无形资本投资、行业溢出效应与增长差异:基于跨国数据的研究

Intangible Capital Investment,Industrial Spillover Effect and Growth Divergence:An Study on International Data

文章在扩展Corrado等(2005)模型的基础上,利用发达国家的行业数据,对无形资本投资的增长效应进行了再考察。研究结果显示:(1)无形资本投资对行业产出具有直接效应,但不同行业存在明显差异,制造业和金融业的直接贡献度最高;(2)剥离无形资本投资后的行业产出增速,不但受到本行业无形资本投资增速的影响,还受到其他行业无形资本投资的影响,但这种行业间溢出效应也存在行业差异,其中制造业对其他行业的溢出效应最明显,其他行业对其的溢出效应却很微弱;(3)无形资本投资增速的差异可以部分解释不同经济体行业产出的增长差异,虽然非本行业无形资本投资差异对部分行业的国别间产出增速差异有影响,但本行业无形资本增速差异的影响更显著。本文结论具有一定的政策含义,经济增长不仅需要增加无形资本投资,还需要发挥不同行业特别是制造业与其他行业间无形资本投资的溢出效应。

The text utilizes advanced countries' industrial data and re-examines the growth effect of intangible capital investment after extending Corrado et al.( 2005) model. There are three conclusions. Firstly,intangible capital investment has a direct effect on industrial output,but the effect of each industry is obviously different. The contribution of intangible capital investment is the highest in manufacturing and financial industries. Secondly,after stripping intangible capital investment,the industrial output growth is not only affected by the growth of intangible capital investment in its own industry but also by other industries,which highlights the fact that intangible capital investment has spillover effects across industries. However,the spillover effects also diverse,and manufacturing industry's spillover effects are most obvious and barely influenced by other industries. Thirdly,the divergence in intangible capital investment growth can partly explain growth divergence in different economic entities' industrial output. Though the divergence in intangible capital investment growth of other industries has effect on part of industrial output growth,its own industry seems to have a greater effect.