中国投资的动态效率研究

Research on the Dynamic Efficiency of Chinese investment

投资的动态效率是衡量经济是否动态有效的关键,是从资源跨期配置的角度来考察是否达到了经济最优增长所要求的资本存量,从而判断经济中是否存在资本过度积累。自1994年汇率改革以来,到2008年金融危机在全球范围内爆发,中国一直保持着高储蓄、高投资和高增长的发展态势,高投资支撑着中国经济的持续高速增长。在此期间,中国投资是否有效,是否存在过度投资,是本文主要考察的内容。这对于后危机时代宏观经济政策的选择也具有一定的借鉴意义。

Dynamic efficiency of investment is a key to measure whether a country＇s economy is dynamically efficient. In the view of intertemporal resource allocation, it examines whether the capital stock is in line with the optimal economic growth rate. Since the exchange rate reform in 1994 to the global financial crisis in 2008, China has maintained a high savings rate, a high investment rate and a high economic growth rate. And the high investment has supported the continued rapid growth of China＇s economy. This paper investigate whether China＇s investment is efficient, and whether the capital stock is appropriate during this period. In the Post-Crisis era,it also help to make macroeconomic policies.