CAJ | 학술논문

高端装备企业是拥有多领域高精尖技术和设备复杂先进的制造企业。技术是高端装备制造企业的基础性资产。本文从要素资本出发，选取中国高端装备制造业上市公司2007～2011年的财务报表数据，初步测算其人力资本、货币资本、物质资本和技术资本存量，运用经济增长模型分析员工人数、物质资本存量和技术资本存量在经济增长中发挥的作用，测算人力资本、物质资本和技术资本的各自收益率，结果是物质设备资本对企业贡献率最大，人力资本对企业贡献率次之，技术资本的收益贡献率最低。高端装备制造企业的技术资本比重亦最低，与其他一般工业企业相近。但技术资本存量有上升趋势，其上升速度缓慢。设备和人力资本投入仍是高端装备制造企业的主要成长动因。
고단장비기업시옹유다영역고정첨기술화설비복잡선진적제조기업。기술시고단장비제조기업적기출성자산。본문종요소자본출발，선취중국고단장비제조업상시공사2007～2011년적재무보표수거，초보측산기인력자본、화폐자본、물질자본화기술자본존량，운용경제증장모형분석원공인수、물질자본존량화기술자본존량재경제증장중발휘적작용，측산인력자본、물질자본화기술자본적각자수익솔，결과시물질설비자본대기업공헌솔최대，인력자본대기업공헌솔차지，기술자본적수익공헌솔최저。고단장비제조기업적기술자본비중역최저，여기타일반공업기업상근。단기술자본존량유상승추세，기상승속도완만。설비화인력자본투입잉시고단장비제조기업적주요성장동인。
Practice shows that new productive factors such as technology, knowledge and information evolved from old factors and have been started capitalizing. In the US and Europe, companies＇ profitability on technology capital is largely in excess of human being capital, monetary capital and equipment manufacturing cap- ital. Compared With this situation, companies in China are considered as lacking of technology capital and knowl- edge capital. As a result, academic communities have started paying an increasing attention on companies＇ technolo- gy capital stock and its related profitability. The high-end equipment manufacturing enterprises are composed of multiple-areas, highly-competent and ad- vanced technologies and equipments. Amongst .these, technology is the fundamental capital and highly reliant on. Judging by productive capital theory, using empirical analysis, choosing the faithfully represented financial statements from public listed high-end equipment manufacturing enterprises during the period of 2007 -2011, we preliminarily estimate capital stocks on human being, monetary, equipment manufacturing and technology. By ap- plying economic growth model to analyze the roles of employee numbers, equipment manufacturing capital stock and technology capital stock in economic gain, we can identify the status quo of industrial enterprises＇ independent re- search and development and the profitability on technology capital. Based on productive capital theory, economic benefits are produced jointly by various factors. In modern econ- omy, we have extended the growth model that productive factors are not only human being, monetary, and equip- ment, but also firm-specific technology, knowledge and information factors. After capitalization of those factors, each factor has been become capital. The three formers are called traditional capital, the three latters are called e- merging capital. The degrees of technology to place or save manpower are far higher than that by equipments. The technical level is contrary with the number of employees. This study concludes that in high-end equipment manufac- turing enterprises, the greatest contributions to the profitability are made by equipment manufacturing capital, the lesser are by human being capital, and the least are by technology capital. Furthermore, by comparing with other industrial companies, the proportion of technology capital in these high-end equipment manufacturing enterprises is lowest. However, there is an increasing trend for technology capital stocks, even the speed is slowly. The equipment manufacturing capital and human being capital are still the significant motives for high-end equipment manufactur- ing enterprises development. A firm＇s technology capital is its unique-know-how from investing in research and development, brands, and organization capital, what distinguishes technology capital from other forms of capital is the fact that a firm can use it simultaneously in multiple domestic and foreign locations. Compared with that in US and Europe, the technology capital market in China is still immature to some extent, even false in some remote and backward regions. The prior- ity is to build and complete corporate financial and capital utilization system, list technology in accounting and then calculate it specific cost and profitability indecently. Secondly, strengthen enterprise culture and increase investment on knowledge capital. Thirdly, as government supportive and hortative policy, companies are allowed tax prefer- ences in technology research and development.