【作者】 孙连友；

【导师】 尹效华；

【作者基本信息】 郑州大学 ， 国民经济学， 2003， 硕士

【摘要】 金融是现代经济的核心，保证金融高效、稳健、安全运行，是国民经济持续快速健康发展的基本条件。在储蓄—投资转化中，金融机制以金融工具和借贷关系为中心促进储蓄形成并促进储蓄向投资转化。金融转化机制涉及到各个部门之间的储蓄—投资转化的关系。因此，在现代市场经济中，金融转化机制是储蓄—投资转化的核心机制。 本论文运用现代经济学的分析方法，通过多个模型描述了储蓄—投资转化的金融机制。在此基础上较详尽地分析了我国储蓄—投资转化金融机制的变迁过程。然后从当前我国储蓄与投资之间不断扩大的储蓄负缺口这一现象出发，利用效率指标分析了当前我国储蓄—投资转化金融机制的转化效率及金融机制低效率的障碍原因，最后提出了如何通过疏通障碍，完善储蓄—投资转化的金融机制，以此促进储蓄向投资的转化。具体来讲： 首先，说明了选题的意义，概括了相关文献综述，对储蓄—投资理论进行了一般考察。该部分运用国际通行标准对储蓄、投资进行了概念界定，从理论逻辑上分析了储蓄转化为投资的涵义与意义，指出了储蓄顺利转化为投资在宏观经济中的重要性，并对储蓄—投资的转化进行了一般理论分析。 其次，详细描述了我国储蓄—投资转化金融机制的变迁。该部分对简单模型、拓展模型、优化模型中金融机制在储蓄—投资转化中的渠道作用做了详尽的剖析，在此基础上，进而对我国储蓄—投资转化的金融机制的变迁作了详细的描述：(1)传统计划经济体制下我国储蓄—投资转化的金融机制。这一阶段的我国储蓄—投资转化金融机制与简单模型中储蓄—投资转化机制是大致吻合的。(2)1979-1990年我国储蓄—投资转化的金融机制。这一阶段的我国储蓄—投资转化金融机制与拓展模型中储蓄—投资转化机制是大致吻合的。(3)90年代以来我国储蓄—投资转化的金融机制。这一阶段的我国储蓄—投资转化金融机制与优化模型中储蓄—投资转化机制是大致吻合的。 再次，从实证角度，运用统计资料分析了当前我国储蓄—投资转化的金融机制的转化效率，在此基础上，进一步分析了储蓄—投资转化金融机制存在的障碍。论文中同时运用了储蓄缺口和资本形成的构成两个指标对当前我国储蓄—投资转化的效率进行了测度。通过1991-2001年我国资本形成构成的分析表明，当前我国储蓄向投资的转化过程是有效的；但在1991-2001年的11年间，我国储蓄缺口有9年内呈现负值，储蓄并未能悉数转化为投资，转化却是低效率的。根据对当前我国储蓄—投资转化金融机制的渠道分析，可以看出当前存在的主要转化障碍有:金融结构与经济结构不对称、国有商业银行改革不到位、市场信用障碍、资本市场发展失衡与不规范和利率政策传导不畅等。 最后，对策及结论部分。针对当前我国储蓄一投资转化的金融机制存在的障碍，要疏通障碍，提高储蓄向投资转化的效率，就需要大力发展民营金融机构、建立国有商业银行现代金融企业制度、加快市场信用建设、发展债券市场规范资本市场和利率市场化等。但同时也应该认识到，仅仅通过完善储蓄一投资转化的金融机制，疏通障碍，并不能使储蓄向投资转化的问题一践而就，还需要继续深化各项改革，包括强化金融监管、调节收入分配、完善社会保障制度、国有企业改革、技术创新和制度创新等等，从而使储蓄一投资转化问题得到有效解决。 在研究和借鉴前人研究成果的基础上，本论文主要实现了以下创新: 1.从储蓄一投资转化渠道的角度，对我国储蓄一投资转化的金融机制变迁阶段的划分。通过对储蓄一投资转化渠道变化的分析，将我国储蓄一投资转化的金融机制划分为三个阶段:传统计划经济体制下我国储蓄一投资转化的金融机制;1 979一1 990年我国储蓄一投资转化的金融机制;90年代以来我国储蓄一投资转化的金融机制。 2.同时利用储蓄缺口和资本形成的构成两个指标对储蓄一投资转化的效率进行了测度。不仅利用了储蓄缺口对储蓄一投资转化的效率进行了评价，在投资方面利用了资本形成的构成指标，通过对固定投资和存货投资的变动分析了储蓄一投资转化的效率。 3.从储蓄一投资转化渠道的角度，分析了当前我国储蓄一投资转化的金融机制存在的障碍。我们知道，金融的主要功能就在于将储蓄转化为投资，但是当前我国金融领域中存在着许多问题。本论文从储蓄一投资转化的角度对存在的主要障碍进行了逐一分析，这些障碍在很大程度上，均直接或间接地了影响了储蓄向投资的转化。 储蓄一投资转化的金融机制的研究本身是一项复杂的任务。当前我国经济正处于转轨时期，金融领域存在许多问题，这些问题在不同程度上，都会影响储蓄向投资的转化。所以，对于我国储蓄一投资转化金融机制的研究就显得更加复杂，尚有许多课题有待更深入研究。更多还原

