National Measures Of Provincial And Regional Macro Intangible Capital In China And Its Role In Growth Of Economy

At present,the economic development in our country has stepped into a "new normal",the rate of economic growth has slowed down,and the innovation-driven strategy has become a key measure for our country to get out of the predicament of economic development of "structural slowdown".As an important carrier and embodiment of innovation,intangible capital undoubtedly plays an important role in economic growth.Based on the importance of intangible capital and the present state of GDP accounting in our country,aiming at the existing research only focusing on the insufficiency of the national level or part of the macro-intangible capital,this paper draws on the current international macro intangible capital Method——CHS framework,by comprehensive utilization of various data sources,and use the direct expenditure method and perpetual inventory method on the comprehensive calculation and analysis of macro intangible capital for China's 29 provinces and four major regions for the first time.In addition,the effect of intangible capital on China's economic development is demonstrated from two aspects.On the one hand,SOG model is used to analyze the economic growth of all provinces and regions;on the other hand,the fixed-effects PCSE method is used to analyze the panel data of inter-provincial and sub-regions to estimate the output elasticity of intangible capital.The following is some conclusions drawn in this article:Firstly,from 2000 to 2015,the amount of macro-intangible capital investment and stock in all provinces and four major regions in China shows a rapid growth trend,but the disparity between the provinces and regions has been expanding.Secondly,from 2000 to 2015,the intensity of investment in all provinces and four major regions of our country showed an overall upward trend.However,the differences between provinces and regions are obvious.Thirdly,from 2000 to 2015,the total investment structure of macro-intangible capital in all provinces and four major regions in China shows obvious characteristics of "two highs and one low",higher computerized information capital and innovative property capital,lower economic competencies capital.Fourthly,after accounting for the economic growth based on the SOG model,the contribution rate of material capital,labor force and TFP to the economic growth of the provinces and the four major regions of our country has declined after the incorporation of the macro-intangible capital.Intangible capital has a significant role to play in economic growth.Fifthly,based on provincial panel data,intangible capital has significant output elasticity regardless of whether the production function is variable or constant in returns to scale.In the three types of macro-intangible capital,the output elasticity from largest to smallest are economic competencies capital,innovative property capital and economic competencies capital.Sixthly,based on the panel data of the sub-regions,the output elasticity of the intangible capital in the eastern region is the largest,while the northeast region is the smallest.The output elasticity of per-capita intangible capital in the eastern region is the largest,while that of the central region is the smallest.If the macro-intangible capital is divided into three types,under the assumption of variable returns to scale,the output elasticity of the economic competencies capital in the eastern,northeastern and western regions is the largest.The output elasticity of innovative property capital in the central region is the largest.Under the assumption of constant returns to scale,the output elasticity of per capita innovative property capital in the eastern and central regions is the largest,while the output elasticity of per capita economic competencies capital in the northeast and western regions is the largest.