An Empirical Study On The Efficiency Of Fixed Assets Investment And Economic Growth In Shaanxi Province

From the experience of economic development in the world,large-scale investment in fixed assets is an important driving force to promote economic growth.Since this century,in order to further accelerate economic development,Shaanxi Province has increased its investment in fixed assets.From 2000 to 2017,the investment in fixed assets in the whole society has increased from 74.585 billion yuan to 2381.938 billion yuan,with an average annual growth rate of 22.60%,and GDP has increased from 180.400 billion yuan to 2189.881 billion yuan,an increase of 11.14 times.It can be seen that large-scale investment in fixed assets has indeed promoted Shaanxi.However,at the same time,large-scale fixed assets investment has not brought sustained and balanced economic growth.Since 2010,the GDP growth rate of Shaanxi Province has gradually declined,and the economic growth has appeared the phenomenon of high input and low output.Under this background,especially in the new era,how to establish a resource-saving society,solve the problem of reducing the efficiency of fixed assets investment,and achieve high-quality economic growth in Shaanxi Province,has become a theoretical and practical need to focus on issues.Therefore,taking Shaanxi Province as an example,it is urgent to study the efficiency of fixed assets investment and economic growth.Firstly,this paper theoretically expounds the relationship between fixed assets investment and economic growth,and combs the three major factors affecting the efficiency of fixed assets investment,and combines the economic growth to analyze the current situation of the three industries and fixed assets investment in Shaanxi Province.Secondly,DEA method is used to measure the investment efficiency of three industries and fixed assets in Shaanxi Province.Then regression analysis and other econometric methods are used to analyze the influencing factors of the investment efficiency of three industries and fixed assets in various industries.Finally,the paper makes an empirical analysis on the correlation between the efficiency of fixed assets investment and economic growth rate in three industries and industries.The results of efficiency calculation show that the average value of investment efficiency of fixed assets in Shaanxi Province is effective,but in recent years the efficiency value has a downward trend;the efficiency of investment in fixed assets exists heterogeneity among different industries and industries;the efficiency value of various industries and industries is mostly at a low level,and the main reasons for the decline of efficiency value are the inappropriate investment scale and the regression of technological progress.The regression results show that industrial structure,technological progress and market demand can have a significant impact on the investment efficiency of fixed assets in the three industries;the regression results show that technological progress and market demand are still the main factors affecting the investment efficiency of fixed assets in all industries,besides,the degree of opening up is also an important factor affecting the investment efficiency of fixed assets.The regression results show that the investment efficiency of fixed assets has a significant positive effect on economic growth.The higher investment efficiency of fixed assets will bring the higher economic growth rate.Therefore,the improvement of the investment efficiency of fixed assets can significantly improve the economic growth rate.The conclusion is very consistent and robust.Based on the empirical analysis,in order to improve the efficiency of fixed assets investment and promote the sustained economic growth,the paper puts forward corresponding policy recommendations for the industrial structure,technological progress,market demand and other related factors that affect the efficiency of fixed assets investment.