Research On The Influencing Factors Of China's Capital Productivity Under The New Economic Conditions

Western economics believes that with the expansion of investment and the continuous improvement of the level of industrialization,capital productivity will show the trend of rising firstly and then decline,on the one hand capital productivity reflects a country's capital efficiency,and on the other hand,it also reflects a China's high capital accumulation,although the promotion of economic growth,the capital-driven economic growth model will makes the capital productivity gradually reduce,and then lose the economy.Therefore,the study of the status of capital productivity and its influencing factors has a very important significance to improving the capital productivity and promote economic growth.Capital productivity is affected by a variety of factors,one of the most important factors is the deepening of capital,capital deepening and capital productivity relationship was inverted U-shaped curve,in the early stage of industrialization,with the increase in investment and the capital stock,production capital The amount of the capital stock factor investment is more than the amount of labor factor investment,that is,the deepening of capital,capital deepening has become the main driving force of economic growth.With the deepening of capital,capital productivity has been gradually improved.However,in the stage of mature industrialization,technological progress began to appear.The driving force of capital deepening for economic growth will continue to decline,capital deepening is no longer a driver of capital productivity,and with the expansion of capital investment,capital productivity is continuous declining.On the basis of this theory,this paper analyzes the development stage of China's industrialization by studying the influencing factors of China's capital productivity,and studies the contribution of capital deepening and technological progress to economic growth and capital productivity,and it also offers a new perspective for china economics and the Innovation.Based on this topic,firstly,on the basis of reading a large number of references,the main theory and literature review are sorted out.The ratio of real GDP to actual capital stock is chosen as the index of capital productivity,and The ratio of the actual capital stock and labor force as a measure of capital deepening,besides,the TFP value as a measure of technological progress indicators.Secondly,after determining the main variables,the model is estimated by using the least squares analysis method and the panel random effect estimation method.Since the main variable TFP is not significant in the model,it is found that TFP and the capital deepening eliminate the multi-collinearity,the two-stage least squares estimation method is used to estimate the model.The result of the model estimation is that the capitalization of China's capital is increasing slowly and the capital productivity is decreasing,At the same time,there is a negative correlation between capital deepening and capital productivity,and there is a positive correlation between technological progress and capital productivity.Economic development level and labor wage level have significant influence on capital productivity.Finally,by drawing lessons from the experience and shortcomings of the industrialization process in developed countries,this paper puts forward some suggestions on government behavior and corporate behavior in the light of the present situation of capital productivity in China.In this paper,the conclusion is that the development of capital in China at present is slowly increasing,capital productivity is declining,capital deepening is negatively correlated with capital productivity,and the former has a significant effect on the latter.Second,in addition to capital deepening,Technology progress,wage level,economics situation also has a significant influence to the capital productivity,Third,in the process of economic development should pay attention to the role of technological progress on the promotion of capital productivity,the development of high-quality capital to reduce capital waste,To speed up the transformation of industrial structure,while the development of matching labor wage levels,to achieve a balanced factor market.