In the analysis of economic growth factors, researchers often use the Cobb–Douglas production function model to calculate the contribution rate of various influential factors upon economic growth. However, the traditional Cobb–Douglas production function model fails to consider the influence of policy factors on economic growth at different stages. Therefore, this paper establishes a modified model of the Cobb–Douglas production function. With regard to parameter estimation of the model, this paper proposes an improved simulated annealing algorithm; this method is characterized by high precision and rapid convergence. In terms of calculating the contribution rate of factors, the traditional method has a larger error. Therefore, by utilizing the modified Cobb–Douglas production function model, the paper proposes a new method to calculate the contribution rate of a factor accurately. Finally, the paper empirically analyses the contribution rate of various influential factors to economic growth in China.
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Cheng et al. (2013) studied this question.