The Theoretical And Empirical Study On Green Public Investment In China

Researching in green public investment could provide a theoretical basis for our country to achieve sustainable development, to develop a recycling economy and to build a harmonious society. And it is an enrichment and development for the theoretical system on the efficiency of public finance, and could provide scientific theoretical framework and systems mechanisms basis by better serving for decision-making of Government's financial, environmental and resource departments. It can be said, green public investment is one of main ways and patterns for China to achieve sustainable development. Based on a detailed study of the concept, scope and theoretical framework of green public investment, the paper has a elaborate research in the principle and method of green public investment macro and micro efficiency's analysis and measurement. In the paper, the others'research results has been summed up and absorbed in this field and related fields. Based on related theories, such as principles of public finance and public investment, sustainable development principles of natural resources and environment, in particular, it is tried to combine the analysis methods and theories of public investment macro-micro efficiency with the characteristics of natural resources and environment investment. And these methods and theories are absorbed, systematically summarized and applied to the empirical analysis of green public investment efficiency. The conclusion and innovation points are as follows:Firstly, for the first time, a systematic and innovative theoretical system is build up in the paper, covering concept of investment, green investment, public investment (government investment), green public investment, green public investment efficiency (macro and micro), green public investment efficiency factors, the proposed measures to improve the green public investment efficiency and revitalize the industrial economy, etc.Secondly, the study has laid foundation for green public investment's empirical analysis, evaluation and decision-making in our country, and has drawn the conclusion to the macro and micro efficiency of China's green public investment in a state of inadequate. Macro-efficiency of China's green public investment is made empirical analysis. And micro-efficiency of the project is made a empirical analysis, combined with the natural forest protection project in Sichuan. These conclusions include as:China's green public investment contributed significant contribution and role in promoting to economic growth, but there are efficiency losses of output. The optimal size China's green public investment in GDP is 8.41%. The demand of green public investment on China's economic and social public is increasing, but there is insufficient scale of investment in the supply of green public goods, and there is a very large room for growth in green public investment. In around 2000, the structure efficiency of China's green public investment appeared a "quantum leap". The structure efficiency was more efficient than the capital allocation efficiency of whole society in 2001-2008, and has still considerable room for improvement in the international and horizontal comparison. The levels of planning budget, executive management and actual micro-efficiency are also required to some extent improved in China's green public investment projects.Thirdly, the causes are analyzed and a series of policy suggestions are made for the absence of macro and micro efficiency in China's green public investment. Them are included as:Public financial functions should be strengthened, and green public investment should be increased so that the proportion and scale could early attain to the highest point and the optimal value, the distance between the peaks of Kuznets curve and environmental investment curve could be reduced. By creating the industry chain, building key industries layout, formulating and implementing strategies for industrial development planning, the industry space integration and specialization areas would be built up, encouragement and stimulation to the level of green public investment specialization and division would be improved, the industrial chain and industrial clusters of China's green public investment would be strengthened and expanded. By making the market mechanism running through these important aspect of institutional arrangements in investment, financing, property rights and industrial chain link by government supporting, the function of the market mechanism would be played full role, the macro-efficiency of China's green public investment and industrial benefit evaluation system would be built and improved, the performance evaluation system of China's green public projects would be improved, the technology of multi-criteria decision-making would be used for the performance evaluation in green public investment. It is suggested that "super-ministry system" should become as reform object, and National Environmental Protection Committee should be established, the comprehensive administration of environmental protection should be implemented, the institutional and organizational reform should be promoted in China's environmental administration, and the reform of new public management and incentive and restraint mechanisms in principal-agent model should be driven in order to improve the system and mechanism of public decision-making, for main objectives of public choice.