【作者】 杨冬梅；

【导师】 黄少安；

【作者基本信息】 山东大学 ， 西方经济学， 2017， 博士

【摘要】 进入新世纪以来,固定资产投资成为我国经济增长最主要的推动力,特别是近年来经济转型与结构调整的大背景下,外贸出口乏力、消费增速下降,固定资产投资对经济拉动作用尤为突出。因此,研究固定资产投资的规模、结构以及区域布局直接影响到我国经济持续平稳健康的发展,有助于国家精准部署固定资产投资计划与投资策略,合理制定区域产业政策与经济增长政策,提高固定资产投资效率。优化固定资产投资的主体结构,对于产业结构的优化调整,就业岗位的适度增加,人民生活水平的逐步提高,经济增长质量的进一步改善,实现当前我国及未来经济社会发展的预期目标,特别是对于走出“中等收入陷阱”具有重要的战略意义。固定资产投资是资本形成最重要的基础,其投资规模直接影响区域、产业、部门以及不同所有制主体的经济活动。随着我国经济体制改革进入深水区,固定资产投资的主体结构与效率也在不断变化,投资体制与投资的去向也在不断变化,投资主体结构也发生了很大的变化,投资结构总体上日趋合理,但也存在诸多问题。一定时期内,投资的总量是有限的,不可能满足所有的投资主体的需求,而且不同区域、不同产业基础不一样,投资的需求与投资的效率不一致,因此,投资结构的优化是投资效率提高的重要基础。近些年来,剔除通货膨胀的因素,我国固定资产投资的实际增长速度超过两位数,投资总额占GDP的比重超过30%,固定资产投资及其对经济增长的拉动作用引起学者们的广泛关注。这其中,2012-2014年,非国有主体固定资产投资所占比重一直维持在60%以上,可以说非国有主体是固定资产投资的主要主体,也是推动经济增长的主要力量。但是,不容忽视的一个细节是,近三年,国有控股投资增速分为14.7%、16.3%和13.2%,民间投资增速分为24.8%、23.1%和18%,民间投资增速相对于国有控股投资增速明显放缓。为了更准确的把握这一现象的深层原因,结合国内外的研究理论,对我国固定资产投资主体结构与效率系统的定性定量的分析变得尤为重要。本文将从宏观的视角探讨固定资产投资的主体结构与投资效率,并在此基础上考察不同投资主体对于资金获取能力以及投资效率的影响,不言而喻,这类研究工作要克服诸多困难,其中最大的技术难题有二:一是不同投资主体固定资产投资规模与结构的测算,鉴于有限责任企业与股份有限企业各主体的控股形式较难区分,因此难以区分固定资产投资在国有主体以及非国有主体之间的份额;二是如何更精确的测算不同投资主体的固定资产投资效率。基于取得的学术研究成果,本文继续提出优化固定资产投资结构与效率的对策和方案,这不仅对于我国固定资产投资理论的完善,而且还将对于经济转型与结构调整产生积极的影响。反思我国固定资产投资的历程,从固定资产投资的区域、行业分布可以看出存在诸多失衡,但固定资产投资也是我国经济高速增长最基本的保障,也是劳动经济增长最重要的推动力量。本文通过对传统固定资产投资理论以及经济周期理论的研讨,从固定资产投资主体结构演进的视角探讨我国固定资产投资结构与效率。本文主要从理论述评、固定资产投资现状、理论模型、计量检验以及政策建议这条主线,深入考察我国固定资产投资主体结构演进、固定资产投资效率以及不同投资主体对固定资产投资效率的影响。本论文在对我国固定资产投资主体结构与投资效率进行分析的基础上,主要围绕着以下五个问题进行写作:(1)投资理论与文献综述。(2)固定资产投资主体行为与投资主体结构的演进。(3)不同投资主体的固定资产投资效率的计量分析。(4)不同投资主体的产权属性对固定资产投资效率的影响。(5)优化我国固定资产投资主体结构的对策建议。(1)投资理论与文献综述方面,对国内外学者的相关文献进行综述与评析,笔者在系统研究固定资产投资理论、经济周期、经济增长等理论的基础上,对这些理论的发展脉络及其现实政策指导意义进行了认真梳理,并作出一般评述。重点梳理经济增长、固定资产投资以及经济周期波动理论,并从中寻找固定资产投资主体结构演进、投资效率以及绩效评价的理论依据,为后续的实证分析提供有效的理论依据。(2)固定资产投资主体行为与投资主体结构的演进。主要对我国固定资产制度、投资历程做了认真梳理,并将固定资产投资分为国有企业与非国有企业,在此基础上,具体测算了固定资产投资的区域结构以及行业结构,并进行了定量的分析。最后,基于前述的经济增长与波动理论对资产投资主体结构演进轨迹与经济增长波动周期特征与协整关系进行实证检验,为定位投资主体关系的实证研究提供分析依据。(3)不同投资主体的固定资产投资效率的计量分析。主要对我国固定资产投资主体结构、区域结构以及行业结构分析的基础上,从主体、区域、行业三个层面上,运用主要是运用ICOR理论来对固定资产投资效率进行了分析。特别分析了不同主体在不同行业投资效率进行了对比,并对影响固定资产投资效率的原因进行了深入分析。并从投资规模角度分析投资效率差异,检验我国不同投资主体的固定资产投资是否存在规模效益及“过度投资”。利用三阶段DEA模型将市场化、对外开放度、政府管理、金融政策等制度环境因素引入到投资技术效率研究范畴,检验制度环境因素对不同投资主体投资效率差异的影响。(4)不同投资主体的产权属性对固定资产投资效率的影响。鉴于不同投资主体获取资金的能力不一样,也就是说固定资产投资要受到融资约束的限制。借鉴Jeffrey Wurgler(2000)的行业投资弹性系数模型,依据不同投资主体的行业及地区数据,以及上市公司数据,利用面板数据模型对影响我国不同投资主体固定资产投资效率的因素进行效应测算和分析,主要包含两个部分,第一部分重点考察国有企业和非国有企业对固定资产投资的融资约束,国有企业和非国有企业融资约束对固定资产投资效率的影响。第二部分着重分析国有企业和非国有企业固定资产投资过程中获得政策扶持的路径选择,以及财政补贴和税收优惠对国有企业和非国有企业固定资产投资效率投资的影响分析。(5)优化我国固定资产投资主体结构的对策建议。进一步明确政府和其他投资主体在经济发展中的不同分工,提出优化我国固定资产投资主体结构的建议。在凝练本文研究成果之主要结论基础上,提出相关的政策建议。并就未来固定资产投资政策与投资主体的演变进行了预估、展望。本文的创新之处在于:(1)从主体、区域、行业多维度、多层面上,运用ICOR理论来对固定资产投资效率进行了全面分析,并对投资效率的影响因素进行了深入剖析,特别是对公有主体与私有主体分行业的固定资产投资效率做了定量测算。(2)从行业与地区两个维度上,运用三阶段DEA模型对国有企业、有限责任企业、股份有限企业以及私营企业四类主体的固定资产配置效率进行测算。(3)探讨不同产权属性企业固定资产投资效率的影响因素,重点从金融约束与政策扶持两个维度考察国有企业与非国有企业等产权因素对固定资产投资效率的影响。研究发现国有企业与非国有企业获取资金能力不同,进而导致融资成本的差异,同时鉴于国有企业与政府机构的天然联系,导致国有企业与非国有企业获取政府补贴与税收优惠的能力有差别,最终导致固定资产投资效率的显著不同。更多还原

【Abstract】 Since the beginning of the new century, the investment of fixed assets has become the most important driving force of China’s economic growth, especially in the background of economic restructuring and structural adjustment in recent years,the export trade is weak, the consumption growth rate is declining, and the investment of fixed assets Especially prominent. Therefore, the study of fixed asset investment in the size, structure and regional layout directly affect the sustained and healthy development of China’s economy, for the country to develop appropriate fixed asset investment plans and investment policies to optimize the main structure of fixed asset investment and improve the efficiency of fixed