Study On The Performance Evaluation Of Public Investment In Bohai Rim Economic Zone

Public investment performance relates to the long-term development of national productivity,the realization of economic and social strategic goals,and the protection of public interest.In the 40 years of reform and opening up,the infrastructure of the Bohai Rim Economic Zone has become more and more perfect,and the sustainability of economic development has been continuously enhanced driven by a series of national public investment policies.Bohai Rim Economic Zone has become the core area for ensuring China’s political and economic stability,as well as the national economic development and the third growth pole,which plays an important role in driving the regional economy.However,despite the great achievements in public investment in the Bohai Rim Economic Zone,there are still some prominent problems under the current institutional framework,which has constrained the further improvement of public investment performance.Moreover,the problems of over-investment,light investment,and poor sustainability of policy effects exposed during the reform of the public investment system have not been effectively resolved.In this context,adapting public investment performance control strategies has become the important way to overcome those current challenges.To this end,this thesis attempts to use the official statistics and first-hand research data,aims to fully investigate the success and failure of the Bohai Rim Economic Zone from the perspective of public investment performance evaluation.This thesis aims to fully investigate the performance of Bohai Rim Economic Zone based on multi-dimensional data.Some comparative analysis methods are used to revealing the evolutionary trend and its horizontal difference,and to analyzing the loss of economic performance and influencing factors of comprehensive technical efficiency in the process of public investment expansion,which is contributing to the improvement of public investment performance and the social sustainability of Bohai Economic Zone.Based on the above research,the study found that: Firstly,the total public investment in China’s Bohai Economic Zone showed an increasing trend from 2006 to2016.However,the scale and its growth rate of public investment fluctuated significantly,and there were some obvious regional and industry gaps,which means that the of structure public investment needs to be optimized,and the balance of public investment among different region needs to be improved.Among them,the‘transportation,warehousing and postal industry’ and the infrastructure-based fixed assets investment such as ‘water conservancy,environment and public facilitiesmanagement’ account for nearly 70%,while the proportion of ‘education industry’,‘health,social security industry’,and ‘culture,sports and entertainment industry’ of public investment,which is relating people’s livelihood,are obviously less than 10%.Moreover,it is found that the Bohai Rim Economic Zone has problems of weak growth and inappropriate public investment flows,especially in education,as well as in the industries of health,social security and social welfare,comparing with the Yangtze River Delta and the Pearl River Delta Economic Zone.Secondly,the effect of public investment on the economic growth is significantly positive at the 1% level,which means that the increase in the scale of public investment from the provincial level has indeed played a positive role in promoting economic growth in the Bohai Rim Economic Zone.However,the average inefficiency accounted for 55.76% of the technical efficiency by using the stochastic frontier analysis method(SFA)to decompose the active and inactive components,which means that the technical efficiency of the Bohai Economic Zone can be greatly improved.Based on the three-dimensional perspective of public investment,the public investment performance indicator system is constructed.The AHP-TOPSIS method is used to analyze that the overall level of public investment performance in the Bohai Rim Economic Zone is not high and the policy sustainability and effectiveness is not ideal,and even the performance of public investment among the five provinces within the region is significantly different.The indicator value of provincial-level public investment performance at Tianjin city ranks eighth in the public investment performance of 31 provinces in China,and ranks third among the five provinces of the Bohai Rim Economic Zone.Thirdly,the overall public investment technical efficiency at the prefecture level of the Bohai Economic Zone did not reach DEA,and most of the municipal public investment was basically in a state of diminishing returns based on the research of 44prefecture-level panel data in the Bohai Rim Economic Zone.Moreover,the average dynamic change of total factor productivity(tfpch)of investment efficiency is1.017 based on the Malmquist TFP index analysis,which indicates that the dynamic total factor productivity of the Bohai Rim Economic Zone in China turns out an overall upward trend,while the average annual increase of 1.7%.Further analysis shows that the main reason for the decline of the annual almquist index is the slowdown in the growth rate of comprehensive technical efficiency and the growth rate of the scale efficiency change index,which once again confirms that scale efficiency is one of the main performance problems.Fourthly,further study on the influencing factors of public investment performancein the urban-level Bohai Economic Zone shows that the industrial structure,financial development level,education level and government financial resources of the Bohai Economic Zone have positive effects on public investment performance which have become the key factor affecting the performance of public investment.Fifthly,based on the research data of Tianjin city,it is found that residents’ satisfaction with Tianjin’s public investment is not high,and the residents’ evaluation of the public investment performance of the Bohai Rim Economic Zone is mainly influenced by the transparency of public investment funds management,such as the scale of public investment,the scope of public investment projects,the quality of public investment projects,the maintenance and management of public investment projects,the convenience and convenience of public investment for the lives of citizens,and the provision of old-age facilities and medical facilities.In general,this thesis finds that,during the inspection period,Tianjin is facing some serious performance problems from the three aspects of ‘provincial level-prefecture level-resident level’,while the indicators of per capital public investment and public investment in GDP of Tianjin are higher than other cities and provinces caused by the inefficiency in static scale and the decline of efficiency index.Finally,this thesis argues that the prominent problems of public investment performance of Bohai Rim Economic Zone,including the poor output caused by traditional public investment system,the economic orientation and formalization of evaluation index system,the insufficient constraints on excessive investment and the expansion of local debt,the imbalance of investment structure and stage fluctuations;the bad micro-performance of public investment.In order to solve the above problems to further improve the public investment performance,this study proposes some policy advice:(1)Controlling and regulating the scale of public investment;(2)Further optimizing the public investment structure of the Bohai Rim Economic Zone;(3)Strengthening the multi-level assessment and auditing of the public investment performance;(4)Improving the quality of construction and professional management of public investment projects;(5)Innovating the mechanisms based on service object satisfaction as important performance targets.