China's Investment System Change And Its Impact On Investment Efficiency: The Government's Perspective,

Since the economic reform and opening to the world,China'S economic growth haskept a high rate that is absolutely due to the reforms of economic system first．Duringthese reforms,the reform of investment system is a valuable topic and in this topic．wemust understand what are the main influences of the changes of investment system on theefficiency of investment and economic growth．During the reform of economic reform,especially during the reform of investment system,the govemrnent has played animportant role from the beginning to the end that includes stipulating policies and takespart in different economic activities directly or indirectly on different degrees．So,fromthe point of government,this disertation has studied the main influences of governmentduring the changes of investment system． The main works of this disertation includes two parts:firstly,to integrate the durationof China'S reform,it gives a theoretic explanation what influences the government hasgiven to the economic growth,especially on the efficiency of investment during thecourse of investment system changing．Secondly,by using the statistic data,it gives anempirical study on the influences of a series of government policies and a series ofstylized economic facts on the economic growth,especially on the efficiency ofinvestment．These two studies are complimented．The theoretical analysis points out thedirection for the empirical study and the later is helpful to the credibility of the former． It totally includes nine chapters: The first chapter is an introduction and it points out the question that will be answeredlater on the basis of a brief survey of related papers． The second chapter explains the government'S function in the changes of institutionfrom the general point． The third chapter gives a historical survey of the course of investment system changein detail．It is a foundation for the related studies followed in this paper． The fourth chapter,by using statistical data,gives an empirical description of thecondition of the investment system how to deserve the two main factors,and SO,it hasgiven a further data foundation for the followed theoretical and empirical studies． The fifth chapter explains the government'S investment action in the framework ofeconomic transition．It includes two parts:firstly,the government is a policy maker andpolicy administrator；secondly,the government also takes part in different kinds ofeconomic actions directly or indirectly on different degrees．That is to say,it hasexplained the government'S action during the institutional changes of investment systemas two kinds of identities． The sixth chapter is about the changes of government'S function．It is a further andmore detailed studying tO Chapter 5．It explained the government'S functions as policymaker and main body of different economic actions．On the one haJld,hou'dogovernment's functions change step by step?In fact,the understanding of economicregularities of the government is changing,and SO it's function is changing,such as thechanges of the degree of it'S taking part in or interfere with different economic actions·0n the other hand,as a main body of economic actions,how it do something and not do something else．That is tO say to answer the question of what has happened in the field of government'S activity? The Chapter 7 is an empirical analysis and it includes: Firstly,there is a detailed empirical studying on the influences of a series of 20veminent policies and a series of stylized facts on the investment efficiency．Thisempirical studying includes six parts:firstly,I divided the time period from 1 953 tO 2001intO three periods and then make a regression analysis on the investment efficiency inthese three parts．The regression analysis tells US that the efficiency of investment has been improved in general which has confirmed the success of economic reform．But theinvestment efficiency...