对于中国宏观投资过度与否问题的争论,目前尚未达成一致的见解。若从投资的总量、增长速度、结构、效率和国际比较等多维视角对投资过度问题进行研究,可以发现,中国在转型时期存在一定程度的结构性“投资过热”,这一问题在很大程度上根源于金融资源的非均衡配置。因此,对间接融资体系配置失灵的机制和效应进行深入分析,有助于对宏观投资行为的准确理解和把握。
This article has combed different disputes and opinions on this issue from different aspects, especially from the vision of aggregate amount, growth rate, structural factors and international comparison. The authors find that there are indeed stylized facts of structural overinvestment in the transitional period of China, And this origin from the disequilibrium allocation of financial resources, which means they are too important to put more emphasis in analyzing the mechanism and distorted effects of indirect financial system which is helpful to under- stand macroinvestment behavior in china.