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为扩大内需、拉动经济增长 ,我国连续7次调低利率。但在利率水平大幅度降低的同时 ,我国投资并未实现预期的扩张 ,投资与利率之间出现“悖论”。本文从影响投资的相关因素出发 ,对我国利率政策未能取得预期效果的原因进行了分析 ,认为企业资金利润率与资金利税率水平下降 ,实际利率上升和企业对未来经济发展与投资前景预期看淡等 ,导致我国发生了可怕的投资边际效率曲线左移的现象 ,在很大程度上抵消了利率调低所带来的投资规模扩大效应 ,是我国利率调整未取得预期效果的根本原因。因此 ,要真正通过降息来刺激投资进而拉动经济增长 ,必须采取有效措施 ,提高企业投资的边际效率 ,提高民间投资的积极性 ,改善企业对经济发展与投资前景的预期。
In order to expand domestic demand and stimulate economic growth, China has lowered interest rates seven times in a row. However, while the interest rate level dropped drastically, the investment in our country did not achieve the expected expansion, and a “paradox” was found between investment and interest rates. Based on the factors that affect the investment, this paper analyzes the reasons why our interest rate policy failed to achieve the expected result. It considers that the level of corporate capital profit rate and capital profit tax rate is declining, the real interest rate rises and the company’s future economic development and investment prospects are weaker Has led to the phenomenon that the frightening marginal efficiency curve of investment has shifted to the left and largely offset the expansion effect of the scale of investment brought about by the interest rate reduction. This is the fundamental reason for the failure to achieve the expected result in China’s interest rate adjustment. Therefore, to truly stimulate investment through interest rate cuts and thus stimulate economic growth, we must take effective measures to improve the marginal efficiency of corporate investment, improve the enthusiasm of private investment and improve business expectations for economic development and investment prospects.