| Northeast China is deeply rooted in the planned economy system since the founding of New China,deeply influenced by the concept of planning.Although Northeast China has been constantly promoting its own market-oriented reform under the tide of national market economy system reform,the market economy has been slow to develop because of the residual concept of planned economy system.Against the background of the continuous economic downturn in the Northeast,the state put forward the slogan of revitalizing the Northeast in 2003 in order to reproduce the prosperity of the economy in the Northeast,and subsequently implemented a number of policy measures to boost the economy in the Northeast.And the government’s investment behavior plays a huge role in this revitalization process.In view of this,indepth study of the economic growth effect of government investment in Northeast China is of great significance to the better implementation of the policy of revitalizing the Northeast.On the basis of carding and analyzing the basic connotation and related theories,this paper first analyzes the present situation of government investment and economic development in Northeast China,and analyzes the current situation of government investment and economic development in Northeast China.Then the empirical analysis of the economic growth of the scale and structure of government investment is carried out by selecting the relevant data from Northeast China.First of all,with regard to the economic growth effect of government investment scale,this paper collects the time series data of government investment and economic growth in Northeast China from 2000 to 2017,and passes the ADF test with the help of endogenous growth theory and C-D production function.Co-integration test,impulse response and variance decomposition are used to analyze the economic growth effect of government investment scale.It is concluded that government investment contributes a lot to the economic growth in Northeast China.On this basis,the optimal scale of government investment in Northeast China is calculated and the results show that the optimal scale of government investment in Northeast China is 35.09%.Combined with the present situation,the current scale of government investment in Northeast China has far exceeded this number.It shows that the scale of government investment in Northeast China has been excessive,which is not conducive to the further development of the economy.Then,the paper divides government investment into government material investment,government human capital investment and government R&D capital investment.On this basis,the paper selects the relevant data of Northeast China from 2002 to 2017,and empirically analyzes the economic growth effect of government investment structure.The co-integration equation shows that the economic growth effects of the three government investments are all positive,that is,the government investment can significantly promote the economic growth in Northeast China,and the contribution rate of the government material capital investment is the largest.Finally,the paper makes an empirical analysis of these three ways of government investment acting on economic growth.The results show that government material capital investment mainly promotes the economic development of Northeast China through the formation of capital stock.Government education,that is,human capital investment and R&D capital investment,mainly promotes economic development by increasing total factor productivity(TFP)and its external effects in Northeast China.Based on the conclusion of the article analysis,this paper suggests that the government should determine the reasonable scale of investment,increase the investment in the research and development of education and technology in the northeast,guide the private capital into the market,and strengthen the government’s investment in the regulation of these policy suggestions,So as to promote the economic and healthy development of the northeast region. |
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