Efficiency Of Public Investment

Public investment is an important component of total social investment, which is an important tool in the government regulating, and an important foundation to the healthy development of national economy. Along with economic development, countries have gradually paid more attention to the important role of public investment in development of national economy, the efficiency of which has becoming an important part of decision-making. Making use of modern economic theory and the practice of public investment at home and abroad, this paper has made a comprehensive, detailed, in-depth analysis of the important role in China's economic development and problems existed. Based on this advanced experience of international, this paper presents some suggestions of public investment in our country, in order to improve the system of public investment, and promote the healthy development of countries' economy.This paper adopts a combined theoretical and empirical approach and the analysis of macro, meso, micro-level analysis of the structure, in analyzing the issue. Specifically, in analysis methods, it makes a more comprehensive analysis of the theory on public investment first, so that readers can make a full understanding on the meaning and features of public investment, and the important role of economic development mechanism; Through serious finishing the statistics data of China public investment in last 20 years and applying scientific calculation, measurement of empirical analysis method, we can give readers a more intuitive and in-depth understanding of the relevance between China's public investment and national economic development, the current scale of public investment, and the problems existed, and point out a direction of the settlement of the issue. In analyzing the structure, a macro, meso, microanalysis combined structure has been taken, considering the special nature of public investment. First, This paper makes an analysis on absolute and relative size of the scale of China's public investment, then conducting regression analysis of public investment, private investment and domestic production GDP by using C-D model, and makes a conclusion that the three have a strong correlation; Secondly, This paper focuses on the source of funds, regions, urban and rural areas, and industry structure, then further specify the current structure of China's public investment and found that the problems that exist; Thirdly, from the micro level, this paper applies the Principal-agent to the public investment of our country, analyzing information asymmetry of public investment, agency relations in the government and other issues in order to further solve the problem of public investment in the specified direction.In this paper has a total of five parts, the basic framework is:ChapterⅠis the concept defined. This part introduces the concept of public investment, features, the definition of efficiency, the definition of the efficiency of public investment, major factors affecting the efficiency of public investment and research system, this part defines the content and structure analysis of this paper.ChapterⅡis the theoretical analysis of public investment efficiency. From the perspective of universality, this part mainly conducts a thorough theoretical analysis of the formation of public investment, the role of the relevant issues, and laid a solid foundation for the empirical analysis of public investment.ChapterⅢis the empirical analysis of public investment efficiency. This part is from the perspective of our country's specific circumstances. By analyzing macro, meso, micro-level efficiency of public investment, we clear the historical evolution, the important role of public investment and the existing problems, and point out the direction of the settlement of the issue.ChapterⅣis the international experience of improving public investment efficiency. First, it introduces experience of public investment in United States, Britain and Germany, and on this basis, makes a serious sum up of the advanced public investment experience of the three countries, so that it can provide us a reference on the settlement of the issue of public investment.ChapterⅤis the proposals on improving our public investment system. This part makes some specific ideas on public investment from the following aspects: optimizing public investment structure, improving government official performance evaluation system and a sound public investment decision-making, operations, evaluation and supervision mechanisms, which realizes the purpose of writing this paper.