Study On Infrastructure Investment Efficiency And Influencing Factors Of The Three Prcovinces Of Northeast China

Since the reform and opening up,with the establishment of the socialist market economy in China,the productive forces have been greatly developed,and the people's living standards have been greatly improved.Relying on their rich resources,the three northeastern provinces,as the benchmark of national industrial construction,made important contributions to economic development in the early years of the founding of new China.With the gradual development and perfection of industrialization in new China,the economic development level of the three northeastern provinces has been steadily improved.In recent years,under the background of economic globalization,the industrial structure of the three northeastern provinces under the planned economic system is relatively single,and the three northeastern provinces cannot better adapt to the pace of national supply-side reform and economic new normal development,and the economic development is gradually backward.Since 2014,the economic growing rate in northeast China has been falling off a cliff.In 2017,the GDP growth rate of three provinces,Liaoning,Heilongjiang and Jilin,ranked the first,the second and thefourth from the bottom in China respectively.In 2016,Liaoning became the only province with negative economic growth.In the severe economic downturn,the three provinces in northeast China implement the economic revival is imminent.With the promotion of urbanization in China,infrastructure construction plays an important role in promoting regional economic development and enhancing the competitiveness of a country.It is also an important prerequisite and guarantee for the healthy development and modernization of the region.By increasing the construction of infrastructure investment and gradually improving the level of regional infrastructure services,the country can achieve the goal of steadily driving the national economic growth under the premise of satisfying the public's demand for public projects.It can be seen that infrastructure construction has become a basic industry to develop the national economy and promote economic development,and infrastructure investment plays a decisive role in the investment field."Bluff type slide" phenomenon,in the face of the northeast economy under the state council promulgated in 2016 the state council on the recent support opinions on some major policy measures to revitalize the northeast,accelerate infrastructure construction and retrofit,focus on transport network(railway,highway,airport,urban rail transit,etc),clean energy system(power transmission channel,geothermal energy,nuclear power project development,etc.)and water conservancy facilities(river regulation,reservoir construction,etc.)for the detailed planning and deployment.Through strengthening infrastructure construction,we will transform the old industrial base cities and overcome development bottlenecks.Because the three provinces in northeast China have heavy industry as the main industrial structure and high dependence on resources,relying on investment can drive economic growth in a short time,but it greatly restricts technological progress,resulting in effective investment shortage.With a large amount of investment in infrastructure,problems such as diminishing marginal effect of investment,insufficient effective investment,and higher leverage gradually emerge.Therefore,it is of great significance to carry out in-depth evaluation and research on the efficiency of infrastructure investment and find out the effective factors to improve the efficiency of investment.In the existing studies,most of the efficiency evaluation of infrastructure investment focuses on the developed areas in the central and eastern coastal regions,but there are few studies on northeast China and few reference values for promoting infrastructure investment in the three northeastern provinces.Therefore,this paper combines theory with demonstration to analyze the efficiency of infrastructure investment in the three northeastern provinces.Through scientific analysis and argumentation,it provides theoretical support for infrastructure investment in the three northeastern provinces,and is helpful to promote the rational allocation of resources and the rationality of decision-making.This paper is divided into five parts.The first part,in the context of the declining economic level of the three northeastern provinces in recent years,proposes to conduct in-depth research on the efficiency of infrastructure investment in the three northeastern provinces,clarify the significance of the research,and define the concepts of infrastructure investment and infrastructure investment efficiency.Secondly,this paper reviews the research results of domestic and foreign scholars on the efficiency of infrastructure investment and relevant empirical methods,and puts forward the deficiencies of existing research results on the basis of sufficient analysis.Finally,the structure and research methods of the paper are put forward as a whole,and the possible innovation points and deficiencies are put forward.The second part,on the basis of fully summarizing the research results at home and abroad,further builds the theoretical foundation of the study on the efficiency of infrastructure investment,elaborates relevant theories from the aspects of investment and economic growth and the efficiency of infrastructure investment,and provides theoretical support for the later research.On the basis of analyzing the current situation of infrastructure investment in Liaoning,Jilin and Heilongjiang respectively,the third part puts forward the factors influencing the infrastructure investment in the three northeastern provinces.The fourth part uses the panel data of 34 prefecture-level cities in the three northeastern provinces from 2012 to 2016 to build a DEA-Tobit model to evaluate and study the efficiency of infrastructure investment and its influencing factors in the three northeastern provinces.In terms of the efficiency of infrastructure investment,the overall efficiency of the three provinces in northeast China is not high,mainly because of the low efficiency of pure technology,which has an impact on the comprehensive efficiency.In terms of influencing factors,the investment structure,education level and the degree of opening to the outside world are significantly influence factors,including the investment structure of negative factors,shows that excessive investment in the tertiary industry is likely to raise the level of investment in infrastructure have a negative impact,and by strengthening the education level,increase the degree of opening to the outside world will bring positive influence to improve the investment efficiency.The fifth part,combined with the empirical results of the two-stage model,puts forward the empirical conclusions comprehensively,and puts forward policy Suggestions on improving the overall infrastructure investment level in northeast China and promoting economic development.The main innovation of this paper is to regard the three provinces in northeast China as the overall study of infrastructure investment efficiency for the first time,and in the context of industrial upgrading,it is proposed that excessive investment in tertiary industry may have negative impact on infrastructure investment efficiency,which provides a new perspective for investment decision-making.