asset investment, The development of appropriate regional industrial optimization and economic growth policies, for industrial restructuring, job creation, improve people’s living standards, improve the quality of economic growth, in particular, to achieve the current China and the future economic and social development of the expected objectives, especially for Out of the "middle income trap" has important strategic significance.Investment in fixed assets is the most important basis for the formation of quality, and its investment assessment directly affects the economic activities of the region, industry, department and the main body of different ownership. With the reform of China’s economic system into the deep water area, the main structure and efficiency of fixed asset investment are constantly changing. The investment system and investment are also changing constantly. The investment structure has also changed greatly. The investment structure is becoming more and more Reasonable,but there are many problems. For a certain period of time, the total amount of investment is limited, it is impossible to meet the needs of all the investment subjects, and different regions, different industries are not the same, the investment needs and investment efficiency is inconsistent, therefore, investment structure optimization is investment efficiency An important basis for improvement.In recent years, excluding the inflation factor, the actual growth rate of fixed asset investment in China more than double digits, the total investment in GDP accounted for more than 30%,fixed asset investment and its stimulating effect on economic growth caused by scholars of widespread concern The Among them, 2012-2014,the proportion of non-state-owned fixed asset investment has been maintained at 60%or more, it can be said that non-state ownership of fixed assets is the main body of investment, but also to promote economic growth, the main force. However,the details can not be ignored is that nearly three years, the state-owned holdings growth rate is divided into 14.7%, 16.3% and 13.2%, private investment growth rate is divided into 24.8, 23.1 and 18%, private investment growth relative to state-Investment growth slowed down significantly. In order to grasp the deep reason of this phenomenon more accurately, combined with domestic and foreign research theory, it is very important to analyze the qualitative and quantitative analysis of the structure and efficiency of fixed assets in China.This paper will discuss the main structure and investment efficiency of fixed asset investment from the macroscopic perspective, and on this basis, examine the impact of different investment subjects on the ability of capital acquisition and investment efficiency. It goes without saying that such research should overcome many difficulties, One of the biggest technical problems are two: First, the size and structure of fixed assets investment of different investment entities, in view of the limited liability enterprises and limited liability companies the main form of holding more difficult to distinguish, that is, how to distinguish between fixed assets investment in the state The share of state-owned entities; the second is how to more accurately measure the investment efficiency of fixed assets of different investment entities. Based on the achievements of academic research,this paper continues to put forward the countermeasures and schemes to optimize the structure and efficiency of fixed assets investment, which not only has a positive effect on the transformation of China’s fixed asset investment theory, but also has a positive impact on economic restructuring and