我国储蓄—投资转化模式的经济分析和现实选择

发布时间：2018-04-12 20:51

本文选题：储蓄——投资转化 + 储蓄倾向　；参考：《天津财经学院》2003年硕士论文

【摘要】： 社会主义市场经济体制在我国的建立和逐步完善，为我国经济发展带来了崭新的机遇，同时也产生了一些亟待解决的新问题。其中，如何建立新型有效的储蓄——投资转化机制，，将我国巨大的储蓄资金转化为有效的投资资金，直接关系到我国宏观经济能否正常运行；国有企业能否走出困境，实现资本重组与资本结构优化，从而促进现代企业制度的建立。本文从我国体制改革的国情出发，在借鉴西方经济学和国内有关中国储蓄、投资的理论分析基础上，重点分析了改革后我国储蓄、投资格局的变化及储蓄——投资转化机制的变迁，在此基础上具体剖析了我国储蓄——投资转化低效率的原因，并进一步通过计量经济方法对直接和间接两种融资方式与我国经济增长的关系进行了实证分析，最后在借鉴国际融资模式的基础上提出了几点参考意见。全文一共分为五部分进行阐述：第一部分：在借鉴有关理论的基础上，主要从理论上对各部门（居民、企业、政府及国外）的储蓄、投资概念进行了界定，并探讨了储蓄——投资转化的机制和方式问题。根据储蓄转化为投资的方式将其分为直接转化方式和间接转化方式；在间接转化中通常又有两种不同的情形：一是储蓄者与投资者直接见面，实现主体的易手。如储蓄者直接借款给投资者，或储蓄者通过购买投资者发行的债券、股票等方式为投资者提供资本金，这也就是通常所说的“直接融资方式”；二是通过金融中介（如银行存款等）将储蓄者的储蓄资金转移到投资者手中，从而实现储蓄——投资的转化，这也就是我们通常所说的“间接融资方式”。第二部分：通过分析我国储蓄和投资的格局变化情况，总结出改革开放后我国储蓄、投资主体发生的深刻变化，以及储蓄主体和投资主体的严重错位，由此说明要实现储蓄——投资的顺利转化则需要一定的媒介机制或是转化渠道。鉴于居民部门和企业部门分别是我国最主要的储蓄主体和投资主体，这一部分还具体分析了居民部门的储蓄变化及企业部门的投资变化情况，在一定程度上既体现出了我国储蓄——投资转化中所存在的问题及弊端，也为后文提出相应建议提供了依据。第三部分：主要阐述我国储蓄——投资转化机制的变迁与发展，分析了不同机制下储蓄——投资转化的不同特点，分别表现为传统计划体制下的“政府财政主导型”储蓄——投资转化机制和转轨时期的“国有银行主导型”储蓄——投资转化机制，并提出了市场经济体制下的“金融市场主导型”储蓄——投资转化机制的构建思路。第四部分：对我国储蓄——投资转化作进一步的实证分析。首先通过“储蓄缺口”和居民、企业部门的债权及债务结构，对我国储蓄——投资转化的现状作了具体分析，发现其转化效率极其低下；然后通过计量经济方法分别论证了投资与经济增长的相关关系、以及直接和间接融资方式对经济增长的影响程度，并对直接和间接两种融资方式之间的关系作了计量分析，为后文提出相应建议进一步提供实证依据。第五部分：在借鉴国际两大融资模式的基础上，结合前文所作的分析和我国的历史及现实背景，综合地提出了几点参考性建议，以提高我国储蓄——投资的转化效率。
[Abstract]:The socialist market economic system in China to establish and perfect gradually, it brings new opportunities for China's economic development, but also some new problems to be solved. One is how to set up the effective savings investment conversion mechanism, China's huge savings into effective investment funds directly related to China's macroeconomic operation; state-owned enterprises get out of predicament, realize the reorganization of capital and capital structure optimization, so as to promote the establishment of modern enterprise system. The reform of China's national conditions, drawing on western economics and relevant domestic China savings, investment on the basis of theoretical analysis, focuses on the analysis of the reform China's savings, investment and changes in the pattern of savings investment conversion mechanism changes, on the basis of detailed analysis of our savings investment conversion. The reasons and further empirical analysis of the relationship between direct and indirect two ways of financing and China's economic growth are made through econometric analysis. Finally, based on the international financing mode, I put forward several reference opinions. The full text is divided into five parts:
The first part: on the basis of the related theory, mainly from the theory of various departments (residents, enterprises, government and foreign) savings, investment concepts, and to explore the mechanism and way of savings investment conversion problems. According to the savings into investment will be divided into direct and the indirect conversion method; in the indirect conversion usually has two different ways: one is the savers and investors to meet directly, realize the subject changed. If savers lend directly to investors or depositors investors through the purchase of issuing bonds, stocks and other ways to provide capital for investors, which is usually said the "direct financing"; the two is through financial intermediaries (such as banks) will transfer savings savings to investors, so as to realize the transformation from savings to investment, this is me What we usually call "indirect financing".
The second part: through the pattern analysis of China's savings and investment situation, summed up after the reform and opening up of China's savings, investment and profound changes occur, serious dislocation and the main savings and investment body, thus to realize the smooth transformation of savings investment requires a certain media mechanisms or conversion channels. In view of the residents the corporate sector and are China's main parts of savings and investment, this part also analyzes the changes of savings investment changes of residents departments and business units, to a certain extent, not only reflects China's savings -- problems and disadvantages of investment in the transformation, also provide a basis some suggestions for the later.
The third part: mainly expounds the change and development of China's savings investment conversion mechanism, analyzes the different mechanism of saving investment transformation of different characteristics, which expresses the traditional planned system of "government dominant" savings investment conversion mechanism and the transition period of "state-owned bank dominated savings investment conversion mechanism, and put forward under the system of market economy, financial market dominated savings investment conversion mechanism construction ideas.
The fourth part: make further empirical analysis on China's savings investment conversion. Firstly, through the "Savings Gap" and the residents, the creditor's rights and the debt structure of the corporate sector, the status of our country savings into investment made a detailed analysis, found that the conversion efficiency is extremely low; then through econometric methods respectively demonstrates the correlation between the investment and economic growth, and the direct and indirect financing impact on economic growth, and the relationship between direct and indirect two kinds of financing for quantitative analysis, the corresponding suggestions to further provide an empirical basis for the proposed after.
The fifth part: on the basis of the two international financing modes, combined with the previous analysis and the historical and realistic background of our country, we put forward several referential suggestions to improve the efficiency of savings investment transformation in China.

【学位授予单位】：天津财经学院
【学位级别】：硕士
【学位授予年份】：2003
【分类号】：F015

【参考文献】