An Empirical Study On The Impact Of Higher Education Fiscal Expenditure On Economic Growth

With the deepening of economic globalization and the development of the knowledge economy,the driving role played by human capital compared with physical capital becomes more apparent in the economy of one country.The accumulation of human capital is provided by education.In particular,higher education is an important tool for acquiring knowledge and condensing human capital.Many scholars at home and abroad have discussed the economic attributes of higher education in detail.They believe that higher education is a quasi-public goods between public goods and private products,and it has certain externalities.Because of the externality of higher education,the supply of higher education cannot reach the optimal level only through the role of market mechanisms.Therefore,the development of higher education must also be supported by fiscal funds.Since 2000,the fiscal expenditure on education has increased year by year in China.By 2012,China's fiscal education expenditures accounted for more than 4% of GDP,and related expenditures have also continued to grow in recent years.As an important part of education expenditure,the expenditure of higher education fiscal funds also shows a steady upward trend.From 2000 to 2015,the expenditure on higher education fiscal funds has risen from 49.123 billion to 456.869 billion,and the amount has increased nearly 10 times in 16 years.It can be seen that the state has paid more and more attention to higher education.Despite this,there are still a series of problems between higher education fiscal expenditure and economic development in China.On the basis of theoretical analysis,this paper focuses on the status quo analysis and empirical analysis of the relationship between higher education fiscal expenditure and economic growth from the perspective of overall quantity and regional structure.First of all,this article compares the higher education fiscal expenditure and the economic growth from 2000 to 2015 in terms of absolute scale and relative scale.Through the above analysis,it can be concluded that there are many problems in China's higher education fiscal expenditures,such as insufficient total investment and irrational regional structure.Then,this paper empirically analyzes the relationship between higher education fiscal expenditure and economic growth by establishing time series data of national quantity and panel data of 31 provinces.The following three conclusions can be drawn.Firstly,the fiscal expenditure of higher education does have a positive effect on economic growth.Secondly,the total fiscal expenditure of higher education is insufficient in the country and it has not reached the optimal level.Thirdly,the empirical analysis shows that the three regions in China have differences in the contribution rate of higher education fiscal expenditure to economic growth.In the end,this paper puts forward the problems existing in China's higher education fiscal funds by combining the results of status quo analysis and empirical analysis,and gives some corresponding suggestions.