structural adjustment.It is the most basic guarantee for the rapid growth of China’s economy and the most important driving force for the growth of labor economy. The investment in fixed assets is the most basic guarantee for the rapid growth of China’s economy.Based on the theory of traditional fixed asset investment and the theory of economic cycle, this paper discusses the structure and efficiency of fixed asset investment in China from the perspective of the evolution of the main structure of fixed assets investment. This paper mainly discusses the evolution of the main structure of fixed assets investment, the efficiency of investment in fixed assets and the influence of different investment subjects on the efficiency of investment in fixed assets, from the theoretical review, the current situation of fixed asset investment, theoretical model, measurement test and policy suggestion.Based on the analysis of the main structure and investment efficiency of fixed assets investment in China, this paper mainly focuses on the following five questions:(1) Investment theory and literature review. (2) the behavior of the main body of fixed assets investment and the evolution of the main structure of investment. (3) the efficiency of investment in fixed assets of different investment entities and their decisions. (4) the impact of property rights of different investment subjects on the efficiency of investment in fixed assets. (5) Suggestions on Optimizing the Structure of Fixed Assets Investment in China.(1) investment theory and literature review, the domestic and foreign scholars of the relevant literature review and evaluation, the author in the study of fixed asset investment theory, economic cycle, economic growth and other theories on the basis of the development of these theories and its Realistic policy guidance significance has been carefully combed, and made a general review. It focuses on the theory of economic growth, investment in fixed assets and economic cycle fluctuation, and finds out the theoretical basis of the evolution of the main structure of fixed assets investment, the efficiency of investment and the performance evaluation, and provides effective theoretical basis for the follow-up empirical analysis.(2) the behavior of the main body of fixed assets investment and the evolution of the main structure of investment. Mainly on China’s fixed assets system, the investment process has been carefully combed, and fixed assets investment is divided into state-owned enterprises and non-state-owned enterprises, on this basis,the specific measurement of fixed assets investment in the regional structure and industry structure , and quantitative Analysis. Finally , based on the above-mentioned theory of economic growth and volatility, this paper provides empirical analysis on the evolution of the main structure of asset investment and the fluctuation cycle characteristics and cointegration relationship of economic growth,and provides an analytical basis for the empirical study of positioning investment principal relationship.(3) the efficiency of investment in fixed assets of different investment entities and their decisions. Based on the analysis of the main structure, regional structure and industry structure of fixed assets investment in China, this paper analyzes the efficiency of fixed assets investment from the main body, the regional and the industry. This paper analyzes the investment efficiency of different subjects in different industries, and analyzes the reasons that affect the efficiency of investment in fixed assets. And from the perspective of investment scale analysis of investment efficiency differences, to test the different investment in China’s fixed assets investment there is economies of scale and "excessive investment." The three-stage DEA model is used to introduce the institutional environmental factors such as marketization, openness, government management and financial policy into the scope of investment technology efficiency, and examine the impact of institutional environmental factors on the differences in investment efficiency of different investment subjects.