The Research On The Transfering Efficiency From Savings To Investment In Shanxi Province

For a long time,the situation of being dominanted by coal is difficult to change in Shanxi province,“resource depending economy” makes the road of economic development in Shanxi more and more narrow,the economic structure become imbalanced,and the ecological environment is seriously destroyed,besides,many kinds of safety accidents and other problems are gradually exposed,so we can see a serious decline in economic growth of Shanxi province in 2015:the GDP ranked the eighth lowest in our country,but savings and savings rate is relatively high,as of the end of 2015,the savings balance has reached 563 billion 179 million yuan in Shanxi,and the average savings was 4178.64 yuan per person.Since 1978,Shanxi province's average annual savings rate was 46%,and the average annual savings balance increaced by an rate of 15%,laying the foundation of improving the rate of capital formation and provideing sufficient funds for economic development for Shanxi province.But compared with the savings,investment and investment rate is relatively low.This article measures the investment and the investment rate by using the index of “scale of social financing” in Shanxi,by the end of 2015,the amount of social financing in was 304 billion 800 million yuan,and the investment rate is only 23.88%,in recent years,because of the decline of coal economy,coupled with closed geographical location,there are few investment projects in Shanxi,besides,because people's consumption level is low,and the big income gap,the diffrence between savings and investment is more and more big,so the transferring efficiency from savings to investment is too low.In 2010,the establishment of comprehensive reform test area in Shanxi offers a good opportunity to the economic development,Shanxi needs to play a good exemplary role by adjusting the industrial structure,fostering the development of emerging industries,speeding up the pace of industrial restructuring,and cultivating of the new investment hot spot with the help of comprehensive reform area's good political conditions.Based on this background,this paper firstly reviews the relevant theories of savings and investment,including the concept of savings and investment,the transformation mechanism and the theoretical perspectives of different economic schools.Secondly,research on the time series data of savings and investment to calculate the savings rate,savings increacing rate and investment rate in order to describe the situations of savings and investment in Shanxi,and on this basis,we further calculate the gap between savings and investment and the index of conversion rate of the two,concluding that the transferring efficiency from savings to investment is low.Again,the paper has empirical analysis for the relationship between savings and investment through the stationary test,cointegration test,and error correction model,also,through the same empirical analysis method to research on the relationship between the investment and economic growth.The empirical results show that: first,there is a long-term equilibrium relationship between savings and investment in Shanxi Province,and the correlation coefficient of the two is about 0.46.Second,the long-run equilibrium relationship of the two is amended by the short-term error correction model,and in the short term,each additional saving unit is always accompanied by an increase of the investment by 0.003843 units,savings and investment are mutual Grainger cause for each other,so this conclusion provides not only an empirical basis for improving the transform rate from savings to investment,but also the basis for making of the macro economy policy.Third,there is a positive correlation between the investment and three indexes of economic growth,these three indexes are GDP per capita,consumption per capita,and capital per capita,correlation coefficient of the three are: 0.7861,0.8547,0.7725,indicating that increase in investment will promote economic growth,therefore,we have try our best to promote the transformation from savings to efficient investment,and perfect the transformation mechanism of the two.The innovation of this paper lies in the specific study area,so the practicability and maneuverability are strong,but the existing literature is mainly based on the background of national savings and investment,their research conclusions can not be generally applied to the actual operation of one specific province.The deficiency of the article is that due to the limitation of the data,some data indicators are replaced by the other indicators,which may cause some errors,and affect the accuracy of the results in the end.Through the study of this paper,we mainly solve the following problems: first,to study the efficiency of saving-investment transformation in Shanxi province.Second: To explore the reasons that hinder the transformation from savings to investment in Shanxi province.Third,to provide some recommendations to improve the efficiency of saving investment transformation policy...