【Abstract】 Finance is the core of modern economy. To keep finance operating efficiently, steadily and safely is a basic condition for national economy to develop continuously, fast and healthily. S-I financial transformation mechanism promotes the formation of savings and promotes savings to transform into investments through financial instruments and borrowing-lending relationships during the process of S-I transforming. S-I financial transformation mechanism includes S-I transforming relationships among all sections. Therefore, S-I financial transformation mechanism is the most important mechanism in modem market economy.Applying modern economics analysis methods, this paper describes the role of financial mechanism in the process of S-I transforming in several models. Then, it analyses the change of China’s S-I financial transformation mechanism in details. In view of the growing of the negative savings’ gap in China, efficiency indexes have been used to measure the efficiency of S-I transforming and analyze the barriers in S-I transforming which lead to the low efficiency. At last, it concerns on how to improve S-I financial transformation mechanism and clear the barriers away in S-I transforming. The details are following.Firstly, the paper points out the meaning of itself, makes a summary of documents and introduces the theory of S-I. It defines savings and investments according to international standard and analyzes the essence and meaning of S-I transforming. Then, it explains the importance of S-I transforming in macro-economy and introduces the general theory of S-I transforming.Secondly, the paper describes the change of China’s S-I financial transformation mechanism in details. In this section, it explains the role of S-I transforming channels in details through simple model, developing model and perfect model. Then, it gives a description of the change of China’s S-I financial transformation mechanism in details which includes: (1) China’s S-I financial transformation mechanism in traditional planned-economy. The mechanism in this stage is identical with that in simple model in large degree.(2)China’s S-I financial transformation mechanism in 1979-1990. The mechanism in this stage is identical with that in developing model in large degree. (3 ) China’s S-I financial transformation mechanism since 1990. The mechanism in this stage is identical with that in perfect model in large degree.Thirdly, the paper analyzes the efficiency of China’s S-I financial transformation mechanism at present on the basis of statistical data empirically. Then, it points out the barriers in China’s S-I financial transformation mechanism. Transforming efficiency is measured through savings’ gap and gross capital formation together. We can see that the transforming is becoming more and more effective according to the gross capital formation from 1991 to 2001. However, at the same time, we also can find that not all savings are transformed into investments and the transforming is lack of efficiency according to saving’ gap which is negative in 9 years during 1991-2001.By analyzing the channels of China’s S-I financial transformation mechanism at present, we can see that there are some barriers in S-I financial transformation mechanism: asymmetrical structure between finance and economy, the reform of state-owned bank, unreliable trust, the unbalance and disorder of capital market and weak effect of interest rate policy etc..Lastly, it is the conclusion and policy. According to the barriers in S-I financial transformation mechanism, in order to improve the efficiency of S-I transforming by clearing the barriers away, we must develop civilian finance, establish modern enterprise institutions in state-owned banks, improve trust, develop bond market and normalize capital market and set free interest rate etc.. However, the problem of S-I transforming is complicated, these steps cannot guarantee all savings be transformed into investments rapidly and easily. In addition, some reforms also are needed: finance supervision, re更多还原