국내 기업의 총요소생산성 결정요인 분석 - 기업의 무형자산투자를 중심으로 -

초록

In this study, we investigate the determinants of total factor of production (TFP), focusing on the role of intangible assets on firms’ productivity. Exploiting firm-level data from Kisvalue, we first estimate firm's TFP by applying Olley-Pakes(1995) method and examine the determinants of TFP. Our findings show that other intangible assets such as patents, copyright play a more important role in improving firms’ productivity rather than R&D investment. This tendency appears to have strengthened after the global financial crisis. Thus, our results indicate that the Korean firms have not achieved effective allocation among their investments on intangible assets. In this sense, we suggest that the Korean government need to seriously consider the re-design of institutional system to encourage firms to diversify their investment on intangible assets.

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