| Since the beginning of the new century, the investment of fixed assets has become the most important driving force of China's economic growth, especially in the background of economic restructuring and structural adjustment in recent years,the export trade is weak, the consumption growth rate is declining, and the investment of fixed assets Especially prominent. Therefore, the study of fixed asset investment in the size, structure and regional layout directly affect the sustained and healthy development of China's economy, for the country to develop appropriate fixed asset investment plans and investment policies to optimize the main structure of fixed asset investment and improve the efficiency of fixed asset investment, The development of appropriate regional industrial optimization and economic growth policies, for industrial restructuring, job creation, improve people's living standards, improve the quality of economic growth, in particular, to achieve the current China and the future economic and social development of the expected objectives, especially for Out of the "middle income trap" has important strategic significance.Investment in fixed assets is the most important basis for the formation of quality, and its investment assessment directly affects the economic activities of the region, industry, department and the main body of different ownership. With the reform of China's economic system into the deep water area, the main structure and efficiency of fixed asset investment are constantly changing. The investment system and investment are also changing constantly. The investment structure has also changed greatly. The investment structure is becoming more and more Reasonable,but there are many problems. For a certain period of time, the total amount of investment is limited, it is impossible to meet the needs of all the investment subjects, and different regions, different industries are not the same, the investment needs and investment efficiency is inconsistent, therefore, investment structure optimization is investment efficiency An important basis for improvement.In recent years, excluding the inflation factor, the actual growth rate of fixed asset investment in China more than double digits, the total investment in GDP accounted for more than 30%,fixed asset investment and its stimulating effect on economic growth caused by scholars of widespread concern The Among them, 2012-2014,the proportion of non-state-owned fixed asset investment has been maintained at 60%or more, it can be said that non-state ownership of fixed assets is the main body of investment, but also to promote economic growth, the main force. However,the details can not be ignored is that nearly three years, the state-owned holdings growth rate is divided into 14.7%, 16.3% and 13.2%, private investment growth rate is divided into 24.8, 23.1 and 18%, private investment growth relative to state-Investment growth slowed down significantly. In order to grasp the deep reason of this phenomenon more accurately, combined with domestic and foreign research theory, it is very important to analyze the qualitative and quantitative analysis of the structure and efficiency of fixed assets in China.This paper will discuss the main structure and investment efficiency of fixed asset investment from the macroscopic perspective, and on this basis, examine the impact of different investment subjects on the ability of capital acquisition and investment efficiency. It goes without saying that such research should overcome many difficulties, One of the biggest technical problems are two: First, the size and structure of fixed assets investment of different investment entities, in view of the limited liability enterprises and limited liability companies the main form of holding more difficult to distinguish, that is, how to distinguish between fixed assets investment in the state The share of state-owned entities; the second is how to more accurately measure the investment efficiency of fixed assets of different investment entities. Based on the achievements of academic research,this paper continues to put forward the countermeasures and schemes to optimize the structure and efficiency of fixed assets investment, which not only has a positive effect on the transformation of China's fixed asset investment theory, but also has a positive impact on economic restructuring and structural adjustment.It is the most basic guarantee for the rapid growth of China's economy and the most important driving force for the growth of labor economy. The investment in fixed assets is the most basic guarantee for the rapid growth of China's economy.Based on the theory of traditional fixed asset investment and the theory of economic cycle, this paper discusses the structure and efficiency of fixed asset investment in China from the perspective of the evolution of the main structure of fixed assets investment. This paper mainly discusses the evolution of the main structure of fixed assets investment, the efficiency of investment in fixed assets and the influence of different investment subjects on the efficiency of investment in fixed assets, from the theoretical review, the current situation of fixed asset investment, theoretical model, measurement test and policy suggestion.Based on the analysis of the main structure and investment efficiency of fixed assets investment in China, this paper mainly focuses on the following five questions:(1) Investment theory and literature review. (2) the behavior of the main body of fixed assets investment and the evolution of the main structure of investment. (3) the efficiency of investment in fixed assets of different investment entities and their decisions. (4) the impact of property rights of different investment subjects on the efficiency of investment in fixed assets. (5) Suggestions on Optimizing the Structure of Fixed Assets Investment in China.