The Research On Investment Efficiency Of Different Investment Subjects In China

Since the beginning of the 21 st century,the role of investment in promoting the stable development of China's economy has become increasingly obvious.Especially in the current critical period of economic transformation and upgrading,the role of investment in promoting economic growth cannot be ignored.But in recent years,the driving effect of investment on economy is gradually weakening,and the main problem of investment is the structure problem.Therefore,the optimization of investment structure is conducive to giving better play to the key role of investment in economic development,to the scientific and reasonable formulation of industrial policies and economic growth policies,and to the implementation of relevant investment plans and investment strategies.The investment subject structure is one of the components of the investment structure.Therefore,the study of the investment subject and the investment efficiency of each subject plays an important role in the optimization and adjustment of China's investment structure.However,for a long time,the previous scholars have paid more attention to the regional structure of investment and the structure of investment industry in the study of the investment structure in China,and less attention has been paid to the structure of investment subject.Few literatures have incorporated the investment subject structure and investment efficiency into a research framework,which makes people lack a thorough understanding of each investment subject and its investment efficiency and causes people to neglect the positive significance of the improvement of investment efficiency to economic growth.Therefore,this paper takes the investment efficiency of different investment subjects as the research focus.Based on this,this paper first defines the concepts of investment,investment subject and investment efficiency,and introduces relevant theories of investment efficiency.The investment of eleven kinds of enterprises with different nature of capital is divided into three types,that is,public,private and foreign investment.Secondly,the development status of public,private and foreign investment entities isanalyzed from three perspectives of overall,regional and industry.Then,based on the data from 1993 to 2016,this paper calculated the investment efficiency of government,private and foreign investment subjects by using two measuring indexes,the marginal capital output rate(ICOR)and the Malmquist index,and conducted a decomposition study on the Malmquist index.Secondly,the factors that affect the difference of investment efficiency of the three types of investors are systematically analyzed.Finally,it puts forward corresponding countermeasures and Suggestions on how to improve the investment efficiency of government,private and foreign investors.Based on the above studies,the following two conclusions are drawn:First,by calculating the ICOR value of government,private and foreign investors from 1993 to 2016,it can be seen that the ICOR value of government,private and foreign investors has the same variation trend,with high volatility,showing a fluctuating trend of first rising,then falling and then rising.Due to the higher the ICOR means investment efficiency is lower,this means that the government,private and foreign investment efficiency decline appear alternately rising trend of fluctuations,especially in recent years,the investment efficiency of three kinds of investment subject in slow decline,and by comparing the ICOR average of the three main body,the highest efficiency of foreign investment,government investment efficiency,the lowest center of private investment efficiency.Secondly,by using Malmquist index to calculate the total factor productivity index of government,private and foreign investment subjects,it can be known that the total factor productivity value invested by the government during the period from2000 to 2004 was greater than 1,and the remaining years were all less than 1.Since total factor productivity(TFP)is greater than 1,it indicates that investment efficiency is increasing.On the contrary,total factor productivity(TFP)is less than 1,indicating that investment efficiency is reduced.Therefore,this indicates that the efficiency of government investment increased first and then decreased during the period from1994 to 2016,and increased during the period from 2000 to 2004.Total factor productivity values for private investment were greater than 1 in only 2000-2003 and2010-2011,and less than 1 in all other years.This shows that the efficiency of China'sprivate investment has improved in the two periods of 2000-2003 and 2010-2011,and declined in other years.However,the total factor productivity of foreign investment was only greater than 1 in 1998-1999 and 2000-2004,and less than 1 in all other years.This indicates that the efficiency of foreign investment in China increased in 1998-1999 and 2000-2004,and declined in other years.