| It is pointed out in some researches that the Chinese economy is a tremendous paradox. On one hand, China is the economic entity which is developing fastest in the world; with an annual average increase rate of 8.6% since 1980, there is no other county that could keep such a fast increase in such a long period in history. On the other hand, as well as the fastest developing economic entity, China is also the most inefficient one among the main economic entities in the world. In the economic growth, a great number of problems like high cost, high consumption, high emission, inharmony, circulatory difficulty, low efficiency exist, which lead to the low efficiency in economic growth. Behind the high increase of investment and economy hide our reckless spoliatory exploitation of natural resource and huge destruction of ecological environment. Meanwhile, along with the sustaining fast development of national economy, many social conflicts continuously accumulated and emerged, including difficulty and high cost in medical care and education, unfairness in social distribution, large income gap, continuous increase of house price which couldn't be afforded by citizens, etc., these social problems are getting more and more serious and prominent.It is obvious that along with the regional economic growth brought about by investment, effect in social and ecological domain may also arise, in most occasions are the negative effect of environmental contamination, losing of social fairness and other problems. For a region, the influence brought about by investment is comprehensive, complex, all-round and huge, so giving prominence and preferential research to the problem of investment effect and promoting and optimizing the regional investment effect, is not only an important subject in the research of investment theory, but also an important subject in maintaining regional harmonious and stable development of economy, society and ecology, which is both theoretically and realistically significant to the construction of harmonious society. Thus the nuclear aim of this article is to establish a theoretical framework of investment effect research and the evaluation model of regional investment effect, to seek an effective approach in promoting and optimizing regional investment effect, and in this way to maximize and optimize the effect of regional investment and to use investment as a driving force in promoting all-round and harmonious development of regional economy, society and ecology, instead of the destructive force.Based on the related theories of Marx Investment Theory, Modern Western Investment Effect Theory and Regional Economics, this article comprehensively use theories in the subjects of Investment Principles, Investment Economics, Investment Management, Institutional Economics, Developmental Economics, Industrial Economics, Government Economics, Economic Sociology, Environmental Economics, Economic Geography, Urban Economics, Project Evaluation, Investment Banking, Venture Investment, Principles of Management, etc., and Innovation Theory and Venture Management Theory to study investment effect, with combinative methods between qualitative analysis and quantitative analysis, between dynamic analysis and static analysis, between theoretical analysis and empirical analysis.This article starts with concluding the theoretical basis of regional investment effect. It firstly defines the concepts of investment effect and regional investment effect, deciphers the connotation, classification and influencing factors of investment effect, and establishes the basic theory framework of investment effect research. Then it concludes the main problems of investment effect existing in the present regional economic development of our county and analyzes the reasons, paving a way for the research of ways in promoting and optimizing investment effect. Then, it establishes a new regional investment effect evaluation model, and proposes investment effect evaluation index system and evaluation methods.Based on the incipient establishment of the theory system of regional investment effect research and the conclusion of problems, this article primarily proposes some effective approaches for promoting and optimizing regional investment effect, and discusses them thoroughly. These approaches includes promoting technical innovation by venture investment; fostering regional superior industry (dominant industry); effectively integrating the industrial capital and financial capital; establishing scientific and harmonious regional investment management mechanism, etc.Finally, this article takes Jilin Province as an example to do an empirical analysis, applying regional investment effect evaluation model to temporal sequential dynamic analysis of investment effect of Jilin Province and transversely comparative analysis among adjacent regions.This research has gained the following main conclusions and achievements:Investment effect refers to the influence, response, and effect brought about by investment activities in a specific region. Regional investment effect refers to the influence, response, and effect brought about by the function of the investment activities in a specific region to the economy, society and ecological system within the same region. Investment could make a great impact on regional society and ecological environment as well as the economic effect. Thus investment effect is a comprehensive concept, including the economic effect, social effect and ecological environmental effect of investment, which is an aggregate of all kinds of effect brought about by investment to the entire society.The investment effect is influenced by natural conditions, economic policies, investment decisions, investment system, investment environment, investment management and other factors.Currently the fundamental problems of investment effect existing in the regional economic development of our country are primarily embedded in three aspects. The first one is the low efficiency of investment; the second one is negative effect of investment—the destruction of regional ecological environment caused by investment; the third one is belittling agriculture effect of investment. The causes of these problems are mostly related to the bad investment activities of the government: low rate of use of the fixed assets; the inefficiency of investment caused by the Vanity Project of the government; the local governments'emphasis on short-term effect of investment; blindly pursuing GDP increase effect of investment; pursuing regional economic growth on the cost of sacrificing ecological environment; neglecting investment on human resource; underinvestment on agriculture, countryside and farmers, etc.Regional investment effect evaluation index system should be established according to the three effects of economy, society and ecological environment of regional investment, including two-level evaluation indexes, among which there are 3 primary level indexes, that is, economic growth index, social development index and environment-friendly index, and 24 secondary level indexes under the primary level indexes. The statistic and analytic software SPSS is used as main analytic tool, and the Main Element Analysis Method, Factor Analysis Method and Vague Evaluation Method are used as main methods of regional investment effect evaluation.The fundamental approach in promoting regional investment effect is Innovation—technical innovation, systematic innovation and administrative innovation, and the most important one is technical innovation. Enterprises are the main bodies of technical innovation, and the high-tech industries are the carriers of regional technical innovation. The characteristics of high venture, high cost, and high growth of high-tech industry determine that the loans