| In recent years,the economic development of China has entered into a new normal stage,the economic growth rate has gradually slowed down,and the economic development has changed from the original "consumption,investment,and export" to an internal circular economic development policy based on domestic "consumption and investment".In the current economic downturn,international trade continues to deteriorate in the situation,the operation of China’s enterprises is not good,the investment force for the development of the national economy is insufficient,then in this context,government investment as an important part of social investment,is the main strength to drive the progress of the national economy.As an important form of government investment,local government financing platform investment play an important role of government investment,and whether local government capital platform investment can effectively drive regional fixed asset investment and promote local economic development is worthy of more in-depth study,at the same time,the economic environment and degree of marketization of local government financing platforms in different regions are different,the effect of its investment expenditure on regional fixed asset investment is also different,which need to be further explored.Based on the "squeeze in" or "squeeze out" effect between government investment and private investment,and based on the 2008-2019 financial reports of the financing platforms issued by various counties in Anhui Province and Zhejiang Province,this article analyzes the relationship between the investment of local government financing platforms and regional fixed assets,and studies the impact of local government financing platform investment on regional fixed asset investment and the role of local economic development under the role of diversified transformation.Firstly,through theoretical analysis,the research hypothesis is proposed and the data model is established.The second step is to analyze the overall distribution of sample data through descriptive analysis and the impact of diversified transformation on the investment of financing platforms,and to further discuss the differences in the impact of investment in different economic development levels and financing platforms in different regions on regional fixed asset investment.Finally,the accuracy of the research is verified by endogenous and robustness tests,so as to draw the relevant conclusions of this paper.The study found:(1)The impact of investment expenditure of financing platforms on regional fixed asset investment is related to the scale of investment,and when the investment scale of financing platforms is large,it can effectively stimulate regional fixed asset investment.(2)Diversified transformation measures help to enhance the pull effect of financing platform investment on regional fixed asset investment.The diversification of property rights is conducive to the entry of non-state-owned equity to increases the scale of financing platforms,improve corporate governance and strengthens the pull effect;And industrial diversification can improve the products of financing platforms and regional industrial relations,which is conducive to promoting the expansion of local industrial investment.(3)Financing platform investment is conducive to promoting local economic development,and in the larger scale of its investment to promote the role of more significant.Further research found that the impact of financing platform investment on regional fixed asset investment is different at different levels of economic development and in different regions.At a low stage of economic development,financing platform investment can effectively drive regional fixed asset investment,but because of the particularity of its investment projects and fields,the effect on regional fixed asset investment takes amount of time to be reflected.And in areas with low economic development level,the pull effect of financing platform investment on regional fixed asset investment is more obvious.Our paper confirms the active effect of financing platforms on local fixed assets investment,and gives suitable advice on reform of financing platforms to develop our economy. |
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