R&D Capitalization Accounting And Its Impact On GDP

With the continuous development of R&D activities,scientific and technological innovation has gradually become an important driving force for economic growth.SNA 2008 explicitly proposes to take R&D activities as capital formation in asset and liability accounting,fundamentally changing the way SNA 1993 considers R&D activities as intermediate consumption.Some countries have begun to change R&D expenditure into the national economic accounting system,and measure its impact on economic growth.China's national economic statistics have not yet considered R&D expenditures as assets,and there is still room for further study of R&D capitalization.Based on a comprehensive review of related literature at home and abroad,this paper discusses the R&D capitalization accounting theory,focusing on the R&D capital stock accounting methods and R&D capital formation accounting methods.Based on this,estimate the actual scale of the R&D capitalization in Zhejiang Province and analyse its impact on GDP.This paper has five sections:Firstly,this paper summarizes the background and significance of R&D capitalization research,expounds the importance,necessity and urgency of R&D capitalization measurement,clarifies the important position of R&D capital in the era of knowledge economy;Then,This paper expounds the connotation and characteristics of R&D activities and R&D capitalization,and discusses the theory of R&D capitalization accounting and accounting scope.At the same time,this paper analyzes the accounting methods of R&D capital stock and R&D capital formation.Thirdly,this paper makes use of the data of R&D expenditure in Zhejiang province.Using the perpetual inventory method to estimate the R&D capital stock,the R&D capital stock has a rising trend from 1993 to 2014.At the same time,the scal of R&D capitalization is estamated,and the value of this part is also accelerating.After this,R&D expenditure is included in GDP of Zhejiang Province from the angle of expenditure method.In terms of value,the GDP of Zhejiang Province increased significantly after the capitalization of R&D,and the degree of increase has increased year by year.In terms of growth rate,R&D capitalization can accelerate the growth rate of GDP.In terms of structure,the proportion of final consumption and net exports of goods and services declines,the proportion of total capital formation increases.In addition,the contribution rate of R&D capitalization showed a fluctuating upward trend.Based on the C-D production function model,this paper studies the relationship between R&D capital and GDP and finds that the R&D capital stock elasticity to GDP is 0.1959.Finally,according to the actual measurement of Zhejiang R&D capitalization,this paper draw a conclusion of the impact of R&D capitalization.According to the theoretical research of R&D capitalization and the current situation of R&D statistics in China,the difficulties of R&D accounting are analyzed and some suggestions are put forward.