中文摘要
资本成本无法被直接观测,因为企业拥有其部分资本存量。我说明了在哪些假设下,企业投入选择的变化能够揭示资本使用成本。利用美国的Compustat数据,我发现有形资本成本占产出的份额并未呈上升趋势,而在过去50年间,经济利润占销售额的比重从约4%上升至约9%。劳动份额的下降中约四分之三与利润上升有关,其余部分则与无形资产密集度上升有关。
Abstract
Abstract Capital costs are not directly observed since firms own part of their capital stock. I show under which assumptions variation in firms’ input choices reveals the user cost of capital. Using Compustat data for the United States, I find that the costs of tangible capital as a share of output have not been increasing, while economic profits have been increasing over the past 50 years from around 4% to around 9% of sales. About three-quarters of the fall in the labour share is associated with a rise in profits and the remainder is associated with a rise in intangible intensity.