The Empirical Analysis Of The Efficiency Of Saving-investment Transform In The Period Of Transformation In China

Capital accumulation and capital formation play very important role in one country's economic development, whereas the capital formation is heavenly dependent on the transform efficiency of the saving to investment. Nowadays our country is undergoing the economic transformation,that is, economy system from plan to market, and from closeness to openness. The transition coupled with shrewd concussion and change. We establish random coefficient model and dynamic panel data model to analysis the transforming of saving to investment in China.The thesis studies the transform efficiency of saving to investment from three angles.First of all, this thesis analyses our country's efficiency of saving-investment transform from a close economy angle. The thesis uses each province of our country as a research object. Then we make use of their data of 1980-2004, and establish a random coefficient model to test the efficiency of transformation from savings to investment. The result shows that it is very low and nonequivalent in China, and eastern region is the highest, western region is the lowest.Secondly,the thesis studied the efficiency of saving-investment transform from the open economy angle. On one hand,we research the effect of Foreign Direct Investment (hereforth FDI) to domestic saving. After having analyzed this effect from theory, we establish an econometric model to test the effect of FDI on domestic saving in China. The result shows that there exists a long-run equilibrium between FDI and domestic saving in China. On the other hand, we research the effect of FDI to domestic investment. Also, after having analyzed this effect from theory, we establish a dynamic panel data model to test the effect of FDI on domestic investment in China. The result shows that FDI has very strong crowd-in effect on domestic investment in China. However, it shows significant regional characteristic: there exists crowd-out effect in eastern region, and significant crowd-in effect in mid and western region.In the end, the thesis analyses our country's efficiency of saving-investment transform from a dynamic angle. First the thesis introduced some theories about panel unit root and panel co-integration. Second the thesis constructs the panel model about Chinese saving-investment transform efficiency and estimates the model with FMOLS. The results shows that there is a panel co-integration relationship among the panel variables, which characterizes Chinese saving-investment transform efficiency, and PECM indicates a significant short run adjustment from the panel co-integration, which implies the existence of the panel co-integration again. Last the thesis estimates the transform efficiency of saving to investment East Asia and compared it with China's.