| Investment is one of the main sources of the economic growth, however, whether the high level of investment can maintain the high economic growth actually depends on the efficiency of investment. Macroeconomic investment efficiency reflects the quality of investment, also it guarantees the continuation of economic growth. With the advance of northeast industrial areas, investment of Liaoning province appears a rapid growth, following which the economics has increased obviously. So we can judge that Liaoning's economy has investment-driven features. It has positive realistic significance to study the macroeconomic investment efficiency of Liaoning and explore the influence factors for the purpose of distributing resources properly, giving play to the function of capital into the greatest extent, and guaranteeing the economy increasing continuously.The paper starts from the definition of macroeconomic investment efficiency, and then uses empirical analysis to explore its fluctuating features and the influence factors. The whole paper consists of five chapters.Chapter one, introduction. It points out the theoretical and practical background, as well as the framework and innovation of the paper.Chapter two, literature review. First it defines the macroeconomic investment efficiency on the framework of economic theory, and then makes a review on the points of definition methods and influence factors.Chapter three, analysis on Liaoning's macroeconomic investment efficiency. It uses the statistical index of ICOR, K/Y and I/Y as well as the CES function to calculate it. The result turns to be coincident, that is, following the policy of exploring northeast industrial areas, a great amount of funds pours into Liaoning province since the year 2003, which causes the investment too much than need and the decline of efficiency.Chapter four, study on influence factors of Liaoning's macroeconomic investment efficiency. This chapter starts from the impacts of human resource, financial loan, government expense and FDI, uses the panel data of Liaoning's 14 cities from the year 2001 to 2008 to establish Quantile Regression Model in order to discuss the influence of different quantiles. The result shows that human resource and financial loan have positive effect on investment efficiency and the effect is more obvious in areas of higher investment efficiency. What's more, the effect of human resource is stronger than that of financial loan. Government expense and FDI have negative effect on investment efficiency and the effect of FDI is more sensitive to the change of investment efficiency than government expense.Chapter five, conclusions and policy suggestions. Based on these empirical results, it advances suggestions on how to improve Liaoning's macroeconomic investment efficiency, that is, to direct the distribution of funds on the balance of efficiency and justice, to perfect the policy of human accumulation, to strength the innovation of industries in order to raise the quality of FDI, to make the government operation near to the market and advance the independence of financial institutions.The paper has two innovative attempts. The first aspect is that this paper focuses on the investment efficiency of Liaoning province, not the whole country, which can be seen as the supplement of the present research. It uses statistical indexes and CES function to analyze the situation, also discusses the influence factors. The second aspect is the paper applies the Quantile Regression Model for empirical analysis, which can show the influence of factors on different quantiles. However, because of the big framework of influence factors and the restriction of data, it's impossible to include all the necessary factors, so the paper selects several important factors to do the research. So further research would be necessary when the theory and data can meet the need. |
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