| Modern development economics thinks: Without forming and accumulation of capital, there is not economic growth. And capital comes from savings finally, but savings themselves can't guarantee the forming of capital. Savings offer capital to economic growth support only when they effectively turning into the investment. Therefore, promoting savings to be investment at conversion is the keys of economic growth. Traditional western economics theories is no matter new classical the" savings' theory" of economics, Keynes school " invests in the theory " or" the economic growth and economic development theory" on the basis of the economy of developed country, All bypass savings-investment course but simple to analyze the two extreme points of savings-investment conversion and their quantity balance, They assume that the course from savings to investment is level and smooth in twinkling of an eye, namely assume savings in full force and effect turning into investment. The efficiency of savings --Investment conversion is to be set as a kind of ideal state. This is not very overall, and do not correspond to reality either.To developing country, leading to limiting factor of economic growth not merely lie in savings and investment. The savings-investment conversion to be to have equal important meanings to high efficiency. In more than 10 years in the past, China's basic situation and essence of savings-investment conversion are: On one hand, our country pays a large amount of cost and introduces the huge foreign capitals every year, on the other hand, presents save surplus continuously at home, a large amount of savings fund are in the state left unused. Our country appear save surplus to flow into the compatible phenomenon besides on a large scale with the foreign capital at home, This in the world, China history have only definitely, it is China's peculiar phenomenon who economy appear in the course of transition. Actually, what this question reflected in fact is that our country savings-investment conversion is the poor efficiency .Domestic and international to our country savings-investment conversion question go on and study at some, but with this issue study relatively late, More between 1995 and 2000, there is not many research in 2000 time span that study. And the majority is from the residents' deposits, residents' deposits -- transformation mechanism that invest wait for angle come and study, from efficiency being relatively little. This text is studied from the efficiency visual angle on the basis of what forefathers studied. The time span studied is in 1992-2003, study our country's situation after 2000 emphatically. The article is from our country savings-investment conversion in the course and channel transformed and influence the factor to be started with, to our country savings –Investment conversion in efficiency of transforming to study in recent years. The full text consists of four parts altogether. The first part of article in theory, after the relevant definitions of savings and investment, mainly analyze the channel and efficiency of savings-investment conversion. Propose that savings-investment conversion can finish through endogenous conversion, other sources conversion,(including direct financing and indirect credit extending channel). The efficiency of our country savings-investment conversion, correspondingly, can categorize endogenous conversion efficiency, direct financing efficiency and finance efficiency indirectly. And analyze the influence factor of the savings-investment conversion efficiency. The second part have expounded the fact emphatically that is the judgment of our country savings-investment conversion efficiency, through to endogenous transform efficiency, direct financing efficiency and judgment one by one of financing efficiency indirectly. Have drawn endogenous ones that make the investment transform efficiency unsatisfactorily, direct financing efficiency is restrained from because the scale is too small. And finance the conclusion that efficiency bows these...
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