关键词: R&D资本化, 财富属性, 生产属性, R&D资本存量总额, R&D资本存量净额

Abstract: Based on the dual attributes of wealth and production of Research and Experimental Development (R&D) capital, this paper analyzes the relationship between wealth capital stock of R&D and production capital stock of R&D from three aspects, namely analysis of attributes, ideas of measurement, and methods of calculation. Besides, it clarifies the relationship between the gross capital stock of R&D, the net capital stock of R&D, and the production capital stock of R&D. Accordingly, it quantitatively calculates the scale of the R&D capital stock of China in 40 years since the Reform and Opening-up; and further includes the wealth capital stock of R&D and production capital stock of R&D into the expanded Solow Growth Accounting Model to observe the differences between their contributions to China’s economic growth. The study finds that: (1) Both the wealth capital stock of R&D and the production capital stock of R&D have shown a leap-forward growth in the 40 years, with a prominent feature of “ three stages. ” ( 2) The difference between the wealth capital stock of R&D and the production capital stock of R&D becomes more remarkable, especially after 2005. (3) Taking the wealth capital stock of R&D as a measurement indicator for the R&D capital that is put into production will underestimate the contribution of R&D capital to economic growth as well as the growth rate of Total Factor Productivity in a degree, which demonstrates the necessity of taking both wealth and production perspectives into the same framework of capital measurement and the rationality of measuring R&D capital input from the production perspective.

Key words: R&D Capitalization, Wealth Attribute, Production Attribute, Gross Capital Stock of R&D, Net Capital Stock of R&D