投资是经济运行的第一推动力。投资体制是一个容纳投资运行的完整的系统,它由五个相互联系、相互制约的分系统即决策系统、动力系统、信息系统、调控系统和运行系统组成。为了提高资源配置的效率,必须尽力减少投资体制的摩擦,这就要求对投资体制进行评价与选择,设法建立一种科学而合理的投资体制。由于投资的物质内容是资源配置问题,因此,评判投资体制的优劣应当以资源配置的效率为标准。据此,本文对我国现行的投资体制作了透视,揭示了其具有的特征与摩擦。作者认为,我国投资体制改革的目标应该是,建立一个以生产资料公有制为基础、计划指导和市场调节相结合并且以市场导向为主的中央、地方和企业分权的投资体制。 Investment is the first driver of economic operation. The investment system is a complete system to accommodate the investment operation. It consists of five interconnected and mutually constrained subsystems: decision system, power system, information system, control system and operating system. In order to improve the efficiency of resource allocation, we must try our best to reduce the friction of the investment system. This requires evaluating and selecting the investment system and trying to establish a scientific and rational investment system. Since the material content of investment is the issue of resource allocation, the quality of the investment system should be judged by the efficiency of resource allocation. Accordingly, this paper makes a perspective of the current investment system in our country and reveals its characteristics and frictions. The author believes that the goal of China’s reform of the investment system should be to establish an investment system of decentralization of central government, local government and enterprises based on the public ownership of the means of production, the combination of planning guidance and market regulation, and the market orientation.