异质性无形资本投资与生产率增长差异--基于跨国行业数据检验

Heterogeneous Intangible Capital Investment and Productivity Growth Difference-Based on Cross-border Industry Data

基于CHS框架,本文将无形资本分为研发和非研发两类,并利用1999~2017年欧洲10国7个行业的面板数据,实证检验了异质性无形资本投资的生产率效应。实证结果发现,研发类与非研发类无形资本投资的行业内溢出效应较为明显,并且这种趋势在2008年全球金融危机后得到加强。受资产专用性和排他性的影响,非研发类无形资本投资的行业间溢出效应不显著。研发类无形资本投资对制造业生产率提升的影响程度最大,非研发类无形资本投资则对包含贸易业、金融业、公共事业在内的服务性行业产生更为明显的生产率提升效应。研发类和非研发类无形资本投资增速对行业生产率增速的影响都受到各国技术差距的影响,且当一国距离前沿国家技术差距越大时,同样单位的研发类和非研发类无形资本投资将带来更多生产率增速的增长。本文结论具有一定的政策含义,需要重视非研发类无形资本投资的作用价值,在平衡各种类型的无形资本投资水平的过程中实现创新动能转换。

Based on CHS research framework,intangible capital investment could be divided into R&D investment and non-R&D investment.This paper empirically tests the productivity effect of heterogeneous intangible capital investment by using panel data of 7 industries across 10 countries in Europe from 1999 to 2017.The results show that both R&D investment and non-R&D investment have a positive intra-industry spillover effect on productivity,and this trend has been strengthened since the global financial crisis in 2008.The inter-industry spillover of non-R&D investment is not significant,due to the effect of asset specificity and exclusivity.R&D investment has the greatest impact on the improvement of manufacturing productivity,while non-R&D investment has a more obvious productivity improvement effect on service industries including trade,finance,and public utilities.The impact of growth rate of both R&D and non-R&D investment on growth rate of industrial productivity are affected by technological gap among countries.For the same unit of investment,a larger technology gap between a country and the frontier countries leads to faster growth in productivity.This paper has certain policy implications:it is worth noting the value of non-R&D intangible capital investment to realize the transformation of driving energy for innovation in the process of balancing the level of various intangible capital investments.