The Study Of Investment Structure Effects On Economic Growth In Resource Area

Since reform and opening up,China's economy has continued to grow at a high speed and its economic achievements has attracted worldwide attentions.However,the inherited structural contradictions become more and more serious,especially after China entered into the "12th Five-Year" period.The impacts of the Global Financial Crisis and lots of structural problems,including insufficient effective demand,some industries economy overcapacity,widening income gap and uneven regional economic development,have restricted the rapid economic growth,and made China`s economy entering into the ?new normal? growth level.Going through the China's 13 th Five-Year Plan and the Report at the 19 th National Congress of the Communist Party of China,the transformation of economic development mode is undoubtedly a grand theme of China's future economic development.The Report pointed out that ?Our country's economy has been developed from the rapid growth stage to the high quality development stage and it`s in an important transformation period of the development mode,which makes optimizing the economic structure,transforming the momentum,and the construction of modern economic system become the urgent request of crossing the barrier and achieving strategic goals of our country's development?.The economic structural adjustment is an important role for the industrial investment structure adjustment,and for handling the reginal economic development problems as well.Taking the resource-dependent regions as example,like the Inner Mongolia autonomous region,these resource-dependent regions rely on resource advantages,and invest heavily in the secondary industry,and as a result,the development speed of the tertiary industry is relatively slow and the problem of industrial investment imbalance is obvious.The development of resource-based industries,such as coal and power,is fast,while its modern manufacturing industry's level is relatively slow.How to solve the imbalance of industrial investment structure issues and rationalize the industrial investment structure has become an urgent task to push the high quality development of resource-oriented regions.Have the industrial investment structure of resource-based region been adjusted accordingly when the structural contradiction has already affected the regional economy quality? Dose the current institutional environment play an important role in the adjustment of industrial investment structure? How to improve the regional economic growth quality through industrial investment structure adjustment based on innovation? In this paper,we hope that the research can clarify the theoretical context of these issues and put forward the solutions.On the basis of reviewing previous research achievements and studying relevant literature,this paper starts with defining the important concepts of industrial investment structure adjustment,and then employs the theory of sustainable development of the industrial investment structure theory as a matting to build the theoretical framework of thesis research from the perspective of economics.Based on the theory framework mentioned above,in this paper,not only the industrial investment structure and economic growth of resource-based regions,and the relationship between them are investigated,but also from the views of the economic innovation-driven perspectives,the influence of industrial investment structure on the economic growth of resource-based regions is studied: firstly,the effect of the investment subject on the three industrial investment structure adjustment is analyzed by employing the VAR model;secondly,based on the mediating variables of industrial investment structure,the influence of technological innovation on economic growth is analyzed by using panel data model;finally,based on the empirical research conclusions,some suggestions to promote the growth of economic growth in resource-based regions from the perspective of supply side are given.The main work of this paper is as follows:(1)There is a certain causal relationship between economic growth and investment structure transformation in resource-based regions.The economic growth of resource-based regions is accompanied by the transformation of investment structure.The transformation of investment structure has also promoted the economic growth of the regions.Through the analysis of current economic development status,three problems are raised.One is that the main body is not actively,involved;the other is that the capital allocation efficiency is not high enough,and the third is the lack of innovation performance.(2)The Inner Mongolia region is not fully marketized,government investment holds the main position in industrial investment.The results of the cause-and-effect test draw two conclusions.First,government investment and state-owned investment have significant influence on the first industry investment.The reason is that the Inner Mongolia region belonging to the agriculture and animal husbandry area,and China provides a lot of transfer payment for the rural water conservancy infrastructure every year.This conclusion is further supported by the impact of impulse response and variance decomposition.Second,the three investment subjects have significant influence on the second industry investment.Only the government investment subject has more direct influence on it,and the proportion of state-owned investment subject and non-state economic investment subject are not obvious.(3)Empirical study on the influencing factors on the private investment of the resource-dependent regions.The short-term output level,mining investment,urbanization and capital cost still have significant impact on private investment.The impact of mining investment on private investment is weak,and the elastic coefficient between them is 0.086689.The level of urbanization also has a negative impact on private investment,which is different from the long-term effect.(4)The reasonable industrial investment structure is the intermediate variable of technological innovation to promote economic growth.When taking the reasonable industrial investment structure as a variable,the research shows that development investment promotes the upgrading the industrial investment structure.Second and tertiary industry investments are increasing,which is close to the development practice of resource-based regions.With the resources development,the investment of secondary industry is increasing,and the input and efficiency indicators show that innovation can improve the share of secondary industry and tertiary industry in resource-oriented regions.However,when taking the advanced industrial investment structure as the variable,the research shows that the development investment performance is reversed,and the total factor productivity performance is not significant.(5)By using panel data covering the 11 years of the Inner Mongolia region,this study finds that the capital allocation efficiency of the industries,including coal selecting,food manufacturing,beverage manufacturing,tobacco manufacturing,textile industry,oil processing and coking and nuclear fuel processing industry,pharmaceutical manufacturing and other industries,is higher.Meanwhile,the capital allocation efficiency of wood processing and bamboo,cane,palm,grass products,rubber and plastic products,ferrous metal smelting and rolling processing industry,special equipment manufacturing,communications equipment,computers,resource waste and old materials recycling industry,electric power,heat production and supply industry,gas production and supply industry,is relatively low.(6)Three industries(oil and gas extraction,tobacco industry,textile industry)of the Inner Mongolia region belong to DEA,and technical level and scale efficiency are effective as well.It means that the combination of economic inputs and configuration is reasonable,and economic development efficiency maintains a relatively advanced level.However,the other 30 industries are non-DEA,which indicates the utilization of the economic input is insufficient.The innovations of this research are as follows:1.New research perspective has been employed to set up the SCP paradigm of investment structure in the resource-based regions.This paradigm is based on the industrial structure in the resource-based regions and it views investment subject,investment structure and innovation performance as observation variables.The paper focuses on analyzing the impact of three factors,including investment,subject,technological innovation,investment structure on the economic growth.Investment structure is emphasized.Thesis enriches the theory of economic growth theory and industrial investment structure theory.2.Comprehensive research methods are used to analyze the resource-based regional investment structure systemly.it comprehensively applies Vector Auto regression Model(VAR),Data Envelopment Analysis(DEA)and Panel Data Model(PDM)on analyzing the impact of investment subject on investment structure,adjustment,technological efficiency,scale efficiency and investment structure of economic input on economic growth.The paper provides total analytical solution which investment structure impacts the economic growth in the resourcebased regions.,Otherwise,the variable setting views as the characteristic of innovation.For example,it conducts investment proportion of mining as the structure variable and introduces CD production function,which measures the impact of industrial structure on economic growth and it broadens the research method between investment structure and economic growth in resource-based regions.3.Some countermeasures focusing on the innovation mechanisms and economic growth patterns in resource-based regions have been put forward.Firstly,this paper explores the innovation mechanism from the dimensions of direction,operation and security,for promoting economic growth in resource-based regions.Secondly,seven measures are given for promoting the economic growth mode transformation of the Inner Mongolia from the perspective of supply-side structural reforms,and the core one of these seven measures is that ?improving industrial ecology,enhancing new industry,avoiding relying on resource overly?.The countermeasures of this research have obvious positive value for Inner Mongolia economic growth,and hold important meanings for other resource-based regions and even non-resource-based regions of China as well.