Empirical Research On The Conversion Rate Of Savings And Investment

Thirty years since the reform and opening up, China depending on high savings and investment, abundant labor supply and the continuous mining with advanced technology, economy has been rapid development and has made remarkable achievements. However, this extensive type of rapid economic growth has brought a lot of drawbacks, embodied in the uneven development between regions, insufficient consumption and investment growth coexist overcapacity problem growing dependence on exports to digest.Rapid economic growth in our country relies mainly on high input factors to push, expressed as a extensive mode of growth.This approach is not suitable for China’s economic development.China’s GDP growth rate from 2012 to below 8 percent in 2013 to 7.7% in 2014 to 7.4% in 2015, real GDP growth was 6.9%, below the original target of 7%. According to the draft, "Thirteen Five" Plan shows that China 2016- GDP growth rate between 2020 to ensure that more than 6.5%.In this context, China should change the economic growth mode. The new mode of economic growth requires economic growth must shift from extensive to intensive growth mode.For capital elements, the economic growth is to ask the country continues to improve the efficiency of capital, and capital utilization efficiency and savings is closely related to the conversion efficiency of investment, so the research to improve the efficiency of conversion of savings into investment to improve China’s economic growth is particularly meaningful.Firstly, research by economic data calendar savings, investment analysis drawn Nowadays our high savings rate, high investment rate, low savings-investment transformation rate, low investment efficiency of the status quo, then quantitative analysis to 1985--2014 years of savings and investment rates as sample, the use of time-series data for 30 years, through normality test and Pearson correlation analysis of sample data, analysis results of the conversion of Savings and Investment rate of 65.10%.Gray correlation analysis method by combining Euclid approach degree, using our 1995- 2014 capital markets, credit markets, savings invested conversion rate of three sets of indicators, empirical research found that the relationship between real interest rates and savings and investment conversion rate is the biggest, followed by the capital market size of the market index, the market return index, efficiency indicators and indicators of market liquidity indicators of the market, so as to obtain important to develop the credit and capital markets to improve the conversion rate of savings investment way.Finally, the horizontal comparison with developed countries, draw our savings invested conversion rate is low, the developed countries should be used to strengthen investment and consumer attitudes, focusing on the development of capital markets, accelerate personal credit system construction, attention to science and technology development, broaden investment channels and other advanced experience.