Contributions of Intellectual Capital Investment to the Economic Growth: Evidence from P. R. China, USA, UK,France and Germany
While the coming of the Knowledge Economy Age, intellectual capital is becoming to play more and more important roles in economy growth. This paper examines how important the intellectual capital investment is in economic growth in five different nations. We design a group of indicators to estimate the volume of intellectual capital investment of a nation, which include the expenditures in education, science and technology, R&D, culture, sanitation, communication and so on. We collect the data of intellectual capital investment, fixed capital investment and GDP of China, USA, UK, France, and Germany in last 15 years. By correlation analysis, ADF test, cointegration test, Granger causality analysis, and regression analysis to intellectual capital investment, fixed capital investment and economic growth, the results show: (1) distinct positive correlation exists between intellectual capital investment, fixed capital investment and economic growth; (2) the contributions of intellectual capital investment to the economic growth are different in different nations. Intellectual capital investment becomes the most important power in the economy growth in most developed countries. But in China the main factor to drive the economic growth is still the fixed capital investment. This implies that the investment portfolio of intellectual and fixed capitals in China should be properly arranged in the future so as to keep the high speed of economic growth.
Intellectual Capital Investment Economic Growth
XIA Tongshui WANG Zhiyong
International Business College, Shandong Normal University Jinan, Shandong, China Business School, Shandong University of Finance Jinan, Shandong, China
国际会议
The Fifth InternationalSymposium on Management of Technology(ISMOT07)(第五届技术与创新管理国际研讨会)
杭州
英文
752-756
2007-06-01（万方平台首次上网日期，不代表论文的发表时间）