经济转型中的投资行为与投资总量

Investment Behavior and Investment Aggregates during China’s Economic Transition

针对我国投资和投资所有制结构的特殊现象。本文结合现代投资理论和经济转型的制度背景，建立了我国国有和非国有经济的投资行为模型。我们得出了投资方程的解析解并规范地解释非国有经济“投资不足”、国有经济“投资饥渴”、投资与产量双重萎缩以及低效投资等特殊宏观现象。本文的研究还有助于评价既往改革推进进程，理解我国国有经济的亏损现象，并对国有经济改革的产权导向观点提供了部分支持。

In view of the peculiar patterns of mixed ownership in China, this paper sets up dynamic investment behavioral models for SOEs and non-SOEs, respectively, under full-dimensional and gradual economic transition. We work out the analytical solutions and explain normatively complex phenomena such as “investment deficiency” of non-SOEs, and “investment hunger”, low investment efficiency, and dual shrinkage of SIDEs, The results shed lights on the evaluation of the past reform measures and point out ways for new reforms.