ANALYSIS OF EFFICIENCY EVALUATION AND INFLUENCING FACTORS OF FISCAL INVESTMENT IN CHINESE HIGHER EDUCATION

This study employs the Malmquist index and Tobit regression models to evaluate the dynamics and regional disparities in higher education fiscal investment efficiency, based on comprehensive analyses of panel data from 31 provincial administrative units in China from 2002 to 2021. Research findings reveal that improvements in technical efficiency are crucial for the Chinese government to enhance investment efficiency, with significant regional variations. The Eastern region excels in technical efficiency and technological progress, while the Central and Western regions lag. Tobit regression analysis indicates that the educational level of faculty, student-faculty ratio, and research investment intensity significantly positively influence efficiency. In contrast, the negative impacts of government fiscal capacity, per-student educational expenditure index, and faculty title structure highlight structural issues in higher education investment. Based on these findings, we propose some recommendations for government policy amendments that aim to strengthen technological innovation and optimal resource allocation, enhance teacher quality and scientific research investment, encourage the integration of educational resources with urban development, and establish a scientific evaluation and monitoring mechanism to boost the efficiency of fiscal investment in higher education and foster balanced regional development.