Research Of Investment Stickiness On Economic Growth Quality

From the development history of more than 200 years economic growth theory, the economic growth quantity has been as a hot issue, but few people consider the economic growth quality. The development mode of capital-driven has brought more than 30 years of china economic rapid growth. However, the imbalance between investment and consumption, excessive consumption of resources, malignnant pollutions of environment, slow technical progress and difficulty of SMEs financing is becoming increasingly serious, which greatly reduce the quality of economic growth in China. Therefore finding out the problems and defects existing in the investment, and promoting economic growth quality is not only beneficial to make up the economic growth theory flaw but also necessary for China to adapt to the new normal economy and keep healthy sustainable growth.In order to analysis the formation mechanism of viscous investment stickiness and its effects on economic growth quality, so as to build up scientific and effective operation framework of economic growth path, the main work and contribution of this paper are as follows:Firstly, based on the development process of economic growth and investment theory, the collected literature is divided into investment, investment and economic growth, economic growth quality connotation, influencing factors of economic growth, quality, economic growth quality metrics and total factor productivity(TFP). About investment viscosity and its effects on economic growth quality research is lacking, which lay a foundation for later research. Next, according to the theory of sunk costs fallacy, sticky information, anchoring, government control and China’s economic development practice, this paper put forward the “investment stickiness” this new economic concept and expounds the theoretical basis of it in detail.Secondly, this paper analyzes the effect of investment stickiness on quality of economic growth and puts forward the theory hypothesis that investment stickiness is negatively related to the quality of economic growth through establishing mathematical model from the angles of economic growth structure and industrial upgrading respectively. According to the connotation and denotation of investment stickiness, a new calculation method is proposed to measure China investment stickiness using provincial panel data from 2002 to 2012. We put TFP as a proxy variable of economic growth quality and measure it using DEA-Malmquist method. Fix effect and GMM are used to empirically examine the previous theory assumes.Finally, using the factor analysis method, we choosed the effective factors from 18 factors and test the effects degree of these factors on investment stickiness empirically. According to the results, some policy suggestions are put forward. For example, to speed up the reform of investment system, create new official achievements inspection mechanism, develop multi-level capital market, accelerating the process of interest rate marketization.Through in-depth analysis on investment stickiness and the relation between it and economic growth quality, the innovation of this paper lies in:(1) starting from the investment behavior, combined with the new economic growth theory, investment theory and the actual situation of current China’s economic development, investment stickiness is been precisely defined.(2) Based on law of Newton inner friction, this paper constructs a calculation formula and uses it to practically examine Chinese investment stickiness.(3) The relationship between investment stickiness and economic growth quality has carried on in detail. We not only put forward the research hypothesis but also empirically test it, which is this paper main innovation different from similar research.(4) This paper examines influencing factors of investment stickiness empirically and theoretically and find out 6 effective factors.