中文摘要：

本文通过构建投资理论模型,刻画产能利用和信贷扩张对投资行为的作用机理,运用1990—2011年的省级面板数据进行计量检验。结果表明,在总体上产能利用水平对投资没有显著的正向引导作用,信贷扩张对投资则具有显著的正向推动作用。进一步的子样本分析表明,在不同地区和时期,产能利用和信贷扩张对投资行为的影响有所不同。中、西部地区产能利用率和信贷扩张对投资存在显著的正向作用,东部地区则不存在;1990—2001年与2008—2011年期间产能利用率和信贷扩张对投资存在显著的正向作用,2002—2007年期间则不存在。

英文摘要：

This paper constructs a theoretical model of investment to investigate the mechanism of capacity utilization and credit expansion on investment behavior,using provincial panel data of China from 1990 to 2011.We find that capacity utilization has no significant impact on investment,and credit expansion has a substantially positive impact on investment.Sub-sample analysis indicates that the effects of capacity utilization and credit expansion on investment are different in different regions and different periods.The effects of capacity utilization and credit expansion on investment are significant and positive in the central and western regions,but are non-existent in the eastern regions of China;the effects are significant and positive from 1990 to 2001and from 2008 to 2011,but are not significant from 2002 to 2007.