高端装备制造上市企业技术资本测度及收益分析  

The Measurement of the Technology Capital and the Analysis of the Profitability for the High-End Equipment Manufacturing Enterprises——Financial Data from the High-End Equipment Manufacturing Enterprises which are Listed in the Shanghai and Shenzhen Stock

作　　者：罗福凯[1] 于江[1] 陈肖丹[1] 

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《经济管理》2013年第11期59-70,共12页Business and Management Journal ( BMJ )

摘　　要：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。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 wit

关 键 词：技术资本 配置存量 收益率 高端装备制造业 

分 类 号：F272.92[经济管理—企业管理]