| Finance is the core of modern economy. To keep finance operating efficiently, steadily and safely is a basic condition for national economy to develop continuously, fast and healthily. S-I financial transformation mechanism promotes the formation of savings and promotes savings to transform into investments through financial instruments and borrowing-lending relationships during the process of S-I transforming. S-I financial transformation mechanism includes S-I transforming relationships among all sections. Therefore, S-I financial transformation mechanism is the most important mechanism in modem market economy.Applying modern economics analysis methods, this paper describes the role of financial mechanism in the process of S-I transforming in several models. Then, it analyses the change of China's S-I financial transformation mechanism in details. In view of the growing of the negative savings' gap in China, efficiency indexes have been used to measure the efficiency of S-I transforming and analyze the barriers in S-I transforming which lead to the low efficiency. At last, it concerns on how to improve S-I financial transformation mechanism and clear the barriers away in S-I transforming. The details are following.Firstly, the paper points out the meaning of itself, makes a summary of documents and introduces the theory of S-I. It defines savings and investments according to international standard and analyzes the essence and meaning of S-I transforming. Then, it explains the importance of S-I transforming in macro-economy and introduces the general theory of S-I transforming.Secondly, the paper describes the change of China's S-I financial transformation mechanism in details. In this section, it explains the role of S-I transforming channels in details through simple model, developing model and perfect model. Then, it gives a description of the change of China's S-I financial transformation mechanism in details which includes: (1) China's S-I financial transformation mechanism in traditional planned-economy. The mechanism in this stage is identical with that in simple model in large degree.(2)China's S-I financial transformation mechanism in 1979-1990. The mechanism in this stage is identical with that in developing model in large degree. (3 ) China's S-I financial transformation mechanism since 1990. The mechanism in this stage is identical with that in perfect model in large degree.Thirdly, the paper analyzes the efficiency of China's S-I financial transformation mechanism at present on the basis of statistical data empirically. Then, it points out the barriers in China's S-I financial transformation mechanism. Transforming efficiency is measured through savings' gap and gross capital formation together. We can see that the transforming is becoming more and more effective according to the gross capital formation from 1991 to 2001. However, at the same time, we also can find that not all savings are transformed into investments and the transforming is lack of efficiency according to saving' gap which is negative in 9 years during 1991-2001.By analyzing the channels of China's S-I financial transformation mechanism at present, we can see that there are some barriers in S-I financial transformation mechanism: asymmetrical structure between finance and economy, the reform of state-owned bank, unreliable trust, the unbalance and disorder of capital market and weak effect of interest rate policy etc..Lastly, it is the conclusion and policy. According to the barriers in S-I financial transformation mechanism, in order to improve the efficiency of S-I transforming by clearing the barriers away, we must develop civilian finance, establish modern enterprise institutions in state-owned banks, improve trust, develop bond market and normalize capital market and set free interest rate etc.. However, the problem of S-I transforming is complicated, these steps cannot guarantee all savings be transformed into investments rapidly and easily. In addition, some reforms also are needed: finance supervision, re...
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