| Investment, consumption and foreign trade are the "three carriages" of economic growth. At present, China’s economic growth mainly rely on investment driven.Whether in scale or in range, the impact of investment on China’s economy is relatively large.Especially in the process of dealing with the financial crisis,the role of investment in fixed assets can not be ignored. But unreasonable investment will cause resource waste and even be not conducive to long-term development.For example, environmental pollution and the investment that pursuing just economic benefits and ignoring social benefit of will promote economic growth in the first, but in the long term,they will become the resistance of economic development. So it is very necessary to analyze the current fixed assets investment structure and optimize the investment structure.Based on this background, this paper analyzes the structure of fixed assets investment and its internal mechanism to economic growth from the perspective of industry, and discusses the difference between the east, middle and west regions. This can not only make up for the blank in the research of internal mechanism of fixed assets investment structure to the economic growth and regional comparison of the effects of aspects in China, but also be more conducive to make the policy recommendations, which are of great practical significance.In this paper, the panel data of 30 provinces and cities(except Tibet) is selected in2004~2014, and the panel regression model is used in this study. First of all, it analyzes the effect of investment on economic growth of the 19 industries, and classifies them according to the size of the effect. Then we use the "anti fact" analysis method to decompose the fixed assets investment into the change of the growth, the order and the share change, and then analyze the impact on economic growth. Finally, the regional differences of the impact of fixed assets investment on economic growth in the east,middle and west of China are studied by using dummy variable model.The empirical results show that: first, in terms of industry investment, the pullingeffect of the real estate industry and manufacturing industry to economic growth is strongest,and the utility of agriculture, forestry, animal husbandry, fishery of first industry and most of the third industry to the economic growth is relatively weak.Second, the the study on the effect of inter-temporal changes of fixed asset investment on economic growth indicate that the total changes of investment have negative effect on economic growth, specifically speaking, growth changes have a significant negative effect,the ranking changes have a negative effect, but the effect is not significant, and the change in the share has a significant positive effect on economic growth. The author thinks that at present our country relies on investment to pull economic growth,and the expense is too large, so we should gradually to mainly rely on the consumer driven changes, also China’s investment is transferring from industry that has weak pulling effect on economic growth to industry that has strong stimulating effect on economic growth, as far as economic growth is concerned, this kind of change is strong. The third,the study on sub region shows that in the eastern region,the investment scale of change is higher due to the large scale of investment, so the negative effect of changes of the growth to the economic growth is more significant; and in the central and western regions, in the case of other conditions unchanged, the investment is transferring by greater strength from industry that has weak pulling effect on economic growth to industry that has strong stimulating effect on economic growth,which make the negative effect of share changes on economic growth more obvious. Based on the empirical analysis, this paper puts forward the suggestions to optimize the investment structure of fixed assets. |
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