Research Of The Rationality Of The Investment Structure Of Fixed Assets In Hunan

The most important driving force of China's economy in the mid-to-high-speed development period is investment,Fixed-asset investment is the largest part of investment,as well as the most important part of investment.Today,China's economy steps into the "new normal" phase.The driving role of factors and investment in economic growth is gradually weakening.It is inefficient and blind to increase fixed-asset investment to promote economic growth.only through the drive on supply-side reform,the optimization of labor input structure and capital input structure,and the improvement of total factor productivity can promote economic development in the healthy and sustainable way.The scale of investment in fixed assets and the rationality of investment structure among different regions will directly affect the economic growth and the balanced development of regional economy.Therefore,an in-depth study of the rationality of the investment structure of fixed assets,and the impact of the structure of investment in fixed assets on the economy,and the differences in investment in fixed assets in various regions can make us have a deeper understanding of the optimization of the investment structure of fixed assets,it helps us put forward effective optimization suggestions according to the actual situation in Hunan Province,,which is of great significance in promoting supply-side reform and optimizing the structure of fixed asset investment.Based on the related domestic and foreign research literature,this paper adopts the methods combined by theories and experiment.In theory,this article summarizes the research methods and research findings of the fixed assets investment structure in domestic and foreign literature,reviews the development and changes of the structure and scale of fixed asset investment in Hunan Province,and analyzes the existing problems and regional difference in the structure of fixed asset investment in Hunan Province.In the empirical research,this paper makes use of the panel data from 2005 to 2017 and the cross-sectional data in 2017 in Hunan Province for empirical analysis,using the methods of Grey Relational Analysis(GRA),co-integration theory,and panel data model analysis to study the rationality of the investment structure of fixed assets in various regions,and make a comparative analysis of the differences in the structure of investment in fixed assets between regions,as well as the analysis of the impact of fixed asset investment structure on the economy.This study shows that great progress has been made in the economic development and investment in fixed assets of Hunan.However,the gap in fixed asset investment and economic development in the region has widened.Hunan Province is weak in the utilization of foreign capital,compared with the Developed Regions in Eastern Costal China,main part of investment and origin of fund are relatively single.At present,Hunan Province is facing the dilemma of financing difficulties and uncoordinated industrial investment development.Through the analysis of the degree of adaptability between the industrial fixed assets investment and the industrial structure,we can know whether the structure of fixed asset in Hunan is reasonable.It can be found that the first and second industries in most areas of Hunan Province are underinvested,and the third industry is redundant.The investment structure of fixed assets and industrial structure is suitable in most areas.In the three industries,the second industry has the greatest impact on economic growth.The first industry has less impact on the economy and the marginal benefit of the second industry investment is the greatest.Combining with the empirical research results,this paper believes that the investment structure should be optimized from the following four aspects:widening the financing channels,increase the total amount of investment appropriately;deepening the reform of the supply side,improving the investment efficiency;improving the government's macro-control;and balancing regional investment differences.It will provide strong support for the sustained and healthy development of Hunan's economy and society.