of commercial banks are not suitable for supporting the development of high-tech industry, but the venture investment system established on the basis of momentous innovation of traditional investment and financing system is the most important mechanism in impelling the development of regional high-tech industry.The industrial policies should be used to guide investment direction and change the regional investment structure, and the investment structure could reconstruct regional industry structure.Based on regional resource condition and industrial development level and characteristics, the local government should select the industries characterizing the possession of comparative advantage, high relevancy of industry, high elasticity of requirement and income, high increase rate of production rate, high ability of industrial innovation, etc as regional superior industry (dominant industry) to develop primarily, and take superior industry (dominant industry) as a core to impel the assembly of the upriver and downriver industry and the transverse related industry toward superior (dominant industry) industry and to form an assembly of superior industry, in this way to invoke the regional core competitive advantage, to attract exterior investment into superior and dominant industry and industrial assembly within the region, and to promote the economic effect of investment.In spacial distribution, the regional superior industry (dominant industry) should be developed preferentially in central cities.The practices of integrating the industrial chain of regional superior industry (dominant industry), investing limited capital to the upriver and down river industry of superior industry (dominant industry) and constructing a industrial assembly surrounding superior industry (dominant industry), could improve the regional industrial density effectively, strengthen the competitive power of superior industry, and further promote the regional investment effect.Effective integration of industry and finance could bring scope economic advantages, save information and trade cost, disperse ventures, strengthen the competitive power of banks and enterprises, and improve regional economic growth. However, the integration of industry and finance costs much, which may cause beneficial conflicts, monopoly, bubble economy, nonequilibrium of economy, internalization of financial risks and other negative economic effect between banks and enterprises.The basis of improving the regional integration of industry and finance is developing and consummating regional capital market. The mechanism of integration of industry and finance in our country should be established on the basis of market-driving and be pitched on the rational core with the main body of the market dominant mode of integration of industry and finance in American and Britain and the supplement of the bank dominant mode of integration of industry and finance in Germany and Japan. In the present stage, improving regional integration of industry and finance should take enterprise groups as the main body, and take the way that industrial capital controls financial capital. The best mode of financial management of enterprise groups is financial holding company, for Asset Securitization plays a major role in deepening the market of integration mechanism of industry and finance.The following five aspects must be done to promote regional investment effect: firstly, investment policy should be made appropriately and correctly; secondly, investment process should be well managed, and investment risks should be controlled effectively; thirdly, actions should be taken to manage investment performance; fourthly, innovation on investment management system should be carried on; fifthly, comprehensive management of economic, social and ecological effect of investment should be conducted.Currently, the key point in the comprehensive management of regional investment effect is to put environmental economy policy into practice to optimize regional investment ecological environmental effect; to establish social equity ensuring system to optimize social benefit of regional investment. The key point of reforms in investment management system is to establish the subject status of investment of enterprises, to restrict the irregular investment of local government, to broaden the domain and scope of private investment, to improve the government's control mode and measures on investment, to establish a new investment system of market dominating investment, self-determination of enterprises, independent loan-auditing of banks, multiplicity of financing mode, standardization of agent service and effective macrocontrol. Constructing favorable regional investment environment could promote the region investment effect actively. And one important aspect in optimizing regional investment environment is to establish a regional investment culture with a core of credit culture.There is no investment that needn't face risks. Investment risks management indentify, measure and control the investment risks through systematic and comprehensive modern scientific management mode, minimizing all the disadvantageous consequence brought about by risks and maximizing the investment benefit safely and reliably.From a transverse point of view, the sequencing of overall investment effect of the three provinces in Northeast China in 2005 is Liaoning>Heilongjiang>Jilin, which shows that the investment effect of Jilin Province is the worse in the three provinces. From a vertical point of view, from 2001 to 2005, the economic effect of investment of Jilin Province is increasing year by year, while the social effect is decreasing. The investment environmental effect keeps deceasing since 2002. The sequencing of overall effect of investment is: 2004>2003>2002>2005>2001.The sequencing of investment effect of the cities within Jilin Province in 2005 is: Changchun>Jilin>Tonghua>Liaoyuan>Songyuan>Baishan>Siping>Baicheng, the overall investment effect of Changchun City is obviously better than other cities. From the aspect of spacial differentia of investment effect, the best region of overall investment effect of Jilin Province in 2005 is the middle part; the eastern part takes the second place, while the western part is the worst. The middle region is the core region of Jilin Province.As a whole, this article investigates the investment effect problem from a new view of regional economics. It covers the economic, social and ecological effect of regional investment; it defines the concepts of investment effect and regional investment effect, deciphers the connotation, classification and influential factors of investment effect, and establishes a basic theory framework of investment effect research; constructs a fire-new regional investment effect evaluation model that could evaluate comprehensively the economic, social and ecological effect of regional investment, including evaluation index system and evaluation method, which supplies the gap of regional investment effect evaluation in academic community. However, to make a comprehensive overview of this article, there is still room for continued efforts in the aspects of conclusion of the present investment effect problems, optimization and perfection of regional investment effect evaluation model, the indirect effect of regional investment, the research on the approach of promoting investment effect, etc, especially the further pointed discussion and proposition of countermeasures and policies on promoting the investment effect of Jilin Province based on the empirical research of investment effect of Jilin Province. These questions also point out a direction for me to make further research in the domain of regional investment effect.
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