| With over 30-year continuous and rapid growth,the rate of economic growth in China has been slowing and entering into a "new normal" development phase officially,where the long-term demographic dividend is disappearing with the increasingly serious resource,environmental and social insurance problems;the old growth impetus driven by factors and investment can not meet the requirements of economic sustainable development.Therefore,the government proposed:"to accelerate industrial structure adjustment and optimization,improve industry value chain and promote industrial upgrading" is not only the main direction for transforming economic development mode during "the 13th Five Year Plan",but is the objective requirement to lead the economic new normal and create China's economy upgrades.The researches on industrial structure high-level upgrading have been long-existed with rather abundant achievements.The scholars mainly started from the following perspectives:one,macro level;namely,financial structure,demand structure,factor endowments structure and value chain etc;two,factor level;namely,foreign direct investment,knowledge capital factor and human capital etc.This paper studied the industrial structure high-level upgrading from a new perspective "capital investment".This paper started from the microcosmic body to study the influence of enterprise capital investment on the industrial structure adjustment and then compared the mechanism of action of different investment methods on industrial structure high-level upgrading.This paper classified the enterprise capital investment into three types including productive capital investment,technical capital investment and speculative capital investment according to different investment orientations,investigated the mechanism of action and influential effect of various capital investments on industrial structure high-level upgrading and then explored the differentiated influences of regional difference and property right characteristics on the above mentioned mechanism of actions,which is of theoretical significance in making up for the blank concerning the research on capital investment and industrial structure upgrading.Meanwhile,it is of great significance in optimizing the enterprise capital investment,reducing the false match resource caused by micro level and accelerating the regional and whole industrial structure.This paper firstly classified the enterprise capital investment into three types according to the investment orientation including productive capital investment,technical investment capital and speculative capital investment and then defined the various capital investments.Based on the above mentioned,this paper further clarified the influential effects of each investment orientation on industrial structure high-level upgrading respectively;Further,this paper conducted empirical analysis on the influence of enterprise capital investment on the internal structure supererogation of the whole industrial structure as well as the secondary industry and tertiary industry.The analysis results were as follows:For the whole industrial structure:1,from the perspective of investment orientation,the influence of productive capital investment on industrial structure upgrading is only reflected as amount adjustment;the influence of technical capital investment on industrial structure upgrading is released in the relatively developed regions;the speculative capital only had negative influence on the whole industrial structure adjustment,which is particularly obvious in the eastern developed regions.2.From the perspective of region and property right characteristics,in the eastern region,three types of enterprises can promote the regional industrial structure upgrading via different paths,of which the pulling function of central state-owned enterprises mainly comes from the productive capital investment and the pulling function of local state-owned and private enterprises come from technical capital investment.In the central region,the productive capital investment in the private enterprises has positive influence on the regional industrial structure optimization and upgrading.The influential effects of other two investment paths have certain lags.The productive capital investment of central state-owned enterprises and local state-owned enterprises has negative influence on the regional industrial structure adjustment.However,the positive influence of technical capital investment is only reflected in the development phase.In the western region,the middle forces of industrial structure upgrading come from the central state-owned enterprises,while the local state-own enterprises become the resistance of optimization and upgrading.The private enterprises do not show obvious positive influence due to the small total amount.For the internal secondary industry:1,from the perspective of investment orientation,in the short term,the productive capital investment can promote the high-level upgrading of various segmented industries in the internal secondary industry.However,the promoting influence on extractive industry,light industry and equipment manufacturing industries is no lasting;for light industry and medical&environmental protection industries,the productive capital investment shows blocking effect on the industrial high-level upgrading in the long term.The technical capital investment showed strong promoting effect on the high-level upgrading of light industry,medical&environmental protection industries as well as equipment manufacturing industry,of which the promoting effect on light industry and equipment manufacturing industry does not show long-term continuity,while the promoting effect on medical and environmental protection industries has certain lags.The speculative investment has negative effect on extractive industry,light industry and equipment manufacturing industry,which is particularly obvious in the eastern region.However,the speculative investment will have certain positive effect sometimes.2,from the perspective of regional difference and property right characteristics,the central state-owned enterprises show rather strong promoting effect on the industrial high-level upgrading in three regions.In the central and western region,this promoting effect mainly comes from the productive capital investment,while this promoting effect mainly comes from technical capital investment in the eastern region.The influence of local state-owned enterprises on the industrial high-level upgrading in the central and middle regions is usually stronger than that in the eastern region.However,it often has negative effect on the productive capital investment orientation but has positive effect on the technical capital investment.The influence of private enterprises on the industrial high-level upgrading in the central and middle region is rather small with certain degrees of promoting effect on the extractive industry in the eastern region.The promoting effect of productive capital investment of private enterprises on the industrial high-end upgrading is parallel to that in the central state-owned enterprises.However,the promoting effect of technical capital investment of private enterprises on medical&environmental protection and equipment manufacturing field is not as good as that of state-owned enterprises.For the tertiary industry:1,from the perspective of investment orientation and regional difference,the improvement of productive capital investment on the tertiary industry development showed huge difference in different regions.The promoting effect of modern service industry is only reflected in the central and middle region.The promotion has certain long-term effect in the central region.However,it has certain negative effect in the western region in a short term.The productive capital investment only shows positive effect in the eastern region with not obvious effect on the central region but negative effect on the western region concerning the improvement of the whole production efficiency in the tertiary industry.2,from the perspective of property right characteristics and regional difference,the central state-owned enterprises show certain promoting effect on the high-level upgrading of the tertiary industry in three regions with the maximum promotion on the eastern region;however,the effect on the western region is rather small,especially for the production efficiency improvement in the tertiary industry.Based on this,this paper puts forward some policy suggestions on the overall industrial structure,the second industry internal structure,the third industry internal structure of the eastern,middle and western regions. |
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