| Savings and Investment conversion issue has been the focus of research in economics, to achieve savings into investment, improve the conversion efficiency savings and investment and promote economic growth areas of the national economy is the key issue to be addressed; After the reform and opening up, the savings amount and structure of investment has greatly improved, investment in China’s economic growth has played a fundamental role. But there are still outstanding issues, such as high savings rate and investment channels for a single, low level of financial markets, low investment efficiency, low conversion efficiency savings, regional differences and so on. Based on this background, this study explores the status of the conversion efficiency of savings and investment, factors, and regional differences and other issues. By combing analysis of existing research results, this study on the conversion efficiency savings and investment is analyzed theoretically, and the situation of China’s savings and investment in the conversion efficiency were investigated, and the comparative analysis of regional differences; On this basis, the use of provincial panel data model conversion efficiency savings of factors affecting investment in our empirical analysis concludes with policy recommendations.Specific contents of this paper include:Chapter General, introduces the research background and issues research status, research ideas and goals, contents and methods; Chapter II Review and learn the theory, the main sort of investment related savings theoretical results, including the theory of capital accumulation, savings and investment transformation theory, the theory of capital formation and financial economic relations theory; theory Chapter Ⅲ transforming savings and investment analysis, introduces the concept of saving investments, savings and investment transformation path, structure and efficiency Chapter V; savings and investment and operating mechanism of transformation; Chapter IV conversion efficiency of the status quo of China’s savings and investment, mainly on the changes of the transformation mechanism of savings and investment, the overall development trend of savings and investment, savings and investment in the conversion efficiency of regional differences in the transition period conversion efficiency of savings and Investment factors empirical analysis, mainly through research hypotheses, empirical data collection and analysis panel models, respectively, from the national and regional levels to analyze the overall impact of factors; Chapter VI conclusions and policy recommendations, mainly introduced the main conclusions of this study, policy issues and recommendations for further research.The main conclusions of this study have:(1) the total amount of savings and investment is huge, but the structure needs to be improved. China’s total has reached historically high levels of savings, bring sufficient capital for our investment. However, many problems still exist, such as the household sector savings mostly in the form of bank deposits, corporate finance major source of funds to bank credit as the main investment policy influenced by the local government repeated investment, blind investment issues outstanding.(2) Savings-Investment conversion efficiency is low and there are regional differences. Overall, the efficiency of investment fluctuating downward trend, the rate of non-performing loans of commercial banks have looked up trend, China’s savings and investment conversion efficiency to be improved; indirect financing channels occupy the absolute position, the lower the efficiency of capital markets interest rate controls still exist, the interest rate market low levels; investment flows remain the main basic construction investment, real estate and other related fields, investment flows to a single structure. Meanwhile, there are regional differences in the conversion efficiency of investment, investment channels than the rich eastern Midwest, and saving a lot of resources flow to the east.(3) the government forces, the financial structure of the major factors affecting the conversion efficiency savings and investment. Government investment spending on investment efficiency has a significant negative effect; present, China is still an indirect conversion of commercial banks as the main channel, the direct conversion mechanism behind the financial structure optimization can bring a wealth of financial investment instruments, to improve the efficiency of capital allocation and use and marginal output efficiency.Based on the above research findings, policy recommendations presented in this paper are:(1) improving the investment environment, optimize investment structure and improve investment efficiency. To increase the focus on investment direction investment, scientific and reasonable adjustments in the field and the direction of state capital investment, capital investment in large scientific and technological innovation, improve the overall technological level and innovation capability, enhance self-innovation capability and competitiveness.(2) to regulate the operation and risk prevention of local government financing platform. Strengthen the supervision of local financing platform for the company to establish a comprehensive statistical system audits and risk prevention systems, conduct a special evaluation and review of its investment projects, opening up local government debt issuance platform, expand financing channels for local governments.(3) the development of multi-level capital market system, abundant investment and financing tools. Regulate bank credit market product structure, focusing on funding needs of SMEs, regulate the operation of the stock market, the development of financial derivative products, improve risk awareness of financial institutions, but also to establish and improve relevant laws and regulations to regulate the Internet financial development, strengthening financial supervision and regulation, open private capital into the financial sector, improve the operational efficiency of capital.(4) To accelerate the pace of market interest rates, to build a more reasonable interest rate adjustment mechanism. Structure to achieve the level of risk, term structure of interest rates, the rate of interest by financial institutions, independent pricing, market intervention mechanism to accelerate the rate of central bank intervention to reduce administrative orders, more use of open market operations, the discount rate, or the means of market interest rates to guide; accelerate the establishment of a deposit insurance system and financial market exit mechanism reform, promoting the pace of market interest rates. |
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