Research On R&D Capitalization And It’s Impact

Since the new economic growth theory was put forward,technological innovation and technological progress have been pushed to the forefront of promoting the development of productive forces.Technological progress has become an important indicator of a country’s core economic competitiveness in the future.With the SNA 2008 shift of R&D accounting from "intermediate consumption" to "fixed assets",capital attributes were recognized and incorporated into GDP accounting.Many developed countries,mainly OECD member countries,have set up their own R&D satellite accounts.The newly released CSNA-2016 by the National Bureau of Statistics has begun to try to incorporate R&D capital into GDP accounting.However,most of the scholars in China currently study R&D capitalization mainly in R&D output,accounting for less formation of R&D fixed capital,and less literature on areas such as research industries,regions and executive departments.Therefore,after reviewing the existing R&D research results,this paper will continue to study R&D capitalization methods and discuss R&D capitalization and its impact based on the perspective of the executive branch.This paper will discuss the capitalization of R&D in three stages:(1)According to the new requirements of SNA2008 for capitalization of R&D,collect and process the R&D expenditure composition data,and based on this data,adopt the "total cost method" Calculate the R&D output of various executive departments.According to the data,after the 21st century,the R&D output of various departments shows a significant increase.(2)After obtaining the R&D import and export substitution index from the BOP,the R&D fixed capital formation is calculated using the calculated R&D output.According to the accounting results,the R&D capital formation of enterprises and other departments as an additional part of GDP,R&D institutions and institutions of higher learning as general government departments,and the formation of R&D fixed capital from government consumption to investment into GDP will affect the composition of investment and consumption of GDP.(3)Estimate R&D capital stock of R&D capital using the accounting data of R&D capital after estimating the depreciation rate of R&D capital and initial R&D capital stock according to the method of perpetual inventory method.Under the framework of CD production function,The role of capital stock in promoting economic growth.In the process of carrying out R&D capitalization and impact analysis,the data were selected from 1991 to 2015 and based on 1991,the results showed that:(1)The main component of the enterprise as the executive branch is higher than the national growth rate of R&D investment.Before 2000,R&D output growth of all executive departments was relatively slow.From 2000 to 2015,output of R&D increased significantly and output was expanding.In particular,R&D output of enterprises in 2015 reached 191.604 billion yuan,an increase of 14.8 times over 1991.In addition,the fixed assets of R&D in the corporate sector increased by 19.3 times.R&D and fixed assets of R&D institutions and institutions of higher learning took a relatively rapid form.The two sectors increased by 23.34 times and 23.29 times from 1991 to 2015 respectively.(2)From the perspective of the expenditure accounting of GDP accounting,after the capitalization of R&D,the new part of GDP comes from the fixed capital formation of the enterprise R&D.R&D activities of R&D institutions and higher education institutions have shifted from government spending to investment,resulting in a decline in the final consumption rate of GDP and an increase in the proportion of capital formation.The contribution and motivation of R&D capitalization by various executive departments to GDP fluctuated upwards,and the growth rate of R&D capital was greater than the growth rate of GDP.In addition,R&D capitalization,R&D intensity decreased.(3)Comparing the R&D capital stocks of various executive departments:The share of corporate R&D capital stocks is the highest.In addition,the ratio of R&D capital stock to GDP in all executive departments during 1991-1996 fluctuated during the fluctuation period.From J 997 to 2015,the ratio of R&D capital stocks to GDP rose rapidly again.Based on this,based on the C-D production function model,for every 1%increase in R&D capitalization,GDP will increase by 1.13%in the same case of material capital and labor investment.According to the research results,the following suggestions are put forward:(1)Strictly implement the strategy of rejuvenating the country through science and education,learn from advanced foreign experience and increase the investment in R&D capital;(2)Improve the R&D capital structure and set up an enterprise-Research institutes and universities to promote stable and rapid economic development;(3)establish an R&D capital satellite account system as soon as possible to incorporate R&D into GDP accounting;and(4)improve the caliber of R&D capital accounting.