关键词: R&D资本化, 资本存量, 制造业

Abstract: The Chinese System of National Accounts 2016 (CSNA2016) revises the accounting boundary and classification of the gross fixed capital formation. Research and Development (R&D) expenditures that bring economic benefits to their owners are included in the gross fixed capital formation. This paper establishes a R&D expenditure capitalized framework in line with the System of National Accounts 2008 and measures R&D investment and capital stock of 26 Chinese manufacturing industries during 1990 – 2016. This can provide data supporting for analyzing fundamental and key economic issues of intangible assets such as productivity and the return to capital of Chinese manufacturing industries. The results show that ○1R&D investment is an exact indicator for R&D capital stock measurement. R&D capital stock of each industry will be overestimated if directly use industrial R&D expenditures as the R&D investment. ○2The constructed R&D investment price index is validated by the robustness test, indicating that using the urban consumer price index to deflate R&D wage price is effective. ○3 The R&D strength of Chinese industries has been continuously growing. The proportion of the R&D capital stock of the manufacturing industry to the national one has increased from 35.33% in 1990 to 67.75% in 2016. The annual average growth rate of the R&D capital stock in high-tech manufacturing industry is as high as 20% ~ 22%, which greatly has supported and driven the quality-improving and efficiency-enhancing and transformation and upgrading of China's economy.

Key words: Research and Development Capitalization, Capital Stock, Manufacturing Industries