结果进行了归纳和总结。该部分选取了成渝地区国内生产总值增量、地区宏观税负、地区公共资本存量、实际利率、通货膨胀率作为影响因素,搜集了相关变量1985-2010年的数据,采用计量经济学的回归分析方法,对成渝地区民间资本投资的影响因素进行定量分析。第五章则为本文的结论及政策建议部分,综合文章前面各部分分析,笔者得到了本文的结论,给出了措施建议,并指出本文的不足之处。通过本文对成渝地区民间资本投资的现状分析,笔者发现：1、从投资总量上看相较于全国其它发达地区,成渝地区民间资本投资的增长更为缓慢,但随着区域经济的协调发展、西部大开发战略的实施和推进,以及成渝经济区规划的出炉,成渝地区民间资本投资总量不断攀升；2、改革开放以来,成渝地区民间资本投资增长率变化并非“一帆风顺”,还是经历了多个发展阶段,国家政策的调整、投融资环境的变化对投资增长率的影响十分显著；3、成渝地区民间资本占全国民间资本投资的比重一直较为稳定,占西部地区的比重却出现了两阶段的态势。通过相关指标和数据的分析发现：西部大开发战略实施后,几大工业强省民间资本的异军突起成为了影响成渝地区民间资本占西部地区比重的重要原因；4、通过本文对成渝两地民间资本投资方向的分析研究发现,成渝地区民间投资经过多年的发展,投资方向有所变化,投资结构得到优化。目前两地民间资本在第二产业较为活跃,四川地区投资领域更为宽泛,重庆地区民间资本行业集中度相对较高。两地产业、行业间存在较大的差异,也为两地民间资本提供了合作的可能和基础；5、通过计算投资贡献率,并将民间资本、国有资本、外商资本对社会总投资的贡献率进行了比较和分析,得出成渝地区国有资本与民间资本对社会总投资的贡献成截然相反的趋势,而外商资本对社会总投资的贡献呈现波动性特征。成渝地区民间资本在社会总投资中的参与度逐年增强。6、通过对成渝地区民间资本投资效率的分析,即分析成渝两地民营500强企业占比、营业总收入、行业投向等方面,得出成渝地区民间资本的发展和当地产业结构、政府扶持力度紧密相关。其中,四川地区对第三产业的电子信息、交通运输等领域扶持力度较大,而重庆地区则是对重工业和装备制造业的倾向更多,造成两地大中型民营企业所处领域的大相径庭。同时由于四川地区民间资本发展起步更早,受政府扶持力度更大,四川省大中型民营企业数量和营业总收入均高于重庆地区的大中型企业。而通过成渝地区民间投资影响因素的实证分析,可以看到成渝地区民间投资的影响因素中,地区公共资本存量、实际利率、宏观税负的影响效果显著。实际利率和宏观税负是民间资本投资企业实际生产经营中必须考虑的资本成本,实际利率和宏观税负越高,对民间资本投资的抑制越强。而公共资本存量衡量的是当期与之前各期政府投资对民间投资的全部外部影响,实证结果表明,成渝地区公共资本存量显示出较强的外部性,对民间投资起到了较强的拉动作用。通过本文的分析和总结,笔者认为当前成渝地区民间资本投资面临的问题主要有以下几个方面：一是当前金融危机尚未过去,国内外经济形式复杂多变,使得地区民间资本投资的外部环境不明朗；二是国家及地区对民间资本引导和扶持的政策落实不到位,尤其是重要产业、行业的准入问题以及民间资本融资渠道的疏通引导问题,都尚待进一步落实和解决。现今,民间资本投资机制不够有效、民间资本投资的软环境还需优化。三是成渝两地存在的行政壁垒阻碍了两地民间资本的合作共赢。在成渝地区迎来新的发展阶段时,民间资本参与当地发展和加强双方合作的问题亟需解决。四是成渝地区民间资本投资企业由于深处内陆,公司治理薄弱、市场化程度较低、专业技术和专门人才较为缺乏,导致地区民营企业的市场竞争力不够,抗风险能力低。笔者认为拓宽成渝两地民间资本投资的领域和区域,逐渐打破行业壁垒、消除行政阻碍是两地政府需要长期致力解决的问题。同时注重改善民间资本投资环境,优化民间资本投资机制。此外,针对民间资本自身的问题,民营企业应完善自身公司治理结构、引进专业技术专门人才,才能逐步提升市场竞争力。本文的创新之处：(1)国外对于民间资本投资的研究,不论是宏观层面投资与国民经济增长、宏观经济政策之间关系的研究,还是微观层面企业投资决策、投资效率的研究,都有较为成熟的理论体系。我国在宏、微观这两个层面的研究也取得了不少的成果。但是现今我国对于区域民间资本投资这一中观层面的研究尚不完善,对于我国特色经济区的民间资本投资的研究还待深入。本文从中观层面这一视角切入,研究成渝两地民间资本的发展现状,梳理了成渝两地民间资本的历史演进,结合经典的投资理论对其影响因素进行了分析。对区域民间资本发展的研究,尤其是西部核心经济区民间资本发展的研究进行了一定补充。 (2)现今国内民间资本投资的研究,更多的是定性的提出问题,而系统性地运用经典投资理论进行定量分析较少。本文通过研究相关理论,综合国内外研究成果,设定了民间资本投资函数,建立含多个解释变量的计量模型,综合考虑民间资本的影响因素,以便深入分析成渝地区民间资本投资发展历史进程背后的原因并对其发展趋势有更清晰的认识。本文在研究过程中仍然存在以下不足之处： (1)在成渝两地民间投资发展现状分析过程中,未对成渝地区民间投资在重要的工业城市、特色优势产业的发展分布情况进行进一步分析；(2)运用对比分析法进行相关研究时,由于相关地区数据未得到及时更新,本文未采用最新数据进行对比分析；(3)在使用各影响因素作为解释变量对民间投资进行定性分析时,由于获取数据的困难,少数数据的选择和处理采用了近似代替的方法。例如通货膨胀率的选取为两地固定资产投资价格指数的平均值近似估计。
