Research On The Efficiency Of Fixed Asstes Investment In Shaanxi Based On Industrial Structure

China's economic growth mainly depends on the increase of capital (especially fixed assets investment) investment to promote. In this background, there has been a growing interesting recently about the issue of the efficiency of fixed assets investment in Shaanxi and industrial investment structure imbalance for concern. Based on investigating the efficiency of fixed assets investment in three industries of Shaanxi empirically, this paper is trying to find the causes of low efficiency and how to mitigate them by analyzing the investment scale, technological progress and internal configuration of industrial structure.This paper analyzes the efficiency of fixed assets investment in three industries of Shaanxi from the level of industrial structure, and studies the efficiency of fixed assets investment in order to find the factors affecting the efficiency of investment . Firstly, we analyzes the actuality of fixed assets investment in Shaanxi and existing problems from the overall size of fixed assets, the subject structure of fixed assets investment, the using structure of fixed assets investment,the relationship between industrial structure of fixed assets investment and three industries′contribution to GDP. Secondly, we draw a conclusion that the value of three industries′total factor productivity and decompose it into technical efficiency index and technological progress index ,furthermore technical efficiency index is decomposed into pure technical efficiency index and scale efficiency index in order to analyze the factors internally which affect the efficiency of fixed assets investment by adopting the non-parametric malmquist-DEA index and applying the input and output panel data in three industries of Shaanxi Province during the Ninth Five-Year period to Eleventh Five-Year period(the first three years). Finally, this paper assumes there have six main factors that affect the efficiency of fixed assets investment in Shaanxi, these factors are opening level, technological progress, investment scale, consumption, environmental damage cost and ability to release labor. Then we use Tobit regression analysis to test hypotheses whether come into existence and ascertain the direction and extent of the hypotheses.We find that fixed assets investment in three industries of Shaanxi failed to reach the efficiency frontier surface over the number of hazy days, on the Ninth Five-Year period, the Tenth Five-Year period and the Eleventh Five-Year period (the first three years), the total factor productivity is always less than 1, especially during the Eleventh Five-Year period (the first three years) the total factor productivity of fixed assets investment is worst, with the average of TFP being 0.745. The technical recession causes the efficiency of fixed assets investment declines. However, the technical efficiency of fixed assets investment plays a positive role on promoting efficiency of investing, in which pure technical efficiency as the key factor affects the technical efficiency. In these factors, the most important factor is scientific and technological progress as affecting the efficiency of fixed assets investment in three industries of Shaanxi, the secondary factor are opening level, investment scale and consumption level, the final factor are environmental damage cost and ability to release labor.At the same time, changes of regression analysis in direction coincides with the assumption's direction.The conclusions of this paper on improving the efficiency of fixed assets investment in Shaanxi and optimizing industrial structure have the following policy recommendations: Firstly, we should enforce the support to Shaanxi's science and technology in order to change the unfavorable situation in Shaanxi which the technological progress is not suitable for the industrial structure. Secondly, to improve the soft investment environments, and actively attract foreign capital investment. Thirdly, to optimize industrial investment structure by upgrading industrial structure and expanding properly scale of investment. Finally, to deepen and advance the reform of investment system.