The Economic Analysis And Practical Choice For China's Transforming Pattern: From Savings Into Investment

With the establishment and increasing development of the market-directed economic system in China, our country has been meeting the new economic challenge as well as some new problems to be solved. One of the problems is how to set up the effective mechanism of transforming savings to investment, which can make the large savings capital become effective investment. This is a crucial point for our country, because it can guarantee the normal operation of our macro-economy, and it can also make our state-owned enterprises get out of the economic difficulties in order to realize the reconstruction and structure optimism of capital that can enhance the foundation of modern enterprises system. According to our country's facts, this thesis emphatically analyzes the change of the situation of savings and investment as well as the evolution of savings to investment mechanism after China's reforming by means of referring to western economics and domestic relative theories. After that, it analyzes the reason why there exists the low efficiency of transforming savings to investment in China. Furthermore, the thesis makes an empirical analysis on the relationship between the direct and indirect financing method and our country's economic growth. In the end, it also puts forward some suggestions on the basis of international financial models. The thesis is divided into five parts: Part one: it theoretically defines the savings and investment concepts of every section including residents, enterprises, government and foreign countries, and it also researches the mechanism and method of transforming savings to investment. The method of transforming can be classified into direct and indirect transforming method. Meanwhile, indirect method generally has two different ways: one is realizing the capital transforming by the direct contact between saving people and investing people. This means the saving people can lend the money to the investing people by the direct way or by purchasing the securities and stocks of the investing people, which is usually called "the direct financing method"; another one is realizing the transformation though financial media, for example, bank deposits and etc, which is called "indirect financing method".Part two: it summarizes the great change and the severe dislocation of the saving and investing parts after China's reforming and opening to the outside world in terms of analyzing the change of the situation of savings and investment so that it can expound realizing the successful transference needs a certain media mechanisms, that is, transforming channel. This part also analyzes the change of residents' savings and enterprises' investment for the main parts of savings and investment is the sections of residents and enterprises, to a certain extent as can expose the existing problems and shortcomings in our country's transforming savings to investment and also provide the argumentations for the next suggestions.Part three: it mainly expounds the change and evolution of the savings to investment mechanism and then analyzes the different characteristics under different savings to investment mechanisms. One of the mechanisms is the "government fiscal oriented" transforming mechanism under traditional planning-oriented system, another one is the "state-owned banks oriented" transforming mechanism during transforming period. What'smore, it also puts forward the thoughts of establishing the "financial market oriented" transforming mechanism under the market-directed economic system..Part four: it makes a further empirical analysis on our country's transforming savings to investment. Firstly, it analyzes the situation of the transforming mechanism in detail in terms of "saving gap", the credit and debt structures between residents and enterprises sectors. This method proves that the transforming efficiency is rather low. Secondly, through econometric method it demonstrates respectively the correlation between investment and economic growth, the influential extent of direct and indirect...