Research Of Investment Efficiency And Its Influencing Effects On Liaoning Equipment Manufacturing Industry

The equipment manufacturing industry as the cornerstone of the national economy reflects the technological level,manufacturing capacity and comprehensive strength of the country or region.Vigorously developing equipment manufacturing industry plays an important role in promoting industrial transformation and upgrading,and building a strong province.For decades,liaoning's equipment manufacturing industry has grown rapidly through scale expansion and investment-driven.But in recent years,the effect of continued investment has grown worse.Therefore,this paper choosing the investment efficiency of equipment manufacturing in liaoning province as the research object,aims at exploring the causes and solutions of this phenomenon.After browsing a large number of relevant scholar's research methods,this paper chose the data envelopment analysis(DEA)and the static and dynamic Malmquist index method to construct the evaluation system and measures investment efficiency respectively from the industry overall,Sector analysis and Industry comparative analysis of the equipment manufacturing industry in liaoning province from 2001 to 2015,and makes a detailed analysis and summary according to the calculation results.Then,basing on the calculation results,this paper selects seven influencing factors to carry out Tobit regression to explore the key factors that influence the investment efficiency level and analyzes and interprets regression results according to the actual situation.Finally,basing on the researching content and conclusion,this paper puts forward some suggestions to further improving the investment efficiency of equipment manufacturing in liaoning province.Through the research,this paper obtains the following conclusions:First,From 2001 to 2015,the investment efficiency of equipment manufacturing in liaoning province mainly depends on the level of technological progress,and the technological progress has resulted in an average annual growth rate of 1.5%.Inefficiency of scale is the main factor that results in inefficiency of investment.The development of equipment manufacturing has passed through the best period of increasing the efficiency of investment,and the investment efficiency in recent years is not good.Scale compensation has been decreasing since 2007,and the inefficiency of scale has become the main reason for the decrease in investment efficiency.Second,in terms of industry,instrument and instrument manufacturing industry is the most efficient industry.The average annual growth rate of investment in the industry is 6.1% and well above the average level.Although there are fluctuations,the development potential is good.Computers,communications and other electronic equipment manufacturing is the slowest growing industries.The investment efficiency of industry grew at an average annual rate of 3.2%,second only to instrumentation manufacturing.The industry has not reached the optimal scale,and the efficiency is still in the growth stage.The development potential is great,so we need to increase investment and foster development.General equipment manufacturing and transportation equipment manufacturing efficiency has been below average level of efficiency,but the risk is small and redundancy is low.The industry size fits well with the market demand,and the trend of change has been good.In recent years,as other industries have continued to decline,the potential of these two industries is bright and promising.The average investment efficiency of metal industry and electric machinery industry is higher,but 2008 years later,the size of remuneration continues to decline and investment efficiency is falling.The disadvantages of too large scale always exist,and the industry scale needs to be adjusted and control capital inflow.The worst development in all industries is the manufacturing of dedicated equipment.The industry has the lowest annual growth rate of investment,just 0.6%,and the industry suffered a profit loss in 2002 and 2015 and became the only industry of losing.Due to the low investment efficiency and high volatility,the industry is a low-efficiency and high-risk industry.Third,empirical analysis found that the asset-liability ratio,industry scale and technical progress has a significant positive effect on investment efficiency,the human cost and the number of the enterprises has obvious negative effect on investment efficiency.According to the empirical results,we put forward three policy suggestions: increase investment in scientific research,attach importance to personnel training and eliminate excess capacity.