Study Of The Transition Of Investment Behavior

According to Chinese statistics yearbook,during 1978-2005 year, China's average annual GDP growth rate reaches as high as 9.6%. China's high-speed economic growth in fixed asset investment does more to support the growth. Between 2001 and 2003, China's fixed asset investment annual growth rate is respectively 15%,13% and 21%.In the same time, final consumption expenditure is 8%, 7% and 7%, The annual consumption growth rate is 7%, 7% and 8%. in 2004 the fixed asset investment grows 25.8% ,compared to the last year'. the total retail sales of consumer goods increased 13.3%. consumption growth was lower than the investment growth. The current economic operation of a prominent problems is excessive growth of investment in fixed assets. China's macroeconomic belonging to the transition economies, not only has the market economy in general features, is also developing economic growth characteristics, but also the transformation of the economy, So explain at this stage, China's macroeconomic must analysiz change of the investment system, the readjustment of the industrial structure and overall operation. This paper discusses the relations of investmenter's behavior and evolution of industrial, from the industrial perspective of the evolution of China's macroeconomic operation of the internal contradictions and reveal the current institutional mechanism and deep-seated structural problem. Main content of the chapters are as follows :The first chapter,in transition China's macroeconomic basic characteristics. This chapter conducted a comprehensive review of the investment system. Different stages of industrialization, the industrial structural contradictions showing characteristics : a preliminary stage of industrialization, giving priority to the development of heavy industry, serious shortage of consumer goods, industrial exists between the severity of the structural problems, Adjustment of balance in heavy industry, emerge with the energy industry, transport, raw materials and basic industrial infrastructure structural contradictions constrains economic development bottlenecks. Since the late 1990s, development of heavy and chemical industries accelerated, and the consumption structure of a clear escalation and upgrading of industrial structure to the evolution. The shortage of economic conditions on the quantitative expansion of inertia, making technical structure, product mix, Enterprise structure of the deep-seated structural prominent contradictions.The second chapter, Research on government investment behavior, Mainly on the local government investment analysis.It describes the local government investment status : means constantly expand investment and the investment of enterprises conduct administrative intervention, the choice of investment and aiming for quick results. Local government investment distorting effects : increase the central government's macro-control more difficult, exacerbate macroeconomic fluctuations, aggravate the convergence of industrial structure, resulting in low-level duplicate investment. Then, further analysiz reasons of local government investment distorted.The third chapter, Enterprise Investment Analysis. Respectively exposition of the state-owned enterprises and private enterprises in the investment position. SOE investment Status : too scattered, is not conducive to the upgrading of the industrial structure, investment decisions are not complete, investment risk-control mechanism is not sound. The idea of the reform of property rights, investment market to nurture the real state investment entities. Private investment status and characteristics : expanding the scale of investment, economic development and the growing contribution of expansion. Focus on the private investment analysis of the main obstacles to development : restrictions on market access, financing channels are sluggish, investment unequal treatment. investment services system is not sound.Fourth chapter,investment behavior and the readjustment of the industrial structure. Industrial evolution, the mechanism for adjusting the industrial structure, investment behavior of the main players on the adjustment of the industrial structure, investment entities to maximize investment income, continually adjust the industrial orientation evolution of the industrial structure to adapt to the law, to rationalize the industrial structure. On the otherhand, the fame that resulted in duplicate construction and the convergence of industrial structure is not conducive to upgrading of the industrial structure. Exposition of the state-owned enterprises in the industrial restructuring and the role of investment choices, Non-state-owned enterprises to optimize the industrial structure and the readjustment of the industrial structure of a market-oriented mechanism for the formation of a decisive impact. Fifth chapter,investment and macroeconomic stability analysis. Analysis of the consumption demand and investment demand, to establish a consumer demand for infrastructure investment demand function. From the angle of demand, expounding China's excessive investment mechanism, excessive investment, consumption demand is insufficient, the government will have to enter the investment to spur economic growth cycle to maintain economic stability. China's consumption demand arising from the current situation and insufficient consumption of the residents of the status of the income gap between the empirical analysis, My final consumption rate has decreased, the ultimate consumption rate international comparison shows that, China's current low consumption rate. It also analyzed the 20 years of China's economic growth to changing circumstances, revealed the recent excessive growth of investment macro-control features.The sixth chapter , government investment behavior norms. In the chapters above analysis shows that the industrial structure is irrational. macroeconomic instability, mainly due to government investment in transition due to irrational acts. To rectify and standardize government investment, and must be reasonable definition of the scope of government investment. implement state-owned investment between the main division of the government departments to improve the investment management, to improve the level of Central government's regulation and control.