An Empirical Study On The Impact Of Higher Education Investment On Economic Growth In Hunan Province

With the development of economy and society,the sustainable development pattern of relying on natural resources and material capital is challenged,and the promotion of human capital to economic growth is becoming more and more important.As the highest level of education in the Educational System,higher education bears the heavy burden of personnel training,Scientific Research,Social Service,cultural inheritance and innovation.At present,the economic development of Hunan Province is facing the situation that the advanced high-end manufacturing industry and modern service industry are not enough,the development of information-related industry is not strong,and the original motive force of economic growth is insufficient.Therefore,it is of great theoretical and practical significance to study the impact of Higher Education Investment on economic growth in Hunan Province,which will help to perfect the investment mechanism of higher education and provide innovative driving direction for economic development.Based on the theories of human capital,public finance and economic growth,this paper analyzes the scale of higher education development in Hunan Province in recent years,the current situation of investment and the current level of economic development in Hunan province through panel data,at the same time,the production function model is established to study the impact of Higher Education Investment on economic growth in Hunan Province.Through theoretical and empirical research,the following conclusions are drawn: First,higher education is the highest level of education system,higher education input is not a consumption activity but a productive activity.Second,the overall level of higher education investment in Hunan Province is low,and there is a big gap with the national level,at the same time,the level of economic development in Hunan Province is good,high-level talent demand.Thirdly,human capital input and material capital input have positive effect on economic growth,and the output elasticity of human capital is greater than that of material capital.Finally,it gives some suggestions and measures from the aspects of enlarging the scale of the financial expenditure of higher education,optimizing the financing channels of higher education funds,improving the utilization level of higher education funds and accumulating the advantages of human capital,etc.,to promote the coordinated development of higher education and economic growth in Hunan Province.