The Research On The Quality Of Economic Growth Effect Of Fiscal Expenditure On Education

In the knowledge-driven economy age,education already been a crucial element influencing a country’s human capital accumulation and economic process status,relevant theoretical research and the historical experience of the development of various countries have also confirmed the strategic position of education investment in economic growth.Since the reform and opening up,the Chinese government attaches great importance to the development of education and has made some achievements.The education financial investment system has been continuously improved,the scale of education financial investment has been greatly improved,and the important role of fiscal expenditure on education in promoting economic and social development has gradually become prominent.However,at present,China’s education financial investment is still faced with regional structural imbalance,unreasonable hierarchical distribution,low per capita level and other problems,which to a certain extent weakens the positive role of education financial investment in promoting sustainable and healthy economic development.At the same time,China’s economic and social development has entered a new era,which has changed from a high-speed growth stage to a high-quality development stage.It is urgent to change the mode of development,optimize the economic structure,and transform the growth momentum to promote high-quality economic growth.Therefore,under this realistic background,it is more realistic to take maximum advantage of the active function of education in the development of socialism with Chinese characteristics,effectively solve many problems existing in the fiscal expenditure on education,and explore the relationship between the fiscal expenditure on education and the quality of economic growth.Based on the above background,this paper attempts to analyze the impact of financial education expenditure on the quality of economic growth from multiple perspectives and levels on the basis of previous studies.Specifically,it is mainly discussed in the following five aspects: Firstly,with the help of basic theories such as public goods and externality,human capital and economic growth,it constructs an analysis framework of the impact of financial education expenditure on the quality of economic growth.Secondly,it combs the evolution process of education financial system since China’s reform and opening up,describes and analyzes the basic status of fiscal expenditure on education,and points out the main problems of fiscal expenditure on education at the present stage through comparative analysis.Thirdly,on the basis of building a comprehensive indicator system to calculate the economical growth quality,article estimates the economical growth quality exponent of provinces,and further describes and research the differences in the economical growth quality between regions.Fourthly,we use the empirical research approach to test the effect of financial education expenditure on the economical growth quality.Specifically,we examine the impact of financial education expenditure on the quality of economic growth from two aspects of scale and structure,and use the intermediary effect model to test the connotative growth path of "fiscal education expenditure-human capital accumulation-high quality economic growth".Using dimensional econometric approach to discuss the dimensional overflow effect of fiscal education expenditure affects the economical growth quality.Fifthly,combined with the main conclusions of this paper,article puts forward relevant policy suggestions to optimize the fiscal expenditure on education and stimulate economical growth quality..Through the above research,the main conclusions are as follows:Firstly,in terms of the analysis of the current situation of financial education expenditure,through the description and analysis of the scale of financial education expenditure,it is found that the absolute and relative scale of China’s financial education expenditure has been improved in recent years.Compared with the international level,the absolute scale of China’s financial education expenditure is not low,but in terms of the relative scale,no matter the proportion of public education expenditure in GDP or per capita expenditure level,the expenditure scale of the same income countries and high-income countries is higher than that of China.Through the description and analysis of the structure of financial education expenditure,it is found that compared to the midwest area,the level of education financial investment is higher in the eastern area,and the phenomenon of unbalanced allocation of education financial funds between areas still exists.At the same time,compared with other countries,China’s investment level in various stages of education is relatively low,and the financial investment structure in favor of higher education is more obvious.In terms of the analysis of the current situation of the quality of economic growth,the calculation results show that the quality of economic growth of all provinces has been improved during the sample period.The provinces and cities with higher economical growth quality are basically concentrated in the east,while the western provinces have relatively low economical growth quality.Further use σ coefficient analyzing the areal differences in the economical growth quality,we find that there is a certain gap in the quality of economic growth among regions,and this gap expands slightly with the passage of time.Secondly,the research conclusion about the fiscal spending proportion on education affecting the economical growth quality show that,on the level of the total exponent,the fiscal spending proportion on education has an active influence on the economical growth quality,and there are differences in the active influence of the spending proportion on the economical growth quality between different areas.At the level of sub dimension exponent,the fiscal spending proportion on education has a significant active influence on welfare change and resource environment dimension.At the same time,due to a certain gap in the level of education financial investment between urban and rural areas in China,the mismatch of human capital is more serious,resulting in the fiscal spending proportion on education has no influence over the structure and efficiency dimension.Further analysis shows that there is a significant inverted U-shaped relationship between the scale of fiscal expenditure on education and the quality of economic growth,when the relative proportion of expenditure exceeds a certain range,continuing