Research On The Estimate Of Net Capital Stock Of Infrastructure And Economic Benefits

Based on the existing research,this paper defines the scope of infrastructure investment,which divides infrastructure capital into two parts: economic infrastructure capital and social infrastructure capital.On the basis of improving the perpetual inventory method,through the age-efficiency function,the age-price function and the relationship between the two in the hyperbolic decreasing form,the national and provincial levels are measured in the years 1978-2017.The net stock of infrastructure and non-infrastructure and the further study of the economic effects of infrastructure capital stocks have been concluded as follows.First,from the perspective of the net capital stock of infrastructure,at the national level,this paper finds that the net capital stock of infrastructure increased slowly before 2000.After 2000,the stock of infrastructure capital began to grow rapidly and the growth rate increased significantly.At the provincial level,the net capital stock of infrastructure increased year by year.Most of the provinces and cities have a relatively stable increase in capital stock.Zhejiang and Guangxi have the largest growth rates,and the provinces and cities with the smallest increase are Shanghai and Beijing.Secondly,from the perspective of capital investment efficiency,the efficiency of infrastructure capital investment is declining year by year.The ratio of infrastructure capital to output in most provinces is gradually increasing,indicating that the output efficiency of infrastructure is decreasing,that is,the level of infrastructure capital utilization in each province is decreasing.Sub-regional observations show that the infrastructure capital output ratio of the provinces in the central and western regions is generally higher than that in the eastern provinces,while the infrastructure capital output ratio of the western provinces is higher than that of the central regions.This is closely related to the level of economic development in the three major regions of the East,Central and West.In general,it shows that the western region has the lowest level of utilization of infrastructure capital,followed by the central region and the eastern region.From the perspective of the relationship between the capital stock of per capita infrastructure and economic growth,based on the national,provincial and eastern,central and western regions,there is a clear positive correlation between the per capita infrastructure capital stock and the per capita GDP.Indicating that infrastructure capital plays an increasingly important role in the growth of the national economy.Finally,the elasticity of the output of various types of capital at the provincial and municipal levels is calculated based on the capital stock of infrastructure and non-infrastructure measured in the previous article.This paper finds that the elasticity of output of economic infrastructure and social infrastructure capital and capital such as labor input are all positive,which plays a positive role in promoting economic growth.