Empirical Study On The Relationship Between Public Education Investment,Financial Development And Economic Growth

Current economic downturn pressure is big,the growth speed is slow,in the past with the investment-driven growth is no longer adapt to the new normal,it is necessary to seek new economic growth points,to adapt to the new normal.Both economic growth period,and under the new normal structural slowdown,technology plays an important role in promoting economic growth,and a country's technical level is under the influence of human capital,especially education,and R & D.Based on this,this paper will study the relationship between educational investment,financial R & D investment and economic growth.In this paper,the relationship between public education investment,financial R & D investment and economic growth is studied by using the data of 1980-2014 in China.At first,this paper introduces the related theories of education,research and development and economic growth in foreign economic theory,and reviews the relevant research results of domestic scholars.Secondly,in order to study the problems of economic growth,investment in public education,financial R & D investment under the new normal,China's economic growth,public expenditure and public education investment and financial investment in research and development status are analyzed.Finally,by using cointegration test,VAR model,impulse response function and variance decomposition and Granger causality test and other econometric methods,on the basis of economic theory,the relationship between the three were empirical analysis.The results show that there is a long-term equilibrium relationship between economic growth and public education investment and financial R & D investment,which is not changed by the new economic norm.Lag phase two of the public education investment and financial R & D investment to economic growth of output elasticity are 0.16% and 0.16% respectively,both the output elasticity of the difference is not obvious on economic growth.Lag phase two of financial R & D investment each 1% change,will cause the public education investment moves 0.17%,while GDP of lag item no significant impact on public education investment,which may be related to our country's education planning.Lag every changes of 1% of GDP,will cause the reverse changes of financial R & D investment by 1.02%;Every 1% change lag phase two of GDP,will cause financial R & D investment moves 1.17%;The change of the public education investment can not cause the change of financial R & D investment.The influence of the public education investment to economic growth duration is long and stable,but in the long run,the impact on the economy of financial R & D investment is more bigger,which can explain about 70% of the economic changes.In the long term,the influence of financial R & D investment on public education investment is bigger,which can explain about 75% of the public education investment.In order to adapt to the new normal of economic growth and promote economic growth,we should strengthen the government's attention,increase investment,innovate investment channels and forms,and improve the investment structure;improve leadership awareness,emphasize "public entrepreneurship,innovation",create an atmosphere of innovation in the whole society;focus on education and research and development,especially the research and development,to promote economic growth more effectively.