| The effect of intangible capital on economic growth has been very obvious in many developed countries.From the development experience of developed countries,When the economic development reaches a certain extent,it is obviously difficult to meet the requirements of the current economic development by relying solely on the traditional factors of production.On the one hand,the supply growth of traditional factors,such as land,mineral resources and labor force,is greatly restricted,which is an important reason for the weakening of the traditional kinetic energy.On the other hand,the deeper contradictions caused by traditional factors of production are often harmful and irreversible,such as environmental pollution,waste of resources and so on.In order to avoid the restriction of the above contradictions on the economic growth of our country,it is urgent to innovate and upgrade the traditional factors of production.However,the technological innovation brought by intangible capital investment will undoubtedly have a powerful impact on the traditional tangible elements,which will not only release the productivity multiplier of our country,but also inject new vitality into the economic growth of our country.This paper has carried on the necessary expansion to the CHS model proposed by Corrado et al.(2005)and makes use of the inter-industry data of developed countries to re-examine the growth effect of intangible capital investment,which systematically studies the specific influence channels of intangible capital on a country's(industry)economic growth from the angles of direct effect and indirect effect..At the same time,because there are significant differences in economic growth rate among developed countries,this paper attempts to explain whether this difference is related to the difference in the growth rate of intangible capital investment among countries from the perspective of intangible capital.In addition,considering the spillover of intangible capital such as information technology,R&D,human capital and so on,this paper also discusses the indirect effects mentioned above more carefully,which using empirical analysis to test the crowding-out effect between intangible capital and tangible capital,the induced effect between intangible capital and labor input,and the growth effect between intangible capital and TFP.The main conclusions of this paper are as follows:(1)The intangible capital will not only have direct effect on the output of the industry,but also indirectly promote the output of the industry by influencing the tangible capital,the labor input and theTFP growth.;(2)Intangible capital investment does have a certain spillover effect between industries,and this spillover effect is obvious in agriculture,forestry and fishery;(3)This paper takes Germany as the reference country,and finds that the difference of the growth rate of intangible capital investment really helps to explain the difference of output growth among different countries.The research in this paper shows that intangible capital is indeed an important driving force to promote economic growth.Especially since the 21 st century,intangible capital has become the foundation of modern economy.Combined with the development of our country,the following policy suggestions are put forward: China needs to continue putting in place relevant policies to increase support for intangible capital investment,and to promote the intangible capital investment of various industries in various ways;Secondly,gives full play to the mutual spillover effect of intangible capital in various industries,especially between manufacturing and other industries;Finally,we need to pay equal attention to the role of non-R&D intangible capital in economic growth,such as human capital,organizational capital and advertising marketing and so on,and improve the investment utilization rate of all kinds of intangible capital.So as to realize the transformation of our country's economic development mode and innovation of the development mode. |
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