随着我国经济的快速增长，人力资本在经济发展过程中的起到了重要作用。这其中，高等学校教育在提升人力资本上的作用是最为突出的，因而得到了社会各界的广泛重视。由于数据的缺失，鲜有文献对高等学校教育投入的影响因素进行探讨。这显然是一大遗憾，因为只有厘清高等学校教育投入究竟取决于何种因素，才能够在政策层面采取适当的对策解决高等学校教育投入当中存在的问题。一方面，高等学校教育能否持续向社会输送人力资本将关系到我国能否成功地实现产业升级和经济结构转型，这其中，高等学校的教育投入至关重要，必须持续甚至加大投入；另一方面，我国高等学校教育投入也可能面临区域均衡性方面的挑战，这可能带来区域间收入差距的扩大，不利于我国跨越中等收入陷阱。因此，厘清高等学校教育投入的影响因素也有助于我们在实现教育均衡性上寻找对策。 本文通过对我国高等学校教育发展现状与投入结构进行研究分析，并对2008年至2016年期间部属高等学校的教育投入数据、地方经济发展水平、地方城镇化水平、地方财政实力、高等学校声誉以及高等学校校友资源实力等数据进行双向固定效应建模分析，最终发现影响我国高等学校教育投入的因素有三类：地区经济发展水平，学校自身的规模基数以及高等学校的校友资源。本文的具体发现如下：首先，地区经济发展水平对高等学校教育投入的影响呈负显著，在城市化率给定的情况下，经济发展水平越低，该地区的高等学校教育投入越高，以保证高等学校教育区域间均衡发展；其次，高等学校教育投入倾向于学校整体规模较小，基础配套设施落后、师资力量薄弱的学校，以此来缩小高等学校教育之间的差距；最后，高等学校的校友资源也是高等学校教育投入的一个决定因素，体现为如果硕士和博士校友中有在任的部长或者副部长，则该校的高等学校教育投入越高。 本文结合我国高等学校教育投入现阶段面临的问题以及对以上影响因素的分析，提出了进一步完善我国高等学校教育投入的若干政策建议，以推动我国高等学校教育的健康、均衡、快速发展，为我国经济发展、社会进步输送更多的高质量人才。

With the rapid development of economy, the importance of human capital in economic growth has become increasingly prominent. Among them, the role of higher education in the promotion of human capital is the most prominent, and it has received wide attention from all walks of life. Due to the lack of data, few literatures have discussed the influencing factors of the investment in higher education. This is obviously a great pity, because making clear the influencing factors of the higher education investment can help us take appropriate measures to solve the problems in the investment of higher education. On the one hand, the continuous transfer of human capital to higher education will be related to the realization of China's industrial upgrading and economic restructuring. Among them, the investment in higher education is crucial, we must continue to increase investment; On the other hand, the investment in higher education may also face challenges of regional balance, which may lead to increase the regional income gap. Therefore, making clear the influencing factors of the investment in higher education can help us achieve educational balance. This paper studies and analyzes the development status and input structure of higher education in China, and analyzes resource data of higher education, local economic development level data, local urbanization level data and university reputation data during 2008-2016 by two-way fixed effect model. Finally, there are three factors that affect the higher education input: the level of regional economic development, the scale of the school and the politically related resources of higher education institutions. The specific findings of this paper are as follows: First of all, the level of regional economic development is negatively correlated with the investment in higher education. Under a certain level of urban development, the lower the level of regional economic development, the higher the investment in higher education in the region, which can ensure the balanced development of higher education in the region; Secondly, the investment in educational resources of colleges and universities tends to be smaller colleges with poor infrastructure and weaker teachers., so as to narrow the gap between higher education; Finally, The alumni resources of colleges and universities are also a decisive factor in the higher education investment. It is reflected that if there are incumbent ministers or deputy ministers in the master's and doctoral alumni, the school's education investment will become higher. This paper combines the problems of the current higher education and the analysis of the influencing factors, and puts forward suggestions for further improving the higher educational resources, hoping to promote the better, faster and healthier development in higher education to support for nation building.