"guo Jin Min Tui" And Its Impact Study

The state-owned enterprises (SOEs) should "forward and backward, to do something but not to do everything" in Chinese social market economy, which "forward" means the SOEs should dominate in the people’s livelihood fields, basic industries and key areas of national economy;"backward" refers to the SOEs should exit from the general competition fields step-by-stey. Since the2008financial crisis, with the implementation of the macrocontrol measures such as "four trillion investment plan", coupled with the increased pressure on the survival of PEs because of the deteriorating economic environment, make the discuss about "nationalization" gradually warming up, and eventually evolved into a debate which relates to the success of reform.With the upgrade of the discussion on "nationalization", the researches on this phenomenon became a hot spot. But there were three limitations in these researches: first, these studies focus on specific industries and cases too much, not on the national level; second, the researches concentrate on mergers and restructuring, not on the allocaction of resources; third, the studies discuss cases and analyze theories, but lack of empirical models and quantitative analysis. Due to the data and theory methods limitions, there is no compenhensive, deeply and high-quality research on the nationalization.The insufficient of researches provides us the opportunity of further study, but the similar areas of researchs and the innovation of econometric methods provide references and possible to our study. The actual performance of the "nationalization" is that the composition of SOEs is too much in the distribution of social resources and "crowding out" PEs. Because of the Limitations of the model specification and data access, this paper researchs the relationship of fixed asset investment between SOEs and PEs, relationship of consumption between government and households, and then analyzes whether there is a phenomenon of nationalization. After these researchs, we build economic growth model to analyze the effects which the investmet and consumption result in the economic growth. In addition, we make the financial crisis as an endogenous variables in order to see whether there is something difficient before and after the financial crisis which from the "nationalization".The result of empirical researches shows that:(1)The investment from SOEs "crowding in" investment from PEs before the financial crisis but "crowding out" after; government consumption "crowding out" household consumption before and after the financial crisis which means that there is a phenomenon of "nationalization" after the financial crisis from the views of fixed asset investment and consumption.(2) Investment from PEs promotes the economic growth in short and long-term no matter before or after the financial crisis; but investment from SOEs has not significant impact on economic growth before the financial crisis, promote the economic growth in the long-term buy inhibit in the short-term after the financial crisis; and contribution from PEs is more than the SOEs; both the consumptions from government and household are promote the economic growth in the short and long-term, in which government consumption contributed greater than household in the short-term but smaller in the long-term.