An Empirical Study On The Impact Of Institutional Change On Economic Development

At the Third Plenary Session of the 18th Central Committee of the CPC,the Decision of the CPC Central Committee and Central Committee on Several Important Issues of Deepening the Reform was formally examined and approved.Clearly put forward the strategic objectives and guiding ideology of "An expanded in-depth reform agenda",which is our party's program of action in the new historical chapter,and is the institutional change after the reform and opening up.Since the reform and opening up,the achievements of China's economic development have attracted worldwide attention,and it is clear that the rapid economic development can not be separated from the innovation of the system.The economic theory of institutional economics and institutional change in the new institutional economics has a strong explanatory power to the study of China's economic growth,and is of great practical significance.At the same time,it has certain guidance and reference for the future direction of the system reform.The third Plenary Session of the 18th CPC Central Committee was been held successfully,the new guiding ideology of comprehensive deepening reform was established,which means that the institutional change will play a crucial role in the new round of economic development in china.Focus on the miracle of economic growth since China's reform and opening up:social infrastructure has been greatly developed,people's living standards have been generally improved,China's comprehensive national strength and world status are increasingly strong.Economic growth-related theoretical analysis has become the focus of China's economic research once again,especially since the reform and opening up more than 30 years,when the demographic dividend began to disappear,extensive economic growth has obviously no longer suitable for the rapid development of China's economy,So how to explore a new path of development,to find a new source of economic growth has become China's current problem to be solved.In this paper,the theory of neo classical economics,new institutional economics theory,the new classical economic growth theory and endogenous growth theory based on the exploration from the perspective of institution and economic growth theory,the theoretical framework of analysis of economic growth and institutional change,the internal mechanism of combining normative economic research and Mathematical Economics Perspective to analyze the influence of economic institutional change growth,and in reference to other scholars on the theoretical basis of the economic construction of a system of four variables of institutional factors are set and calculate the China,describes the present situation of economic growth and institutional change,through the "structure" system of simultaneous equations will economic growth and institutional change at the same time into the empirical model building.The paper uses the national macroeconomic data from 1978 to 2016 to explain and explain the problem.On the basis of this model,the author puts forward the assumptions and constructs the econometric model to carry on the Chinese economic growth and its main influencing factors by the econometric analysis method.The economic growth model of the embedded system factor is constructed by the mathematical economics method.Empirical modeling and time series analysis,and through the empirical results to get the corresponding conclusions.The main conclusion is that since the reform and opening up,the institutional change mainly to market reform has played a significant role in the economic development.Institutional change is one of the main driving forces of China's economic growth.And the contribution of the corresponding influencing factors on the basis of the empirical results is calculated.It is estimated that since 1978,the contribution of institutional change in China's economic growth has reached about 25 percent.Institutional change plays an important role in promoting economic growth,but it should also be noted that the main factors of economic growth,such as institutional change and technological innovation,still have room for further improvement.Therefore,under the background of deepening the reform of our country,the improvement and innovation of the system need to be taken seriously,which requires the government to continue to strengthen the economic system reform to unswervingly adhere to the economic system change,construction and improvement of socialist market economic system,everfount inject new impetus to the economic development of our country's development.