CAJ | 학술논문

投资可以分成市场主导型与政府主导型两类。政府主导型投资的进入成本更低，导致此类投资的项目规模更大，重复建设更加普遍；退出障碍更高，导致与之相关的预算软约束、地方保护问题严重。政府主导型投资可能会导致资源配置机制的重叠和替代，专有性权责联系的削弱以及社会总体福利损失。因此，改革的方向应包括：改革现有的政府投资管理、考核体制，强化在位官员的专有化权责约束；明确界定政府主导型投资的投资领域。减少其对民间投资市场的负面影响；推动金融领域的市场化改革——强化银行的独立性，发展多元化的非价格资源配置机制；积极转变政府职能，降低在位官员手中权力的多维性。
투자가이분성시장주도형여정부주도형량류。정부주도형투자적진입성본경저，도치차류투자적항목규모경대，중복건설경가보편；퇴출장애경고，도치여지상관적예산연약속、지방보호문제엄중。정부주도형투자가능회도치자원배치궤제적중첩화체대，전유성권책련계적삭약이급사회총체복리손실。인차，개혁적방향응포괄：개혁현유적정부투자관리、고핵체제，강화재위관원적전유화권책약속；명학계정정부주도형투자적투자영역。감소기대민간투자시장적부면영향；추동금융영역적시장화개혁——강화은행적독립성，발전다원화적비개격자원배치궤제；적겁전변정부직능，강저재위관원수중권력적다유성。
Investment can he divided into two categories： government＇ s leading and private investment. The government＇ s leading investment has higher cost of entering market, which hrings on toe） bigger scale and more overlapping of investment item ; the government＇ s leading investment also has higher obstacle of withdrawing market, which induces the flexibleness of hidget restriction and the aggravation of district protecting. The government＇s leading investment may result in overlapping and substitution of the resource distribution mechanism, the weakening of proprietary power and responsibilily and the loss of whole social welfare. Therefare, the solutions to the problems of China＇ s reform should be： improving government＇ s management system of investment to strengthen the restriction of official ＇ s proprietary power and responsibility, defining government＇ s investment fields to reduce its negative impact on private investment market, promoting financial marketization reform to strengthen the banking＇ s independence and standardizing government＇s behavior to reduce officeholder＇s power.