Study On The Spillover Effect Of Higher Education Financial Investment On Economic Growth In Heilongjiang Province

Heilongjiang Province was a pioneer leader of the new China power industry during the planned economy period of our country.However,due to the long-term focus on extensive industrial layout,Heilongjiang Province failed to keep up with the pace of economic development and gradually faced downward pressure on the economy.Nowadays,the world has ushered in the era of knowledge economy,the driving force of economic growth has evolved into knowledge,information and talents,which has brought new development opportunities to Heilongjiang Province,which is at a key node of economic transformation.In the era of knowledge economy,society's demand for higher education is getting higher and higher,which means that more abundant financial investment is needed to ensure the healthy development of higher education.However,Heilongjiang Province has a problem that cannot be ignored in the financial investment in higher education,and to a certain extent,it has suppressed the spillover effect of financial investment in higher education.Through the research on the spillover effect of higher education financial investment on regional economic growth,it supports the leading role of higher education financial investment in regional economic development planning.The ultimate research goal is to increase the government's emphasis on higher education financial investment.For Heilongjiang Province Building a“strong province of higher education” and promoting economic transformation and upgrading have very important theoretical and practical significance.Starting from the concepts of public goods,education financial investment,and spillover effects,based on human capital theory,economic growth theory,,spillover effects theory and cost-sharing theory,it uses a comparative research method,a combination of qualitative analysis and quantitative analysis,and a combination of normative research and empirical research.The method firstly expounded the current situation of the scale of financial investment and economic growth of higher education in Heilongjiang Province,and revealed that local government in Heilongjiang Province have lower levels of investment in higher education,large fluctuations in funding growth,and narrow funding sources.Defects and restrictive factors of inadequate industrial development,unbalanced development among regions,and serious brain drain in the process of economic construction in Heilongjiang Province;Secondly,with the help of econometric software,combined with Heilongjiang Province's regional GDP and financial expenditure for higher education in the past 20 years Models of income,fixed asset investment,and labor employment data establish an empirical analysis of the spillover effect of higher education financial investment in Heilongjiang Province on its economic growth.The empirical results show that higher education financialinvestment has a promoting effect on regional economic growth.Economic growth has exerted a positive effect;Finally,based on empirical results and the shortcomings of Heilongjiang Province's financial investment and economic growth in higher education,it is targeted at three levels: creating a good development environment,improving the efficiency of resource allocation,and expanding funding channels.The countermeasures and suggestions to promote the full spillover effect of financial investment in higher education are put forward.