中国企业储蓄率变动原因探析——基于2000—2013年资金流量表

Examination of alteration reasons of savings rate of China corporate sector:based on flows of funds statement from 2000 to 2013

我国国民储蓄率一直居高不下,其中企业部门的储蓄率变动逐渐引起人们的关注。研究发现,国民储蓄率自2008年增势减缓,主要因为企业部门储蓄率出现下降,企业支付的劳动者报酬、财产支出以及融资渠道的变化是企业储蓄变动的主要原因。进一步通过E-G协整法探究企业储蓄率对国民经济、投资率的影响,发现企业部门对经济发展和投资水平起到积极作用。最后,根据企业部门的国民地位和储蓄率变动趋势给出密切关注企业储蓄率、合理降低居民储蓄率的相关建议。

The national savings rate in China has been keeping at a towering level,in which the variation of the savings rate of the corporate sector has been gaining increasingly attention. Studies showthat since2008,the slowdown of growth rate in the national savings rate has been derived largely from a decline in savings rate of corporate sector. The main reasons for alteration in savings rate of corporate sector are the changes in labor income, property expenditure and access to financing. By utilizing Enders-Granger method,the impacts brought by corporate sector savings rate are analyzed on both national economy and investment rate. It is discovered that the impact is beneficial. Finally,according to what have been mentioned above,advises are proposed that close attention should be paid to the corporate saving rate,while saving rate of household sector should be lowered to a reasonable level.