| Industrial investment structure is a relationship of quantitative proportion that society investment allocate every industrial and department for national economy to form. It is the main way to society investment that take themselves’s adjustment by market mechanism and make allocation by production elements market, at the same time achieve society investment allocation in different industrial by apply to minim plan and administration. Industrial investment structure is important department of economy structure, reflection of productive relationship, determinant of evolution of industrial structure that influence direct economic development and industrial structure and arrangement of productivity. It can say industrial structure was made up and determination by investment structure. Today current situation of industrial structure come into being by former industrial investment structure. Furthermore, the changes of industrial structure will principal rest with industrial investment structure on this period. So, dynamic change of industrial investment structure is basic mode to achieve evolution for industrial structure.At the present day, our country has located on industrialization process of transform to turn towards market economy. Industrial investment will be a key factor to keep economic sustainable growth, an important trager to economic transition. Industrial investment responded to request of economic transition and industrial investment structure ofen adjustment and self-regeneration moreover direct promote our country conomic long growth in the early industrialization development. But, many problems were exposed in three-industry structure in the prosess of economic transition, such as increasingly severe environmental pollution caused by unbalance of industrial structure in entensive economic development, production capacity surplus in some industry, sluggishness in industry technology development and inefficiency of investment. According to the evaluations of inefficiency of investment by the international and domestic scholars, it shows that many problems exist in many industry areas such as high cost investment, low value-added output, lack of innovation in products technology and so on. High-end industry are monopolized by the internatonal markets in industry chains, lack of proportion between capital investment and output severely obstructed the development of new road toward industrialization. The reasons caused by the above problems including inner problems caused by the economic institutional structure as well as extrinsic factors caused by the industry technology. In view of china is in the period of economic transition, planned economy influences greatly in the area of investment in industry, some problems in institutional structure influedced greatly in investments in industry such as the investment subject and financing structure. In addition, we are in the knowledge economy society, accumulation of knowledge and progess of technology play a decisive role in different areas in industry development. In sum, I will expound the subject of industry investment, financing structure and technical progess individually and analyze their influences on structure in industry investment.I will analyze the subject of industry investment, financing structure and technical progess in depth by using canonical parse, empirical analysis and quantitative analysis, and try to pick up and verify the above factors’influence on structure in industry investment by datas. Meanwhile, I explored the technical progress rate in main industry areas in order to show the technology state in nowdays industry areas.The first chapter is a introduction. It will introduce the background why and the meaning I choose this topic, and also I will introduce the basic concept, documents and materials, research approach and novelty it concerned. Try to make a foundation for the latter research.Chapter two will introduce the developments of economic transition in China and the current situation of industrial investment structure. I will analyze the historical background of economic transition and its developments, and the root cause why the market transformed from planned economic system to market economic system. Meanwhile, I will introduce why the government advocated new path of industrialization with Chinese characteristics and try to change the style of economic increase. I think china economis transition includes two aspects, one is economic structure transition, the other is style of economic increase. And then, in the background of economic transition, I will analyze the state of developmentChapter three the dissertation analyzes the change of industrial investment entities, financing channels and technological progress how to influence the change of industrial investment structure. From government-led to the enterprise-led investment entities, investment entities have greatly changed, and which undoubtedly have fundamental effect on the change of industrial investment structure. However, government-led entities have not withdrawn from the industrial investment completely, and the differences of investment scope among government-led investment entities, state-owned enterprises investment entities and private-owned enterprises investment entities lead to the unbalance of present industrial investment structure. Financing channels have been changed too. Financing channels have been extended because of the development of capital market. However, indirect financing market still play dominant role in China. Industrial investment entities have to invest to the traditional or monopoly industries because of the steady style of bank credit, and consequently the financing mode of bank credit originally obstruct the development of innovative enterprises.Chapter four the underdevelopment of capital market also effects negatively the adjustment and change of the industrial investment structure. The appearance of new financing channels such as industry investment fund and PE has little effect on the industry investment structure because of too small scale. Based on the endogenous growth theory, the dissertation analyzes the effect of technological progress on the investment structure. We deeply study the investment in the pharmaceutical manufacturing, electronic communication equipment manufacturing in China. In chapter IV, we analyze the change of industrial structure in OECD countries such as U.S.A, Japan and some developing countries such India, Brazil so as to provide useful experiential reference for China to change and adjust its industrial structure.Chapter five using two econometric models, this dissertation examines the efficiency of industrial investment allocation and the growth rate of TFP of44sub-sectors among three industries recent years in China. The results show that the efficiency of industrial investment allocation is overall not high. The sub-sectors of high efficiency focus on real estate and some state monopolies. On the other hand, the efficiency of capital allocation in the sub-sector with high spontaneous investment is low and these sub-sectors mainly focus on traditional industries or supported by government industrial policy industries, and in contrast, the efficiency of capital allocation in the sub-sector with low spontaneous investment is high and these sub-sectors mainly focus on real estate and some state monopolies, and which show that the industry investment entities have great effect on the change of industry investment structure. At the same time, the industry investment tends to the traditional or monopoly industries because of limited financing channels, which is cause of unbalance of industry structure and low capital allocation efficiency. The estimation results of TFP show that during2000～2010, the growth rate of TFP not only did not increase, but decrease, and significantly behind the developed countries. The results also show that in recent years, the quality of extensive economy growth is not high on the one hand, and the investment returns is low on the other hand and it is very necessary and urgent to change the economy growth mode from the extensive to the intensive.Chapter six in conclusion, by econometric method, this dissertation innovatively studies and estimates the effect of the industry investment entities, financing channels and technological progress on the change of industry investment structure in the context of both transformation of economy system and economy growth mode. This dissertation also estimates and studies the relationship between spontaneous investment and efficiency of capital allocation, and illustrates the industry adjustment direction in the future in China. Meanwhile, it is necessary to point out that the inadequacies of this dissertation are obvious.Following is the main conclusions:(1) The government-led investment entities, state-owned enterprises investment entities and private-owned enterprises investment entities have different effect on the industrial investment. The government-led investment entities have significant effect on investment of all three industries, especially on the primary and tertiary industry. The effect of investment by state-owed enterprises on secondary and tertiary industry is significant and the investment especially is focused on traditional industries, but the state-owned enterprises hardly invest in primary industry and high-end manufacturing. The investment by private-owned enterprises has effect mainly on the primary and secondary industries and the scope of investment of private-owned enterprises is quite limited. The results suggest that the government should avoid as much as possible participating in the investment in competitive industries directly. State-owned enterprises should increase investment in primary industry and high-end area of the secondary and tertiary industries. In addition, the limitation on the scope of investment by private-owned enterprises should be eliminated gradually.(2) Our studies show that bank loans have significant effect on the investment of all three industries. The contribution of bank loans to the secondary industry investment is about30%, and to the tertiary industry investment is above70%, and in comparison, equity financing have only effect on the secondary industry. The results suggest that the indirect financing remain dominant in the industrial investment.(3)General speaking, the technological progress rate of China is low and has no significant impact to the industrial investment.The result of this study shows that the overall total factor productivity is low. The growth of total factor productivity has been some decline since the beginning of this century. At the same time, this paper also further confirms that the technological progress rate is relatively slow by the estimation of the31major industries. It show that technological progress did not play the role of promoting the industrial investment, thus affecting the restructuring and development of the industrial investment structure. |
