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投资是否具有足够的利率敏感性,须看其是否建立在如下的基础上:产权明晰;金融发达程度;存在一个开放的、充分竞争的买方市场;具备严格的宏观层次的预算约束。我国投资低利率弹性的原因:一是投资收益率小于实际利率,同时,人们普遍对预期投资收益悲观;二是由于转型经济的制度因素,使经济结构与金融结构不对称,使一些效益好的集体企业、三资企业和个体企业虽然因利率下调欲扩大投资,但却得不到相应的贷款支持;三是原有计划体制的弊端导致的企业(主要是部分国有企业)对利率的不敏感还在一定程度上存在着。
Whether the investment has sufficient interest rate sensitivity depends on whether it is based on the following: clear property rights; the degree of financial development; the existence of an open and fully competitive buyer’s market; and strict macro-level budgetary constraints. The reasons for the low elasticity of investment in our country are as follows: First, the rate of return on investment is less than the actual interest rate. At the same time, people are generally pessimistic about the expected return on investment. Second, due to the institutional factors of the transitional economy, the economic structure and financial structure are asymmetric, Although collective enterprises, foreign-funded enterprises and self-employed enterprises want to expand their investment due to the downward adjustment of interest rates, they can not obtain corresponding loan support. Third, the enterprises (mainly some state-owned enterprises) caused by the drawbacks of the original planning system are insensitive to interest rates Still exists to some extent.