对投资膨胀要警钟常鸣

指导思想上的急于求成使改革前的投资膨胀具有了可能性，投资主体三种职能──筹资、决策、承担盈亏、──被肢解于不同的部门把这种可能性变成了现实性，属于二类膨胀；改革后的投资膨胀仍是因为承担投资活动的单位──中央政府、地方政府、国有企业──并非真正的投资主体，仍属二类膨胀，因此是旧病复发；考虑到把国有企业改造成为投资主体尚待时日，预计今后我国投资波动的方向仍会以膨胀为主；治理投资膨胀，应首先通过把企业改造成’集等资、决策、承担盈亏三种职能于一身的投资主体，进一步实现投资主体的多元化、分散化、把二类膨胀转化为一类膨胀，同时加强和完善政府的宏观调控和信息指导减弱类膨胀。

Be on Guard against Investment Expansion

Abstract The eagerness for achievements in guidance makes the investment expansion before the reform possible. Investers have three functions-raising funds,making decision and being resposible for lose and profit, and these three functions belong to different departments which makes the possibility come ture. After the reform, the investment expansion is also because the units who carry out investment are not real investers. Because it needs time to transfer state-owned enterprises into real investers,it is estimated that the investment in coming several years will be expanded. if we want to control inveatment eapansion,we must remake state-owned enterprises real investers who have the three functions, realize multy bodies for investment and decentralization in investment,improve macro-control and make a good use of information.