[Abstract]:Since the reform and opening up in 1978, China's market economy has been deepened and developed, the degree of economic liberalization has been greatly improved, and many economic components have been developed in different degrees in the thirty years of reform and opening up. The contribution to China's economic development is becoming more and more significant. In the relatively backward western region, the investment of private capital has also played an inestimable role in the economic development of all provinces. From the successful experience of China's reform and opening up and the development process of the regional economy, the economic construction of the region and the country will not only stimulate a variety of classics. The internal vitality of the economic components and the continuous deepening and promotion of the market economy need to build the core economic region and promote the economic development of the region and the country through its radiation effect. As the core economic zone of the west, Chengyu region has always been the most important and developed region in the West. The two large cities of Chengdu and Chongqing are produced. There are strong complementarities in industry layout, talents, transportation, resources, investment and trade. The mutual cooperation and development of Chengdu and Chongqing are of great significance to promoting the western development strategy of China and promoting the development of the western economy. The new historical stage of economic development in Chengyu region is the development and expansion of local folk capital. A new opportunity has come, and the vitality of private capital will also promote the economic construction of Chengdu Chongqing region.
The study of private capital investment abroad, whether it is the macro level investment and the national economic growth, the relationship between the macro economic policy, the micro level enterprise investment decision, the investment efficiency research, has a more mature theoretical system. China has made a lot of achievements in the two aspects of macro and micro view. At the same time, the research on the meso level of regional private capital investment is not perfect, and the research on private capital investment in China's characteristic economic zone is still to be deepened. At the same time, the problems that exist in the process of regional economic construction are also emerging: local governments, such as how to optimize the regional investment environment, improve the regional investment. The research on the current situation of the private capital investment in Chengdu Chongqing region not only continues the study of regional investment theory in China, but also conforms to the international and domestic today. The background of economic development is of great theoretical and practical significance.