to increase investment will damage the adequacy of public expenditure in other areas and have a negative impact on high-quality economic growth,that is,the local government should focus on optimizing the expenditure structure and improving the efficiency of capital use.The empirical analysis results of the structure of fiscal expenditure on education affecting the quality of economic growth show that,from the perspective of classification,different levels of education financial investment can help to improve the quality of economic growth,but the contribution of education expenditure to the quality of economic growth is different,and the contribution rate of primary and secondary education is higher.From the overall perspective,the positive effect of financial capital allocation structure which is too biased to high-level education on the future high-quality economic growth is no longer obvious.Therefore,under the premise of the restriction of the financial fund supply of education,raising the financial funding in elementary education stage is an effective way to improve the quality of economic growth in the next step.Thirdly,the results of the path test of the influence of financial education expenditure on the quality of economic growth show that,in general,there is a significant connotation growth path of "increase of fiscal expenditure on education-accumulation of human capital-improvement of the quality of economic growth ",the higher proportion of intermediary effect indicates that human capital is an major intermediary factor of financial education expenditure to promote the quality of economic growth.From the perspective of different regions,there are obvious regional differences in the intermediary effect of human capital.Compared with the central and western regions,the efficiency of the financial education expenditure in the eastern region is higher by promoting the accumulation of human capital and improving the quality of economic growth.Further analysis shows that the lag of financial education expenditure in the process of affecting the quality of economic growth is significant,the lag period with human capital quality as the intermediary variable is two years,and the lag period with human capital stock as the intermediary variable is three years.Therefore,the effective development of the quality of economic growth effect of fiscal expenditure on education depends not only on the scale,configuration structure and use efficiency of educational financial funds,but also on the incentive and management of human capital,taking into full account the time lag effect in the process of the function,so as to make more effective use of the transmission mechanism of human capital that the fiscal expenditure on education affects the quality of economic growth,better serve the high-quality development of economy.Fourthly,taking the spatial spillover effect into account,the results show that the fiscal expenditure on education has a significant spatial spillover effect on the quality of economic growth.The local government’s investment in education can not only promote the quality of economic growth within the jurisdiction,but also have a positive role in promoting the quality of economic growth in neighboring areas.It is precisely because of the spatial spillover characteristics of education investment that local governments can enjoy the return of education investment from their own regions and other regions at the same time,thus reducing the enthusiasm of local governments in education investment.Furthermore,we introduce population flow and the interaction between fiscal expenditure on education and population flow into the spatial econometric model to test the main path of fiscal expenditure on education spatial spillover effect.We find that population flow is the main channel of fiscal expenditure on education spatial spillover effect,and population flow can enhance the spillover effect.Therefore,the government should fully consider the spatial spillover characteristics of education investment and population mobility when formulating relevant education fiscal policies,so as to effectively mobilize the enthusiasm of local government’s education investment.On the basis of the above results,this article proposes policy suggestions from the following aspects: Firstly,optimize the regional structure of fiscal expenditure on education,improve the transfer payment system,and narrow the gap of educational financial investment between regions;adjust the hierarchical structure of financial education expenditure,increase the financial investment in basic education,and appropriately reduce the proportion of financial investment in higher education;Improve the financial management system of education and strengthen the expenditure responsibility of the central government in the field of education.Secondly,optimize the spatial allocation structure of human capital and strengthen the guidance of local government on human capital;Promote the reasonable flow of human capital,improve the incentive mechanism of human capital;Establish education investment compensation mechanism,improve the enthusiasm of local government education investment.Thirdly,broaden the sources of education funds and promote the diversification of school running subjects;Completing the inspection and management system of education funds,raising the benefit of the deploy of expenditure.Contrasted with the previous research,the probable innovations in this article are:Firstly,on the basis of defining the connotation of the quality of economic growth,article establishes an indicator system to measure the economical growth quality from the dimensions of structure,efficiency,welfare changes and resources and environment,and investigates the effect of financial education expenditure on the quality of economic growth from different levels and visual angles.Secondly,establish the high-level coefficient of financial education expenditure to represent the hierarchical structure of financial education expenditure,so as to observe the impact of the overall hierarchical structure of education expenditure on the quality of economic growth.Thirdly,with the help of the mediating effect model,article tests the transmission path of fiscal education expenditure to improve the quality of economic growth by promoting the accumulation of human capital.Fourthly,considering the spatial spillover effect,this paper examines the spatial interaction between fiscal expenditure on education and the quality of economic growth,and further tests whether population flow is the main channel of fiscal expenditure on education spatial spillover.