| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w9924
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| 来源ID | Working Paper 9924
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| A New Approach to the Valuation of Intangible Capital |
| Jason G. Cummins
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| 发表日期 | 2003-08-25
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| 出版年 | 2003
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| 语种 | 英语
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| 摘要 | In this paper, I argue that intangible capital is not a distinct input to production like physical capital or labor but rather it is the glue that creates value from other inputs. This perspective naturally leads to an empirical model in which intangible capital is defined in terms of adjustment costs. Estimates of these adjustment costs using firm-level panel data suggest that there are no appreciable intangibles associated with R&D and advertising whereas information technology creates intangibles with a 70% annual rate of return a sizable figure that is nevertheless much smaller than reported in previous studies. As a bridge to previous research, I show that much larger estimates can be obtained by using ordinary least squares, which ignores the possibility that the value of the .rm and its investment policy are simultaneously determined. Larger estimates can also be obtained by ignoring the possibility that the stock market overstates the value of intangible-intensive companies. |
| 主题 | Microeconomics
; Households and Firms
; Macroeconomics
; Consumption and Investment
|
| URL | https://www.nber.org/papers/w9924
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567549
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推荐引用方式
GB/T 7714 |
Jason G. Cummins. A New Approach to the Valuation of Intangible Capital. 2003.
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文件名：
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w9924.pdf
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格式：
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Adobe PDF
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