中文摘要：

在对中国27个省份全要素生产率测算的基础上，利用面板模型研究房地产投资、设备投资、人力资本、进出口等对经济增长质量的影响。研究结果发现：第一，经济增长质量受房地产投资和设备投资影响显著，房地产投资超过一定比例之后，占比越高，经济增长质量越低；设备类资产投资占比越高，体现型技术进步的溢出效应越强，经济增长质量越高。第二，我国人力资本缺乏，人力资本增加会显著提升经济增长质量。第三，进口对经济增长质量提升具有显著促进作用，出口对经济增长质量影响不显著；在西部地区，固定资产投资增长过快会导致经济增长质量显著下降。

英文摘要：

Based on the measurement of total factor productivity in 27 provinces in China, the paper studies the influence of real estate investment, equipment investment, human capital, and import and export on the quality of economic growth by using panel data. Results show： First, economic growth quality is significantly influenced by real estate investment and equipment invest- ment, and when real estate investment surpasses a certain proportion, higher proportion of the in- vestment leads to lower economic growth quality; the higher the proportion of equipment invest- ment, the stronger the spillover effect of the embodied technical improvement, which leads to higher quality of economic growth. Second, China lacks of human capital, and the increase of hu- man capital will significantly improve the quality of economic growth. Third, import has significant promotion function on economic growth quality, while the function of export on the quality of economic growth is insignificant; in western China, the over investment of fixed assets will lead to sharp decrease of economic growth quality.