Research On The Efficiency Of Fixed Asset Investment From The Perspective Of High Quality Development

Since the reform and opening up,fixed asset investment has played a decisive role in the rapid growth of China's economy.At present,we are faced with the transformation of economy from high growth to high quality.Economic growth should no longer be the sole criterion for measuring the efficiency of fixed asset investment.It should cover all aspects of social economy and comprehensively evaluate the achievements of fixed asset investment in innovation,coordination,green development,openness and sharing.In this paper,DEA data envelope analysis was used to measure the efficiency of China's fixed asset investment by selecting innovation,coordination,green,open and Shared indicators as output variables,DEA-BCC model was used to measure the static investment efficiency,and DEA-Malmquist index method was used to measure the dynamic changes of investment efficiency.From the perspective of static efficiency,China's fixed assets investment efficiency of the province is less effective,only accounted for 20%,and the investment efficiency has obvious regional differences,the eastern region has the highest investment efficiency,western region is next,the central region is the lowest.From the perspective of dynamic efficiency,the total factor productivity of China's fixed asset investment decreased by 11.8% annually,that is,the overall efficiency of fixed asset investment deteriorated.In terms of provinces,only the investment efficiency of Beijing,Shanghai,Guangdong,Jiangsu and Zhejiang provinces was improved.For the study of the influence factors of efficiency of fixed asset investment,the static investment efficiency of fixed assets is as explained variable,regression analysis found that using Tobit Model,from the whole,the country economic development level,scientific research investment,government intervention,the foreign investment on China's fixed asset investment has significant positive influence on efficiency,increase the investment to the maximum extent of investment efficiency of;From the perspective of different regions,human capital and scientific research investment have a significant promoting effect on investment efficiency in the eastern and western regions,while the effect of other factors is somewhat different.Based on the research results,the following policy suggestions are proposed: first,to optimize the scale of fixed asset investment and improve the level of precision investment,China's fixed asset investment urgently needs to shift from the strong stimulus of flood irrigation to precision investment.Second,we should improve the coordinated and balanced development of investment efficiency in different regions,formulate policies and plans for different regions in light of local conditions,and promote the high-quality development of China's economy in an all-round way.Third,strengthen personnel training and scientific research investment,improve the management and allocation of fixed assets and the conversion rate of resources.