Research On The Impact Of Business Environment On Private Investment Under The Background Of Stable Growth

After the outbreak of the financial crisis in 2008,China and the world have entered a new normal.The new normal of China’s economy is the symmetrical state of economic structure,and on this basis to achieve sustainable economic development,China’s economy will move forward from the stage of high-speed growth to the stage of high-quality development.Under the background of stable growth,the decline of investment growth caused by the reduction of leverage of state-owned enterprises will inevitably bring downward pressure to economic growth.However,stable growth requires stable investment,which makes the policy face a dilemma:allowing the leverage ratio of state-owned enterprises to rise will further aggravate the vulnerability of Finance and induce systematic risk of economy;otherwise,it may threaten the stability of economic growth Fixed.However,if it can effectively stimulate the growth of private investment,it may make up for the shrinking investment demand due to the reduction of leverage of state-owned enterprises and ensure the stable growth of the economy.This paper takes this as a starting point to explore what measures should be taken to effectively promote the growth of private investment?This has certain theoretical and practical significance for the current economic development.Based on the data of 31 provinces from 2008 to 2016,combined with the existing research results on private investment and business environment,this paper puts forward the research hypothesis:under the background of stable growth,the improvement of business environment can effectively stimulate the growth of private investment.In the empirical process,the degree of economic openness,urbanization level,per capita GDP and financial development level are selected as control variables to estimate the fixed effect model.According to the regression results,the improvement of business environment significantly promotes the growth of private investment.According to the results of this study,business environment can significantly stimulate the whole society’s investment,especially private investment.This conclusion supports the "business environment is productivity" proposed by Premier Li Keqiang It shows that the government can effectively stimulate and improve the market vitality and increase the stable growth of investment by improving the governance level and providing a better business environment.Finally,according to the research results,this paper puts forward relevant enlightenment and suggestions.