关键词: 投资效率, 要素匹配, 资本质量, 产业结构

Abstract: Based on the double-layer nested production function of four elements, the data of national level and provincial level from 1990 to 2016 are used to calculate the investment efficiency, analyze its spatial structure characteristics and evolution trajectory, and examine the influencing factors of capital-skill coupling effect. The result shows that: ① The overall investment efficiency of China from 1990 to 2016 shows a downward trend, the capital-skill labor coupling effect and the overall investment efficiency trend are similar, and the contradiction between the rapidly accumulated capital stock as well as the constantly upgraded capital quality and the shortage of skilled labor is prominent. ② The investment efficiency in the east, central and western regions increases inconsistently, which is mainly caused by coupling effect. The capital relative investment efficiency in the eastern region is obviously higher than that in the central and western regions, but the decline is greater than that in the central and western regions, and the gap between the central and western regions and the eastern region is narrowed. ③ If skilled labor demand of the industrial structural upgrading can not be met, it will lead to factor mismatch, which is not conducive to effective investment. The increase of housing price and wage affects the matching efficiency of skilled labor supply and demand restraining factors respectively. Education and highway facilities will have a positive impact on the matching of regional factors and improve the uneven efficiency of investment between regions. There is a significant positive spatial correlation between regional investment efficiency, and factor flows in adjacent regions and technology spillovers in regions with similar economic development have a positive impact on investment efficiency.

Key words: Investment Efficiency, Factor Matching, Quality of Capital, Industrial Structure