中文摘要：

本文使用166个国家和地区1972—2010年的面板数据检验民主对投资一消费比和经济增长的影响。结果表明民主在增加居民消费占比的同时减少了资本积累，降低了经济增长速度，威权在促进投资的情况下更有利于经济增长。但当人均收入较低时，由于人们的收入仅能维持生存，投资一消费比会维持在一个较低的水平，威权和民主体制对投资一消费比都没有显著的影响。因此，在增长的初期，当入均收入达到一定水平之后，威权比民主更能促进投资。

英文摘要：

This paper tests the effect of democracy on investment-consumption ratio and economic growth. The result shows that when GDP per capita exceeds 456 dollars,investment propensity decreases with democratic index, which means that authoritarian regime can promote investment and capital accumulation. When GDP per capita is lower than 456 dollars, neither authoritarian nor democratic regime would affect the investment-consumption ratio. Because people＇s income is mainly used to subsist their usual life, investment-consumption ratio will remain at a lower level when GDP per capita is at a lower level. We conclude that at initial period of economic growth, it is the authoritarian regime rather than democratic regime that can promote investment.