在发展中国家,特别是我国这类新兴市场经济国家,政府为了聚集大规模的资金进行重点建设,往往采取金融抑制政策,利率被压到很低的水平,在通货膨胀较高时实际利率甚至成为负数。金融市场处于隔离或分割状态,金融活动受到许多行政规定的抑制。在市场无法有效发挥作用的情况下,资本资源由政府用行政手段进行分配。所有这些,均会导致投资效率降低。 In developing countries, especially in emerging market economy countries such as ours, the government tends to adopt a financial repression policy in order to focus its efforts on pooling large-scale funds. Interest rates are suppressed to very low levels. Real interest rates even at high inflation Become negative. Financial markets are segregated or segmented, and financial activity is inhibited by many administrative rules. In the market can not effectively play a role in the case, the capital resources by the government to use administrative means for distribution. All of these can result in lower investment efficiency.