(4) the impact of property rights of different investment subjects on the efficiency of investment in fixed assets. In view of the ability of different investors to obtain funds is not the same, that is fixed assets investment to be limited by the constraints of financing. Based on the model of industry investment elasticity of Jeffrey Wurgler (2000), this paper uses the panel data model and the spatial measurement model to estimate and evaluate the capital allocation efficiency of different investment subjects according to the industry and regional data of different investment subjects and the data of listed companies. Mainly consists of two parts,the first sub-focus on state-owned enterprises and non-state-owned enterprises to invest in fixed assets financing constraints, state-owned enterprises and non-state-owned enterprises financing constraints on the efficiency of fixed asset investment. The second part focuses on the analysis of the way to obtain policy support in the process of fixed assets investment of state-owned enterprises and non-state enterprises, and the impact of financial subsidies and tax incentives on investment in fixed assets investment of state-owned enterprises and non-state enterprises.(5) Suggestions on Optimizing the Structure of Fixed Assets Investment in China.Further clarify the government and other investment in the economic development of the different division of labor, put forward to optimize the structure of China’s fixed assets investment proposal. On the basis of concluding the main conclusions of the research results, the author puts forward relevant policy suggestions. And the future of fixed asset investment policy and the evolution of the main investment of the estimates, outlook.The innovation of this paper is as follows: (1) The ICR theory is used to analyze the efficiency of fixed asset investment from the subject, region, industry multi-dimension and multi-level, and the influencing factors of investment efficiency are analyzed in detail. Is the public ownership and private ownership of the industry’s fixed asset investment efficiency to do a quantitative calculation. (2) From the two dimensions of industry and region, the three-stage DEA model is used to estimate the efficiency of fixed assets allocation of state-owned enterprises, limited liability enterprises, limited-owned enterprises and private enterprises. (3) To explore the influencing factors of fixed asset investment efficiency of enterprises with different property rights, focusing on the influence of property rights factors such as state-owned enterprises and non-state-owned enterprises on investment efficiency of fixed assets from two dimensions of financial constraint and policy support. The study finds that the difference between the state-owned enterprises and non-state-owned enterprises is different, which leads to the difference of financing costs. At the same time, given the natural connection between state-owned enterprises and government agencies, the ability of state-owned enterprises and non-state enterprises to obtain government subsidies and tax incentives are different. Leading to significant differences in the efficiency of fixed asset investment.更多还原