An Empirical Research On The Affection Of Saving-Investment Transformation Efficiency To Economic Growth In Shandong Province

Capital is the first motive force in the economic growth, and savings is capital source of supply. Capital formation mainly depends on the scale and the efficiency of savings into investment savings. Statistics show that China’s savings rate high, total savings grow, but the low efficiency of capital formation, the real economy is still a lack of money. The mechanism of conversion from saving investment as a kind of financial mechanism, include savings into investment way, tools, efficiency, etc. In this paper, starting from the conversion efficiency of the savings investment, to explore the economic operation of the efficiency of conversion from saving investment, as a kind of institutional factors on the impact of economic growth.This paper mainly adopts literature research and empirical research method, research structure is mainly divided into the following three parts:(1) study on the transformation mechanism of saving investment, mainly analyzes the premise of savings into investment, path, the structure and the efficiency of conversion. (2) in combination with the history change of saving investment,1978-2013 in shandong province statistical analysis has been made for the saving investment and economic growth. The analysis of the savings investment mainly from three aspects, one is to analyze the change of the total savings and savings rate in east China’s shandong province, the second is analyzed the change of the total amount of investment and investment in east China’s shandong province, three from the supply of savings and savings into two aspects analyzes the factors that affect the efficiency of conversion from saving investment. (3) the source of economic growth in shandong province business accounting, excluding the impact of capital investment and labor supply, the time series is obtained on the total factor growth rate. Through the establishment of error correction model, and empirically the efficiency of conversion from saving investment in shandong province in 1978-2013 and the relationship between the total factor growth.Research results show that the efficiency of conversion from saving investment in shandong province and the growth rate of total factor between the long-term stable equilibrium relationship and the efficiency of conversion from saving investment in shandong province to promote the economic growth, but economic growth, in turn, promote the efficiency of conversion from saving investment. The efficiency of conversion from saving investment and goodness-of-fit between total factor growth rate is low, shows that besides the efficiency of conversion from saving investment and other variables affect the TFP growth rate.Finally, this paper combined with the actual, this paper gives some Suggestions on improying the efficiency of conversion from saving investment. One is to create the product market in the domestic demand of consumption investment type, thus promoting investment demand; 2 it is to vigorously develop the capital market, standardize and improve the stock market, vigorously develop the bond market and further expand fund, increase the proportion of direct financing. Three is to optimize the indirect financing, deepening the reform of the property rights system of state-owned Banks, adjust the structure of bank credit, establish a modern commercial bank system to promote banking competition, implement the effective combination of direct financing and indirect financing; Four is to perfect governance structure of state-owned enterprises, improve the investment efficiency.