中国制造业上市公司无形资本核算与动态变迁

Accounting and Dynamic Adjustment of Intangible Capital of Chinese Listed Manufacturing Firms

基于Kieso et al.(2010)、Peters and Taylor(2017)等的前沿方法,结合我国制度背景和企业特征,本文首次在企业层面核算了2007—2019年我国制造业上市公司的无形资本存量,并考察了企业无形资本强度的动态变迁及原因。结果显示:(1)2007年以来,我国制造业上市公司的无形资本存量增长迅速,控制规模影响后的企业无形资本强度总体上也呈上升趋势,但2015年之后明显放缓甚至有所下降,组织资本强度下降是主要原因;(2)不同类型企业中,非国有、高科技和东部地区企业的无形资本积累表现相对更好;(3)分解无形资本强度变迁原因,企业间配置效应的作用最为突出,进入退出效应的影响近年则逐渐显现。

Employing the approach of Kieso et al.(2010)and Peters and Taylor(2017),this paper calculates the intangible capital of listed manufacturing firms in China from 2007 to 2019 at the firm level.We also investigate the dynamic adjustment of the firm-level intangible capital intensity considering the institutional background and firm characteristics of China.We find that:①Since 2007,the stock of intangible capital of Chinese listed manufacturing firms has grown rapidly,and the intangible capital intensity,which controls for the firm size,also shows an upward trend.However,the growth of intangible capital intensity has slowed down significantly or even been negative since 2015,which is mainly caused by the decrease of organizational capital intensity.②Among different types of enterprises,non-state-owned,high-tech and eastern enterprises have better performance in intangible capital accumulation.③The decomposition of dynamic adjustment of the intangible capital intensity shows that the between-firm reallocation effect plays the most prominent role,while the effect of entry and exit becomes significant gradually in recent years.