投资制度变迁对我国宏观投资效率影响研究

Research on the investment system changes' influence on China's macro investment efficiency

基于我国1980-2013年固定资产投资和资本存量数据,考察了投资制度变迁对我国宏观投资效率的影响。在划分投资资金的配置效率和生产效率基础上,构建宏观投资效率实证回归检验模型进行研究。结果显示,样本期内我国宏观投资效率总体是动态无效的。将样本考察期按改革阶段进行划分后,分别对不同样本考察期的投资资金效率进行检验,发现各投资资金的效率得到了显著提升,并且出现了明显的分化。在进一步对相关投资政策进行聚类分析后发现:在没有捋顺资金运营机制和赋予企业更多投资决策事权之前,扩大投资规模并不能有效提高宏观投资效率;宏观投资效率不会因投资制度的变化始终保持增长。

In this paper, we have based on Chinese 1980-2013 investment in fixed assets and capital stock data to show the effects of changes in the investment system on Chinese macro investment efficiency. On the basis of the division of investment capital allocation efficiency and production efficiency,the author constructs the empirical macro investment efficiency regression model and the results show the overall sam- pie period of Chinese macro efficiency of investment is dynamically inefficient; dividing the sample period by the reform stage and investigating different sample period investment efficiency,we found that the effi- ciency of variables has been significantly improved, and there is a clear differentiation in the efficiency of in- vestment variables. We find further clustering analysis on the related investment after the policy, in the absence of smooth capital operation mechanism and before giving enterprises more investment decision- making powers, the expansion of the scale of investment cannot effectively improve macro investment effi- ciency; macro investment efficiency has not always been increasing with the changes in the investment sys- tem.