A Empirical Research On The Investment In Fixed Assets And Economy Grouth In Hunan Province

In Hunan Province, because the efficiency of the investment is relatively low, the fast growth of economy is mainly supported by the high growth of investment. Though a large amount of fixed assets-investment has made enormous contribution for the economic growth for a long-term, but with the numerous investment, the low efficiency has still caused a lot of contradictions and difficulties. So, carring on quantitative analysis to efficiency of fixed assets-investment of Hunan Province, is help to analyze the capital efficiency, is help to look for the reasons which cause the efficiency difference of fixed assets-investment, is help to reorientate the efficiency of the fixed assets-investment in the economic development, and then promote the economy of Hunan Province to develop more healthy finally, this exactly the research's purpose, meaning and value.In this thesis,we will use the empirical method, to carry on longitudinal comparision and horizontal comparision, to investigate the changing in investment efficiency in Hunan province and the variation of investment efficiency among districts.First of all, we will use the vector-autoregression model(VAR) and incremental capital-output ratio (ICOR) to study the change of the efficiency of the fixed assets-investment, combining with the investment environment and the structure of the fixed assets-investment and other factors to explain the result. Later,we would use panel-data model to study the efficiency of three representative cities——Changsha,Zhuzhou,Xiangtan, combining with the investment environment and the investment structure. We can get the conclusions from the analysis result: Two-way Granger causality exists between fixed assets-investment and economic growth in 1952-2007;we can find that the efficiency of the fixed assets-investment of Hunan Province has got constant improvement from longitudinal comparison, and we can find that the fixed assets-investment from longitudinal comparison, and we can find that the fixed assets-investment of Changsha is most effective from horizontal comparison, Zhuzhou secondly, Xiangtan thirdly; the optimization of the investment environment and structure of the fixed assets-investment is help to the improvement of its efficiency.