Research On Local Government Investment Efficiency And Its Spatial Effect Under The Background Of High-quality Development

Government investment as a government department to exercise its public functions,meet the needs of the public,and make up for market failures is an important means to achieve regional social and economic development.If the government does not invest enough,especially in the early stages of development,the social economy may not be able to grow healthily and sustainably.Since the reform and opening up 40 years ago,China’s social and economic development has achieved remarkable achievements.On the one hand,due to the continuous deepening of market-oriented reforms in China,the market has gradually played a decisive role in resource allocation.On the other hand,the strong investment behavior of local governments in China has driven the flow of social capital.However,in the face of the assessment of performance indicators such as GDP growth rate and fiscal revenue,local government officials often cannot reasonably constrain their investment behaviors,and there are a series of problems such as excessive investment scale,uneven investment structure,and dependence on investment factors.Inevitably,the allocation of social resources is inefficient,which ultimately hinders the improvement of the level of social and economic development in the region.The concept of high-quality development is to continuously weaken the traditional counter-economic cycle control measures of investment and promote growth,and to give full play to the basic role of government investment.Realizing the high-quality development of China’s social economy has become an inevitable requirement for government departments at all levels to determine development ideas,formulate economic policies,and implement macro-control.In this context,how to objectively and fairly evaluate the efficiency of local government investment and how to improve the efficiency of government investment still have important theoretical and practical significance.Based on the literature and theory of economic development quality and government investment efficiency at domestic and foreign,this paper further analyzes the mechanism of local government investment efficiency under the background of high-quality development in the new era.The main contents of the research include:(1)Constructing the role of local government investment in the context of highquality development and the theoretical analysis framework for the improvement of investment efficiency.Through the elaboration of basic concepts and theories,a mathematical model is initially established to analyze the logical relationship between government investment efficiency and high-quality economic development.(2)Explain the investment modalities of local governments,analyze the historical evolution,current situation and problems of local government investment,and examine the investment scale,investment structure and investment differences between central government and local governments after 2008.(3)The evaluation indicators for determining the efficiency of local government investment are used to distinguish between traditional quantitative government investment and quality investment in government investment.Based on this,the efficiency of local government investment is measured,and the efficiency of quality government investment is analyzed from a static perspective and a dynamic perspective,and compared with the traditional quantitative government investment efficiency,the problems of government investment efficiency are obtained.(4)Based on Stata15.0 software,based on 270 relevant local government investment efficiency panel data in 30 provinces of China from 2008 to 2016,the spatial impact of fiscal decentralization and other related variables on local government investment efficiency improvement was empirically studied.Starting from the geographic location and social and economic spatial weights,different spatial econometric models are established to test the impact of relevant variables on the efficiency of local government investment.(5)Based on the empirical research results of the full text,integrating the realistic background of China’s social and economic quality development,summarizing and analyzing the relevant research results of local government investment efficiency,and proposing policy recommendations for improving the efficiency of local government investment in China from the macroeconomic level,and promoting A long-term mechanism for the high-quality development of regional economies.The research results show that:(1)According to the analysis of government investment efficiency calculation results.Through the three-stage DEA,the efficiency of government investment is greatly improved after eliminating the influence of external environment and random error,and the aggregation effect is exhibited at the interprovincial level.The overall investment efficiency of the eastern coastal provinces is high,while the central and western regions Lower;the dynamic efficiency analysis by Malmquist index shows that the government investment efficiency is mainly affected by the management level and technical level,and also has the aggregation effect in space;through the quality of government investment efficiency and traditional quantitative output The comparative analysis of GDP per capita shows that there is an inverted “U” relationship between the two,which indicates that the large-scale factor input in the past has improved the government’s investment efficiency to a certain extent.When it reaches a certain level,the quantitative economy drive has a negative effect on investment efficiency..(2)According to the spatial effect analysis of government investment efficiency.Through the spatial autocorrelation test of government investment efficiency,it is found that the government investment efficiency has obvious spatial correlation and heterogeneity,and the regional distribution shows a trend of decreasing investment efficiency from east to west.The regression results of spatial econometric model show that fiscal decentralization,openness to the outside world,household consumption,land finance and urbanization rate can promote the improvement of investment efficiency,and the government investment efficiency between regions also has a strong spatial effect.The government scale and investment rate have inhibited the improvement of government investment efficiency,which is in line with the current policy mechanism of streamlining government agencies and optimizing the government’s investment structure.(3)To improve the efficiency of government investment to achieve high-quality development,it is necessary to build a sound long-term mechanism for government investment management system and assessment.Starting from the top design of the country,reshaping the national governance structure,actively implementing the reform of the fiscal and taxation system,continuously optimizing the supply structure,improving the budgetary management,giving full play to the traction effect of the local government’s investment efficiency,and ultimately achieving a stable,healthy and sustainable national economy.High quality development.