CAJ | 학술논문

中国企业资本形成的演变经历了计划经济体制下财政主导型模式、转轨体制下银行主导模式和市场经济下多元化阶段。我国的资本形成比率和经济增长率形成了显著的“剪刀差”，资本一产出比率与经济增长率之间存在着一个显著的负相关关系，而出现这个负相关关系的主要原因是资本的形成对经济增长表现出不敏感。这意味着，缺乏一个有效率的投资体制和金融体系是中国经济未来持续增长的严重制约。
중국기업자본형성적연변경력료계화경제체제하재정주도형모식、전궤체제하은행주도모식화시장경제하다원화계단。아국적자본형성비솔화경제증장솔형성료현저적“전도차”，자본일산출비솔여경제증장솔지간존재착일개현저적부상관관계，이출현저개부상관관계적주요원인시자본적형성대경제증장표현출불민감。저의미착，결핍일개유효솔적투자체제화금융체계시중국경제미래지속증장적엄중제약。
Capital formation of Chinese companies experienced a planned economy, the banking- oriented model and the market economy. The ratio of capital formation and economic growth formed a significant ＂price scissors＂, capital - output ratio and the growth rate have a significant negative correlation, It is re- sult of Insensitive between the capital formation and economic growth., This means that the lack of an efficient investment system and the financial system is a serious comtraint for the continued growth .