On the basis of the rich research achievements of the predecessors, this paper tries to make a further study on the current situation of the investment of folk capital in Chengyu area, analyzes its influencing factors, and puts forward some suggestions for reference on this basis. In the concrete empirical aspect, this paper selects the relative number of private capital investment in the 1985-2010 year Chengyu region. According to the descriptive analysis of the current situation of the development of private investment, the increment of GDP, the regional macro tax burden, the stock of regional public capital, the real interest rate and the rate of inflation are selected to establish the regression model for quantitative analysis.
This article is divided into five chapters. The first two chapters are the introduction and the theoretical basis of the study. First, the author defines the related concepts of private investment, and then introduces the development process of the research on private capital investment at home and abroad and the achievements of many scholars on the research of private capital investment. On this basis, the related theories of investment are carried out. After careful analysis, the influencing factors and influencing mechanism of investment in classical investment theory are expounded.
The three chapter is the main part of this article. The third chapter introduces the development status of the folk capital in Chengdu Chongqing region. This part adopts the descriptive analysis method to sum up and summarize the related characteristics of the folk investment in Chengyu area, and elaborate and analyze the historical changes of the development of the folk investment in Chengyu area. In this chapter, this chapter selects the relevant data of the private capital investment in the Chengdu Chongqing region for 1985-2010 years, and analyses the total amount of investment, the rate of investment growth, the proportion of investment, the direction of investment, the investment contribution rate and the efficiency of investment in the Chengyu region, in order to ensure the objective and complete analysis, and this part is also included in the whole country. The index data of the western region and some provinces and cities are compared. The fourth chapter is an empirical analysis of the influencing factors of the private capital investment in Chengyu area, and the results are summarized and summarized. This part selects the increment of GDP in the Chengdu Chongqing region, the regional macro tax burden, the regional public capital stock, the real interest rate, and the currency. As the influencing factor, the data of the related variables for 1985-2010 years are collected and the regression analysis method of econometrics is used to make a quantitative analysis on the factors affecting the investment of folk capital in Chengdu Chongqing region. The fifth chapter is the conclusion and policy suggestion part of this article. The measures and suggestions are given, and the shortcomings of this paper are pointed out.
Through the analysis of the current situation of private capital investment in Chengyu area, the author finds that: 1, the growth of private capital investment in Chengdu Chongqing region is slower than that of other developed areas in China, but with the coordinated development of regional economy, the implementation and promotion of the strategy of the western development and the production of the planning of the Chengdu Chongqing Economic Zone. The total amount of private capital investment in Chengdu Chongqing region is rising continuously; 2, since the reform and opening up, the growth rate of private capital investment in Chengyu region is not "smooth sailing", or has experienced many stages of development, the adjustment of national policy, the change of investment and financing environment on the investment growth rate is very significant; 3, the folk capital of Chengdu Chongqing region accounts for the whole country. The proportion of private capital investment has been relatively stable, but the proportion of the proportion of the western region has appeared in the two stage situation. Through the analysis of relevant indicators and data, it is found that after the implementation of the western development strategy, the sudden rise of private capital in several big industrial provinces has become an important factor affecting the proportion of folk capital in the western region of Chengyu region. 4, through the analysis of the investment direction of the private capital in Chengdu and Chongqing, it is found that the private investment in the Chengyu region has been developed after years, the investment direction has changed and the investment structure is optimized. At present, the private capital is more active in the second industry, the investment field in Sichuan is more extensive, and the private capital industry in the Chongqing region is concentrated. Relatively high degree. There are great differences between the two industries and industries, and also provide the possibility and foundation for the cooperation between the two folk capital. 5, through the calculation of the contribution rate of investment, the contribution rate of private capital, state capital and foreign capital to the total social investment is compared and analyzed, and the state-owned capital and private capital in Chengdu Chongqing region are obtained. The contribution of the total social investment becomes the opposite trend, and the contribution of foreign capital to the total social investment is fluctuating. The participation of the folk capital in the total social investment in Chengyu region is increased by.6 year by year. Through the analysis of the investment efficiency of the private capital in Chengyu region, that is to analyze the proportion of the 500 private enterprises in Chengdu and Chongqing, and the total business income. The development of the private capital in the Chengdu Chongqing region and the local industrial structure and the support of the government are closely related. Among them, the Sichuan area supports the third industry in the fields of electronic information, transportation and transportation, while the Chongqing region is more inclined to heavy industry and equipment manufacturing, resulting in the large and middle type people of the two regions. At the same time, because of the early development of the private capital in Sichuan and the greater support of the government, the number of large and medium-sized private enterprises in Sichuan and the total revenue are higher than those of the large and medium-sized enterprises in the Chongqing region.
