无形经济中的市场力量与创新

M. D. Ridder
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引用次数: 87

摘要

生产率增长在过去十年停滞不前。本文认为,无形投入(如信息技术)的增加可以通过对生产和竞争的影响导致增长放缓。我假设无形资产导致从可变成本向内生固定成本的转变,并使用一种新的测量方法来表明,当企业增加ICT和软件投资时,固定成本在总成本中的份额上升。然后,我开发了一个量化框架,其中无形资产降低了边际成本并内生地提高了固定成本,这使得采用成本低的公司具有竞争优势。这种优势可以用来阻止其他公司进入新市场和开发更高质量的产品。矛盾的是,拥有高水平无形资产的公司的存在会因此降低创造性破坏和创新的速度。我使用法国公司的行政数据校准了模型,发现在最初提高生产率之后,无形资产的增加导致长期生产率增长下降0.6个百分点。该模型进一步预测,商业活力将下降,劳动收入占比将下降,加成率将上升,尽管加成率夸大了企业利润的增长。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Market Power and Innovation in the Intangible Economy
Productivity growth has stagnated over the past decade. This paper argues that the rise of intangible inputs (such as information technology) can cause a slowdown of growth through the effect it has on production and competition. I hypothesize that intangibles cause a shift from variable costs to endogenous fixed costs, and use a new measure to show that the share of fixed costs in total costs rises when firms increase ICT and software investments. I then develop a quantitative framework in which intangibles reduce marginal costs and endogenously raise fixed costs, which gives firms with low adoption costs a competitive advantage. This advantage can be used to deter other firms from entering new markets and from developing higher quality products. Paradoxically, the presence of firms with high levels of intangibles can therefore reduce the rate of creative destruction and innovation. I calibrate the model using administrative data on the universe of French firms and find that, after initially boosting productivity, the rise of intangibles causes a 0.6 percentage point decline in long-term productivity growth. The model further predicts a decline in business dynamism, a fall in the labor share and an increase in markups, though markups overstate the increase in firm profits.
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