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组织资本作为一种产生于生产过程并影响边际生产率的无形资本,不仅直接影响企业的经济绩效,也具有非常重要的宏观含义。本文将企业组织资本引入中国的总量生产函数,并运用贝叶斯一般均衡的方法进行估计。结果表明,含和不含组织资本的模型具有统计上的差异,前者更好地解释了中国数据。同时,数值模拟显示:(1)忽略企业的组织资本会显著高估全要素生产率对于总产出函数中性技术波动的测度;(2)组织资本引入了内在的传导机制,可以很好地解释中国总产出序列的持久性;(3)影响组织资本积累的专有技术冲击对于经济波动具有显著的影响,该冲击解释了产出总波动的25%左右。综上所述,我们认为微观层面的企业组织资本对于宏观经济的研究具有不可忽视的作用。
As a kind of intangible capital which is produced in the production process and affects the marginal productivity, organizational capital not only directly affects the economic performance of enterprises, but also has a very important macro meaning. This paper introduces the capital of enterprise organization into the aggregate production function in China and estimates it by Bayesian general equilibrium method. The results show that there is a statistical difference between the models with and without organizational capital, and the former explained China data better. At the same time, the numerical simulation shows that: (1) ignoring the organizational capital of enterprises will significantly overestimate the measure of total factor productivity for neutral technology volatility of total output function; (2) organizational capital introduces intrinsic transmission mechanism that can be well explained The persistence of China’s total output sequence, and (3) the impact of proprietary technology impacting on the capital accumulation of organizations has a significant impact on economic fluctuations that account for about 25% of the total output fluctuations. To sum up, we think that organizational organizational capital at the micro level has a significant role to play in macroeconomic research.