企业广义创新资本及其产出弹性测度

Measuring Enterprise's Innovation Capital and Its Output Elasticity Based on a Broad View

基于生产函数分析框架和国民经济核算准则SNA2008,测度企业广义创新资本投入及其产出弹性,既促进了企业创新研究从狭义到广义、从宏观到微观的协调,也为激励更广泛的创新提供了理论依据。以沪深A股上市公司为例的实证结果表明:企业广义创新资本投入驱动生产率提升,毛回报率由高到低依次是研发资本、创新性无形资产、机器设备;研发密集型制造业、研发密集型服务业、建筑业的企业创新资本结构相对合理,但创新资本投入水平还较低,采矿业、其他制造业和有研发的其他服务业的物质资本过度投资迹象明显。建议激励企业广义创新投资偏向和优化企业资本存量结构。

Based on the analysis framework of production function and SNA2008,measuring the enterprise's generalized innovation investment and its output elasticity not only promotes the coordination of enterprise innovation research from narrow to broad,from macro to micro,but also provides incentives for broader innovation.The empirical results of Shanghai-Shenzhen A-share listed companies show that the enterprise's generalized innovation capital investment drives productivity improvement.The gross return rate from high to low is R&D capital,innovative intangible assets,machinery and equipment.The innovationcapital structure is relatively reasonable in the R&D-intensive manufacturing industry,R&D-intensive service industry and construction industry,but the level of innovation capital investment is still low.There are obvious signs of excessive capital investment in the mining industry,other manufacturing industries,and other service industries with R&D.It means to encourage enterprises to invest in broad-based innovation and optimize the structure of the firm capital stock.