Research On Influencing Factors Of Marginal Efficiency Of Infrastructure Investment In China

Infrastructure investment is not only the material basis for the development of other sectors of society,but also one of the main means of economic regulation and control adopted by our government in dealing with economic problems.It is also an important factor for our economy to maintain long-term healthy and stable development.Perfect infrastructure not only reduces social production costs and improves social production efficiency,but also improves people's living environment and quality of life.Combining theory with practice,this paper mainly studies and analyses the influencing factors of marginal efficiency of infrastructure investment in China from the perspective of regional differences.Firstly,this paper defines the related concepts and theories of infrastructure marginal efficiency on the basis of other scholars' research,takes infrastructure investment marginal output efficiency as the index to measure infrastructure investment marginal efficiency,and determines that the main research object of this paper is broad infrastructure,i.e.social infrastructure and productive infrastructure;secondly,it draws on Cobb-Douglas' experience.The production function calculates the output elasticity of infrastructure investment in 30 provinces and municipalities in China from2003 to 2016,and calculates the marginal efficiency of infrastructure investment in each province and Municipality according to the economic formula,and analyses its characteristics and regional differences.Chapter III,on the basis of the theoretical basis of the previous article,combines the actual situation of our country,carries out the internal and external factors affecting the marginal efficiency of infrastructure investment.Finally,the paper uses panel data empirical model to study and analyze the impact of various factors on the marginal efficiency of infrastructure investment in eastern,central and Western China,and compares and analyses the differences and draws relevant conclusions.This paper concludes that there are obvious differences in marginal efficiency of infrastructure investment in different regions of China.The level of regional economic development and scale of infrastructure investment and industrial structure will have a significant impact on the marginal efficiency of infrastructure investment,and the impact will vary in different regions.Among them,the inconsistency of industrial investmentstructure has the greatest impact on the marginal efficiency of infrastructure investment.Especially in the central region,the investment in productive infrastructure is relatively surplus while the investment in scientific,educational and cultural infrastructure is relatively inadequate.Increasing investment in education,culture and other industries can effectively enhance its marginal efficiency and improve the market structure;the economic effect of urbanization lags behind,and investment in infrastructure is relatively inadequate.Marginal efficiency of capital has a negative impact in the short term.Promoting urbanization can increase its positive impact on the whole and help to improve the marginal efficiency of infrastructure investment,which is evident in the east,middle and west of China.As the most important source of infrastructure investment,financial capital is the most important source of infrastructure investment.The stronger the dependence of regional infrastructure investment on financial capital,the more dependent it is on government finance.The greater the impact of political constraints,and regional governments will be subject to greater financial pressure from infrastructure construction,which is more prominent in eastern and Western China.Widening the channels of infrastructure investment and financing,rich and diverse sources of infrastructure investment and construction funds will help to improve the marginal efficiency of infrastructure investment.