Research On Transportation Infrastructure Investment Under Economic Growth

Transportation infrastructure investment as a vital component in our financial policy in a long-term way,plays an important role in governmental investment,from 1982 to 2015,the total expense of government has 15% to 20% invested on traffic infrastructure construction,from absolute number,and the investment on transportation infrastructure was more than 200 million RMB in 2106.Otherwise,from the perspective of governmental choice to policy,our government also regard traffic infrastructure as “emergence medicine” to use,when face important economic infliction from foreign countries,transportation infrastructure as an important component of governmental large-scale investment,in order to solve the subprime mortgage crisis in 2008,our government launched the 400 billion RMB investment plan,among of this there has 150 billion RMB in transportation infrastructure,account for 37.5%,which made significance contribution to stabilize and inhibit our economic fluctuation.Transportation infrastructure is different from other fixed assets investment,it don't directly involve production activity,but it has large scale of investment,establishment,employment and invasive industry involvement,it has obvious function in driving effective demand of short-term relevant industry and employment.Hence,massive existed research focus on the driving to economy,scholars discussed and researched the drive function of transportation infrastructure investment to economic growth from several angels.But most of scholars adapt Keynes scholar's expression on financial policy investment,never contain specialty and its unique function to economy of transportation infrastructure that is capital property of transportation infrastructure.In previous study,rarely has scholar par attention to the other side of property of transportation infrastructure,that is capital property which as a productive factor investment of its investment,though don't directly involve the production activity,but with improvement of transportation infrastructure,the great decrease in trade friction among regions will be,promoted the formation of regional economic integration,advanced the optimization and allocation of element between regions,which has extreme and obvious advancement to supply-side reform and long-term economic development.Especially to other fixed assets investment,the survival period of transportation infrastructure is longer,through other industries' externality affect economy.Essentially speaking,transportation assets through improve other industries' supply,production environment and its market friction,greatly promoted the long-term development of our economy,thus research transportation infrastructure has considerably profound theoretical and actual meaning on the long-term supply improvement of economy.Especially under the background of structural turn point and new strategic and opportunity in our economy,discuss and research transportation infrastructure has important effects on our economy,benefit to advance the theoretical and practical progress of supply-side reform.Otherwise,during the practice period on our economy can observe the following two classical truth: first is the share of traffic infrastructure investment in financial policy haven't appear obvious change since the reform and opening up.Secondly is there appeared unbalance and mismatch between transportation infrastructure construction level in regions and demand situation.The transportation jam in expressway appeared frequently in Pearl River Delta and Beijing-Tianjin-Hebei regions,however China's rural roads almost deserted which is a common phenomenon.The traffic infrastructure investment equally need “supply-side reform”.On one hand,nowadays our economic situation and growth model has changed a lot,“will transportation infrastructure investment has improvement to short-term demand and long-term supply as usual ?” is an important issue we are face in transportation infrastructure investment and supply.On the other hand,“how to optimize the input resources in regions' traffic infrastructure investment to ensure the best allocation in space?” which is equally a balance issue we are face under the new economy situation.In light of this,the paper strive for analyzing,evidencing,testing the long-term function of transportation infrastructure to our economy,analyze it advancement and improvement to our supply-side reform,and further analyze its resources allocation in time and space,according to logic framework of “ propose question?reality description?analyze and reasoning theory?test theory?expand theory?analyze policy and countermeasure”,establish transportation infrastructural theoretic system to the economic growth,the main logic framework of paper as follows:The first chapter of paper is introduction,analyzed actual issue of the current economic situation and transportation infrastructure investment what we are coping,described our economic mission in the transformation of economic goal from short-term,stable and inhibited fluctuation to long-term stable growth,it proposed three main questions which discussed and researched in the paper with the economic reality of the long-term unchanged proportion in transportation infrastructure investment: whether transportation infrastructure exist durable advancement vitality to economic growth? Whether it has long-term function to economic growth? How to optimize the layout of transportation capital among all regions in our country? At last,there gave the logic framework of full text.The second chapter of paper from theoretical aspect analyzed long-term supply and improvement of transportation infrastructure to the driving of short-term demand.Firstly,the paper respectively analyzed long-term working means and its working path of transportation infrastructure investment in short-term effects and long-term working means,sort out the theory of relations and relevant literature between transportation infrastructure and economic growth,and then analyzed the origin of elements about time and space which affect its effects and based on the Solow neoclassical growth model built a long-term working model of transportation infrastructure to economic growth.The third chapter of paper made quantization analysis to transportation infrastructure development and establishment level,firstly estimated and tested stock of transportation infrastructure domestically,solved dilemma when domestic scholars research relevant issues only can choose proxy indicators or transportation indicators,meanwhile prepare finished data for following text,it also made objective comment to domestic transportation infrastructure development and construction situation.The fourth chapter of paper made empirical test for theory model,through empirical data tested the promotion of transportation infrastructure to economic growth,tested working results,subsequently analyzed outer factors which made our economic situation happened structural changes,and its influential path and model to transportation infrastructure investment efficiency,and further utilized time-varying parameter model tested the effect variations of transportation infrastructure investment in before and after transformation of structural economic growth model.The results indicated that transportation infrastructure investment under new economic situation has obvious improvement to economic growth,its working effects are long-term,stable and durable.The fifth chapter of paper endeavor to discover the cause of differences in transportation infrastructure investment over all regions,provide reference about optimization and allocation of transportation capital over provinces and cities.Primarily utilize the analysis methods of transportation engineering,analyzed the application status of major transportation means to various nature,economic conditions,theoretically explained working differences among all regions in transportation infrastructure investment,subsequently,utilize panel data model analyzed differences of transportation infrastructure investment over regions about investment efficiency,and according to former theory explained the cause of difference,finally use Goose model analyzed the relations between transportation infrastructure investment and local economic status.The sixth chapter of paper is the last research chapter,expanded theory model stated in former text and further discussed and researched improvement of transportation infrastructure to regional integration.Firstly,the paper constructed the bilateral gravitation trading model,and utilize original transportation capital improved gravitation model,which made model be more suitable with economic reality.At last,use the model analyzed the improvement of transportation infrastructure investment to regional economic integration in our country.