人工智能时代高新技术企业存在索洛悖论吗?

Is There Solow s Paradox for High-tech Enterprises in the Era of Artificial Intelligence?

在人工智能时代,为了有效利用新一代通用目的技术,企业会进行大量的无形资本投资,包括重新设计业务流程、构建新商业模式以及相关的人力资本投资。虽然这些无形资本为企业创造了有价值的资产,但在增长核算中通常难以计量,从而导致“索洛悖论”。基于中国高新技术企业的股票市场估值,对其无形资本价值大小进行测算的结果表明:中国高新技术企业存在大量未被计量的无形资本,从而导致了人工智能时代的“索洛悖论”。因此,应积极活跃资本市场,特别是大力发展人工智能企业密集的创业板和科创板,满足人工智能企业的直接融资需求,以此支持人工智能技术的扩散与创新,克服“索洛悖论”,提升生产率。

In the era of artificial intelligence,in order to effectively utilise the new generation of general purpose technologies,enterprises will make large investments in intangible capital,including the redesign of business processes,the construction of new business models,and the related investment in human capital.Even though these intangible capitals create valuable assets for enterprises,they are usually difficult to measure in growth accounting,which leads to Solow s Paradox.This paper measures the value of intangible capital based on the stock market valuation of China s high-tech enterprises,and the results show that there is a large amount of unmeasured intangible capital in China s high-tech enterprises,which leads to Solow s Paradox in the era of artificial intelligence.China should actively activate the capital market,especially vigorously develop growth enterprises market and Sci-Tech innovation board,which are densely populated by AI enterprises,to meet the direct financing needs of AI enterprises,so as to support the diffusion and innovation of AI technology,overcome Solow s Paradox,and enhance productivity.