The Study Of Capital Efficiency Of Yangtze River Economic Belt

Capital is one of the significant elements in promoting economic growth.Capital investment efficiency is one of the most important indicators to examine the sustainability of economic growth.Yangtze River Economic Belt covers 11 provinces and cities including Shanghai,Jiangsu,Zhejiang,Anhui,Jiangxi,Hunan,Hubei,Chongqing,Sichuan,Guizhou,Yunnan,and etc,with area of about 2.05 million square kilometers,accounting for 21% of the nation's total.The population and GDP have gone up 40% of the nation,with strong integrated strength and huge development potential.But Yangtze River Economic Belt stretches across China's east area,middle area and west area,which has obvious development gap between regions.It is crucial important to improve and coordinate the capital investment efficiency in Yangtze River Economic Belt in order to achieve coordinated development and narrow the development gap between regions.This thesis,based on the panel data of 11 provinces and cities(Chongqing and Sichuan province are combined)in Yangtze River Economic Belt,would estimate their capital stock by using perpetual inventory method(PIM).The capital investment efficiency of this 11 provinces and cities would be estimated and decomposed by adopting DEA super-efficiency model.Then the thesis would make assessments for the general level and phase characteristics of the growth of capital investment efficiency in Yangtze River Economic Belt,analyzing the spatial difference by Theil index.Finally the empirical analysis would be conducted to verify the influencing factors of capital investment efficiency in Yangtze River Economic Belt by using the classic panel data econometric model.The results of this study showed that:First,the calculates of capital stock estimated in this thesis are relatively low when compared with other studies.The main reason is that the confirmation of fixed capital investment price index and rate of depreciation are different with existing studies during estimation process.Second,in the sample inspection period,the Yangtze River Economic Belt gets poor sustainability in regional economic growth,with downward trend of capital investment efficiency and large scale changes.In recent years,the deterioration of efficiency,to some extent,inhibits the progress brought by technological advances,which is the main reason for regional capital investment efficiency regressed.Third,the capital investment efficiency growth in Yangtze River Economic Belt has obvious phase characteristics.In the five stages divided in this thesis,capital investment efficiency drops apparently,especially when the world economy showed negative growth after global financial crisis in 2008.The main reason lies in the the deterioration of efficiency.This thesis demonstrates that the capital investment efficiency growth in Yangtze River Economic Belt has a certain amount of regional differences on the basis of dividing 11 provinces and cities into the east area,middle area and west area,and estimating regional differences by Theil index.The differences between regions and regional differences of efficiency changes are the main reason for regional differences of capital investment efficiency growth.Forth,in the sample range from 1978 to 2014,empirical analysis conducted to verify the influencing factors of capital investment efficiency in Yangtze River Economic Belt has demonstrated that the influencing factors has the effect of different degree and direction,which provides empirical support to cope with the problems brought by capital investment efficiency growth in this region.Combined with the above study results,the thesis has put forward some policy suggestions in the perspective of the improvement and coordination of capital investment efficiency in Yangtze River Economic Belt.Concretely speaking,the growth of capital investment efficiency in Yangtze River Economic Belt could be promoted by improving economic growth quality,accelerating technological innovation,comprehensively enhancing opening up,and reasonably define the scope of government intervention.The growth of regional capital investment efficiency could be coordinated by keeping growth in advantageous areas,supporting undeveloped areas,strengthening communication and cooperation between regions.