中国经济效率减速冲击、存量改革和政策激励

发布时间：2018-05-27 03:16

本文选题：效率减速 + 存量改革　；参考：《经济学动态》2014年10期

【摘要】：2008年金融危机后,中国采取了积极的货币政策抑制经济下滑,然而货币扩张却难以刺激经济回到原有的均值状态,并有巨大的负产出缺口,导致生产者价格指数持续近3年为负。货币流量刺激、提升投资力度似乎难以摆脱当前的困境,其原因是出现了"效率减速的冲击",即大量的供给都是无效率的。或因无需求变为库存,或回收周期很长回报率很低,或被"僵尸企业"吸走浪费等等。低效率的企业、产能过剩部门和低效地方基建等不是能通过货币流量"输血"可以挽救的。宏观政策着重激励中国经济从高速的规模扩张转向高效率的生产,如加速折旧抵税的政策,清理"僵尸企业",加速资本市场并购步伐,而体制上要进行存量改革和调整,才能完成从规模扩张向高效率供给过渡。
[Abstract]:After the 2008 financial crisis, China adopted an active monetary policy to curb the economic downturn, but monetary expansion has been difficult to stimulate the economy to return to the original average state, and there is a huge negative output gap. The producer price index continues to be negative for nearly 3 years. Money flow stimulates, raises the investment dynamics to seem difficult to extricate from the present predicament, its reason is appeared "the efficiency decelerates the shock", namely the massive supply is inefficient. Either because there is no demand into inventory, or because of long recycling cycle returns are very low, or "zombie enterprises" sucked waste, and so on. Inefficient businesses, overcapacity and inefficient local infrastructure are not going to be saved through money flows. Macroeconomic policies focus on encouraging China's economy to move from rapid expansion on a large scale to efficient production, such as accelerating depreciation tax credits, cleaning up "zombie enterprises," speeding up the pace of capital market mergers and acquisitions, and institutionally carrying out stock reform and readjustment. In order to complete the transition from scale expansion to efficient supply.
【作者单位】：中国社会科学院经济研究所;
【分类号】：F124;F224

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