| China's investment efficiency of land consolidation project has always been the focus of attention for both theorists and practitioners. This paper, closely centering on the theme of land consolidation project investment efficiency, makes an in-depth study of its concept and connotation, discusses the impact that project management pattern exert on investment efficiency, and constructs relevant theoretical model to analyze how project management pattern affects investment efficiency. In the end, the author proposed strategies and measures to innovate project management pattern so as to improve investment efficiency of land consolidation project. The main research results are as follows:(1) This paper defines the concept of land consolidation project investment efficiency evaluation and also constructs a research system to analyze the impact project management pattern has on investment efficiency. First of all, it is proposed that the value objective of land consolidation project investment efficiency is comprised of outcome objective and functional objective based on the existing literature; it's also proposed that land consolidation project investment efficiency should be evaluated on the basis of the value objective by examining two efficiency indicators, i.e. outcome efficiency and functional efficiency, and taking into consideration the characteristics of the land consolidation project and that investment efficiency evaluation should follow the outcome-oriented and process-oriented results. Secondly, from the perspective of the project life cycle, the land consolidation project can be divided into three stages-investment decision-making stage, construction management stage as well as operation management and protection stage. The analysis framework is constructed for each stage of the project, analyzing how project management pattern affects investment efficiency.(2) The effects of decision-making pattern on investment efficiency. The decision-making pattern is characterized by a multi-layer principal-agent relationship, in which, property right is transferred in both directions; three different principal-agent relationships, with different type and level, exist in this multi-layer principal-agent relationship:political principal-agent relationship, administrative principal-agent relationship and half-administrative principal-agent relationship; the principal issue and agent issue in this relationship chain are two key factors affecting investment efficiency of land consolidation project. The author states that there is a serious efficiency loss mechanism in the decision-making process by using agent theory. Moreover, the longer the chain, the more distorted the initial policy is, causing greater investment loss in the end.(3) This paper also shows how construction management pattern affects investment efficiency. The author not only analyzes the behavioral characteristics and interests of various stakeholders but also probes into their relationship in construction management. Moreover, the author makes an in-depth study of the stakeholder's game behavior by establishing mathematical model based on game theory, thus providing a dependable theoretical evidence for the innovation of land consolidation project construction management pattern. Three specific policies are recommended:(1) to establish a market-driven agent construction mode for land consolidation project;(2) to practice a fund management system which requires account according to the engineering construction progress;(3) to build a mechanism of trust for relevant subjects in project construction management.(4) The paper also explores the impact of land consolidation project operation management pattern on investment efficiency. It's suggested that public-private cooperation should be promoted for the land consolidation project operation management in order to remedy the deficiencies in the system of public property and that the operation efficiency could be improved according to local conditions by using various modes such as contracting, leasing, auction, participating in management and protection, joint stock cooperative system, and user associations, etc.(5) The effects of the increased project of cultivated land area are as follows:(1) the newly increased cultivated land area reached31025.01hectares from2001to2010in Hubei province, with an annual increase of3102.50hectares. The contribution rate of the state-level project was62.99%. During this period, the trend of the number of the newly increased cultivated land had the following characteristics:reduce, sharp increase, reduce to a stable level, and sharp increase in the end. As for the project scale, the newly increased cultivated land area reached31025.01hectares in toral from2001to2010in Hubei Province, with an annual increase of3102.50hectares, with an average annual increase of4.27%. However, the increase rate of newly increased cultivated land was decreasing year by year. From the perspective of investment scale, per unit investment in the newly increased cultivated land was more than0.05ha./million, of which per unit investment in2001was the highest, reaching0.1362ha./million, and that in2004is the lowest--0.0540ha./million.(2) Regional differences existed in the effect of the increase project. First, in the traditional agricultural area, the newly increased land area was bigger: there were more projects, larger scale investment, more newly increased cultivated land in the plain area, while relatively small amount of newly increased cultivated land in the mountain and hilly areas. Second, the newly increased land was intensively located in the major grain producing areas, and consequently less of the land in those non-grain producing areas. Third, from the angle of construction scale of land consolidation project, the proportion of the newly increased cultivated land in the mountainous and hilly areas were higher while the proportion in the plain area was relatively lower. However, although greater potential existed in the mountainous and hilly areas as for increasing new cultivated land, more investment was required in the meantime.(6) An Empirical Test of the econometric methods shows that there is a long-term stable equilibrium relationship between land consolidation project investment and the total grain output following the growth of index. The grain output will increase7.604158units with one more unit of investment increase. Granger causality test shows that the land consolidation project investment and growth of grain output have a mutual Granger causality relation, and both of them can be used as cause and effect. This indicates that the investment on land consolidation project could bring about grain output growth, and grain output growth could further stimulate the growth of land consolidation project investment. According to the analysis of the classic production function--C-D, it shows that the growth of grain output growth in Hubei province still largely relies on various inputs, and that increased inputs of production factors determine a substantial part of grain output growth, among which investment in land consolidation project has also played a very important role in the grain output growth. However, the present management pattern in Hubei province has a much negative impact on the investment efficiency increase. The innovations of this paper include:based on relevant theories of economics, political science, management and other disciplines, using a combination of various methods, including qualitative and quantitative, theoretical and empirical, case studies and comparative analysis, the author conducts an in-depth research on the impacts of project management pattern on investment efficiency in different stages, and reveals the inherent mechanism that can effectively improve the investment efficiency of land consolidation project from the perspective of the project life cycle; meanwhile it also estimates the investment efficiency in a practical way and analyzes the effects of project management pattern on investment efficiency by taking Hubei province as an example. Unlike the existing researches, which are mostly confined to macro-level studies, like specific projects and policies, this paper could be used as a breakthrough in theory, broadening the horizons of the study on land consolidation project investment efficiency. As for research methods, more standardized and systematic approaches are adopted. Regarding the outcome, both related policy recommendations and the management patterns that can be applied to different land consolidation projects in different land types, have great practical significance for the promotion of sustainable development of land consolidation.
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