CAJ | 학술논문

基于CD生产函数的形式,分析智力资本投资和固定资本投资对我国经济增长的推动作用。首先设计了一套直接测度智力资本投资量的指标体系,基于该指标体系,测度估计了1990-2009年我国的北京、上海等20个地区的智力投资数量。运用回归方法、协整和面板数据的协整分析,研究20个省市的智力资本投资、固定资产投资对经济增长的影响。分析表明：从我国20个省市的20年的数据回归结果看,智力资本投资产出弹性系数最高的地区是上海（0.63513）和北京（0.508415）;从我国20个省市的分段面板数据协整结果看,智力资本投资的产出呈现一种逐渐增加的趋势,这表明智力资本对经济增长的促进作用越来越大,但是我国经济发展的主要推动力量还是固定资产投资。
기우CD생산함수적형식,분석지력자본투자화고정자본투자대아국경제증장적추동작용。수선설계료일투직접측도지력자본투자량적지표체계,기우해지표체계,측도고계료1990-2009년아국적북경、상해등20개지구적지력투자수량。운용회귀방법、협정화면판수거적협정분석,연구20개성시적지력자본투자、고정자산투자대경제증장적영향。분석표명：종아국20개성시적20년적수거회귀결과간,지력자본투자산출탄성계수최고적지구시상해（0.63513）화북경（0.508415）;종아국20개성시적분단면판수거협정결과간,지력자본투자적산출정현일충축점증가적추세,저표명지력자본대경제증장적촉진작용월래월대,단시아국경제발전적주요추동역량환시고정자산투자。
Based on Cobb-Douglas production function,this paper studies the roles of intellectual capital investment and fixed assets investment in economic growth in China＇s 20 provinces（including municipalities）over the period 1990-2009.The paper first constructs a set of indicators measuring intellectual capital investment and fixed assets investment and calculates the intellectual capital investment.The impact of intellectual capital investment on economic growth is then analyzed using regression,cointegration and panel cointegration analysis.It is found that,of the 20 provinces,Shanghai and Beijing have the highest intellectual capital investment output elasticity,being 0.63513 and 0.508415 respectively.It is also found that the output of intellectual capital investment tends to increase gradually in the panel cointegration model.However,the impact of intellectual capital investment is never greater than that of fixed assets investment,suggesting that the main driving force of China＇s economic growth is fixed assets investment not intellectual capital investment.