Through the empirical analysis of the influential factors of folk investment in Chengyu area, we can see that among the factors affecting the private investment in Chengyu region, the effect of regional public capital stock, real interest rate and macro tax burden is significant. The actual interest rate and macro tax burden are the capital costs that must be considered in the real production and management of private capital investment enterprises. The higher the interest rate and the macro tax burden, the stronger the suppression of the private capital investment, and the public capital stock is a measure of the external influence of the government investment on the private investment in the current period and the previous period. The empirical results show that the public capital stock of the Chengdu Chongqing Region shows a strong externality and has a strong pulling effect on the private investment.
Through the analysis and summary of this paper, the author believes that the problems facing the current Chengdu Chongqing folk capital investment are as follows: first, the current financial crisis is not yet in the past, the domestic and foreign economic forms are complex and changeable, which makes the external environment of the regional private capital investment uncertain; two is the guidance and the guidance of the private capital in the state and the region. The implementation of the support policy is not in place, especially the important industries, the industry access and the dredging and guidance of the private capital financing channels, which have yet to be further implemented and solved. Nowadays, the private capital investment mechanism is not effective and the soft environment of the private capital investment needs to be optimized. Three is the administrative barrier that exists in the two regions of Chengdu and Chongqing, which hinders two In the new development stage of the Chengdu Chongqing region, the problem of private capital participation in local development and strengthening the cooperation between the two sides needs to be solved urgently. Four, the private capital investment enterprises in Chengyu region are due to the deep inland, the weak corporate governance, the low degree of marketization, the lack of professional technology and specialized talents, and the result of the lack of professional technology and specialized personnel. The market competitiveness of private enterprises in the district is not enough and the ability to resist risk is low. The author believes that expanding the areas and regions of private capital investment in the two regions, gradually breaking the barriers of industry and eliminating administrative obstacles are the problems that the two governments need to solve for a long time. In view of the problems of private capital, private enterprises should improve their corporate governance structure and introduce professional and technical expertise so as to gradually enhance their market competitiveness.
The innovation of this article: (1) foreign research on private capital investment, whether it is the macro level investment and national economic growth, the study of the relationship between macro economic policy, the micro level enterprise investment decision, the investment efficiency, all have a more mature theory system. In China, the two aspects of macro and micro research are also taken. Many achievements have been made. But now our country is investing in regional private capital.
The research on the middle view level is not perfect, and the research on the private capital investment in China's characteristic economic zone is still to be further studied. From the perspective of the middle view, this paper studies the development of the folk capital in Chengdu and Chongqing, and combs the historical evolution of the folk capital in the two regions, and points out the influence factors of the traditional investment theory. Analysis of regional private capital development, especially the study of private capital development in the Western core economic zone.
(2) the research on domestic private capital investment is more qualitative, and the systematic use of classical investment theory is less quantitative analysis. By studying relevant theories and integrating domestic and foreign research results, this paper sets up the private capital investment function, establishes a measurement model containing multiple explanatory variables, and considers the private capital in a comprehensive way. The factors that affect the development of private capital investment in Chengdu Chongqing area are analyzed in depth.
In the course of the study, there are still the following deficiencies:
(1) in the analysis process of the status quo of the development of the private investment in Chengdu and Chongqing, the development and distribution of the private investment in the important industrial cities and the characteristic advantages industry in Chengyu area was further analyzed. (2) the related area data was not updated in time when the relative research was carried out with the comparative analysis method.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F276.5

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