Spillover Effect Of Energy Industry Investment On Regional Economic Growth

Energy industry, as a kind of strategic industry of national economy development, provides material resources for human subsistence and development, and guarantees sustainable development of social economy. Entering the rapid development stage of industrialization in China, we are facing the increasingly fierce contradiction between energy supply and demand. Enhancing the construction of energy industry has become a overall and strategic issue of China’s economic and social sustainable development. Rationality of energy industry inv estment not only affects the development of the energy industry itself, but also has important spillover effects on regional economic growth. Emphasing the importance of energy industry to regional economic development, the paper, from the perspective of energy material flow, studies the spillover effect of energy industry investment on regional economic growth, which happens in energy input and output areas. The paper is organized as follows.Based on some basic theories and research methods, such as econo mic externalities, hysteresis effect theory of investment to economic growth, relative motion theory of investment and economic growth, contribution theory of investment to economic growth, the paper defines the related concepts, and then explores the generating mechanism of overflow effect in energy industry investment and the action mechanism of spillover effect on regional economic growth, which provides solid theory foundation for the empirical research afterwards.Based on the preceding theoretical research, from the perspective of energy industry investment, the paper first studies the spillover effect of energy industry investment to regional economic growth. By building the PECM(panel error correcting model), the paper discusses the long-term balance and short-term impacts of energy industry investment scale to regional economic growth. Utilizing some advanced econometrics methods such as panel VAR, panel pulse, it uncovers the co-dynamics influence relation between energy industry investment scale and regional economic growth, and empirically analyzes its spillover effect in energy input and output areas and nationwide.From the perspective of investment efficiency of energy industry, this paper studies the spillover effect of energy industry investment on regional economic growth. From evaluating energy industry investment efficiency in China, the paper builds the evaluation system of energy industry investment efficiency, uses super efficiency DEA and Malmquist production efficiency index, gives comparative analysis of energy industry investment efficiency in energy input and output areas. On the basis of RBC model analysis and qualitative analysis, it builds a test model of spillover effect from energy industry investment efficiency to regional economic growth, and empirically analyzes its spillover effect respectively in energy input areas, output areas, and nationwide.Based on Feder model,the paper constructs the contribution effect model of energy industry investment to regional economic growth. It empirically analyzes its spillover effect respectively in energy-import areas, export areas, and nationwide. Utilizing energy industry investment scale, investment efficiency, and regional economic development level as threshold variable, the paper constructs a threshold effect model for direct and indirect contributions of energy industry investment to regional economic growth, and empirically analyzes them respectively.On the basis of the related theories on spillover effect of energy industry investment to regional economic growth, the paper utilizes advanced econometrics methods to reveal the dynamic spillover effect and changing process of energy industry investment scale and efficiency to regional economic growth, and enriches the theoretical content of regional economic growth. It evaluates the energy industry investment efficiency with super efficiency DEA and Malmquist production efficiency index, utilizes panel model to study the contribution and threshold effect of energy industry investment to regional economic development, and provides the decision makers in the government and energy companies with some reference, which is meaningful theoretically and realistically.