(1) investment theory and literature review, the domestic and foreign scholars of the relevant literature review and evaluation, the author in the study of fixed asset investment theory, economic cycle, economic growth and other theories on the basis of the development of these theories and its Realistic policy guidance significance has been carefully combed, and made a general review. It focuses on the theory of economic growth, investment in fixed assets and economic cycle fluctuation, and finds out the theoretical basis of the evolution of the main structure of fixed assets investment, the efficiency of investment and the performance evaluation, and provides effective theoretical basis for the follow-up empirical analysis.(2) the behavior of the main body of fixed assets investment and the evolution of the main structure of investment. Mainly on China's fixed assets system, the investment process has been carefully combed, and fixed assets investment is divided into state-owned enterprises and non-state-owned enterprises, on this basis,the specific measurement of fixed assets investment in the regional structure and industry structure , and quantitative Analysis. Finally , based on the above-mentioned theory of economic growth and volatility, this paper provides empirical analysis on the evolution of the main structure of asset investment and the fluctuation cycle characteristics and cointegration relationship of economic growth,and provides an analytical basis for the empirical study of positioning investment principal relationship.(3) the efficiency of investment in fixed assets of different investment entities and their decisions. Based on the analysis of the main structure, regional structure and industry structure of fixed assets investment in China, this paper analyzes the efficiency of fixed assets investment from the main body, the regional and the industry. This paper analyzes the investment efficiency of different subjects in different industries, and analyzes the reasons that affect the efficiency of investment in fixed assets. And from the perspective of investment scale analysis of investment efficiency differences, to test the different investment in China's fixed assets investment there is economies of scale and "excessive investment." The three-stage DEA model is used to introduce the institutional environmental factors such as marketization, openness, government management and financial policy into the scope of investment technology efficiency, and examine the impact of institutional environmental factors on the differences in investment efficiency of different investment subjects.(4) the impact of property rights of different investment subjects on the efficiency of investment in fixed assets. In view of the ability of different investors to obtain funds is not the same, that is fixed assets investment to be limited by the constraints of financing. Based on the model of industry investment elasticity of Jeffrey Wurgler (2000), this paper uses the panel data model and the spatial measurement model to estimate and evaluate the capital allocation efficiency of different investment subjects according to the industry and regional data of different investment subjects and the data of listed companies. Mainly consists of two parts,the first sub-focus on state-owned enterprises and non-state-owned enterprises to invest in fixed assets financing constraints, state-owned enterprises and non-state-owned enterprises financing constraints on the efficiency of fixed asset investment. The second part focuses on the analysis of the way to obtain policy support in the process of fixed assets investment of state-owned enterprises and non-state enterprises, and the impact of financial subsidies and tax incentives on investment in fixed assets investment of state-owned enterprises and non-state enterprises.(5) Suggestions on Optimizing the Structure of Fixed Assets Investment in China.Further clarify the government and other investment in the economic development of the different division of labor, put forward to optimize the structure of China's fixed assets investment proposal. On the basis of concluding the main conclusions of the research results, the author puts forward relevant policy suggestions. And the future of fixed asset investment policy and the evolution of the main investment of the estimates, outlook.The innovation of this paper is as follows: (1) The ICR theory is used to analyze the efficiency of fixed asset investment from the subject, region, industry multi-dimension and multi-level, and the influencing factors of investment efficiency are analyzed in detail. Is the public ownership and private ownership of the industry's fixed asset investment efficiency to do a quantitative calculation. (2) From the two dimensions of industry and region, the three-stage DEA model is used to estimate the efficiency of fixed assets allocation of state-owned enterprises, limited liability enterprises, limited-owned enterprises and private enterprises. (3) To explore the influencing factors of fixed asset investment efficiency of enterprises with different property rights, focusing on the influence of property rights factors such as state-owned enterprises and non-state-owned enterprises on investment efficiency of fixed assets from two dimensions of financial constraint and policy support. The study finds that the difference between the state-owned enterprises and non-state-owned enterprises is different, which leads to the difference of financing costs. At the same time, given the natural connection between state-owned enterprises and government agencies, the ability of state-owned enterprises and non-state enterprises to obtain government subsidies and tax incentives are different. Leading to significant differences in the efficiency of fixed asset investment. |
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