The role of IT and intangible investment in economic growth

2019 Fiscal Year Final Research Report

• Project/Area Number: 17K03716
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic policy
• Research Institution: Gakushuin University (2019); Toyo University (2017-2018)
• Principal Investigator: Takizawa Miho 学習院大学, 経済学部, 教授 (50509247)
• Project Period (FY): 2017-04-01 – 2020-03-31
• Keywords: 生産性 / 経済成長 / 無形資産 / ICT

Outline of Final Research Achievements

Finding measures to improve productivity is one of the most important issues in the Japanese economy under supply constraints. In this study, we focused on the impact of ICT investment and intangible investment on employment and productivity, and conducted empirical analysis using industry-level and firm-level data.
In terms of IT investment, industry-level analysis revealed that skill-biased advances associated with ICT investment have led to a shift in demand from low-skill workers to high-skill workers. Using firm-level data, we analyzed the relationship between intangible assets and financing, and found that firms with a high intangible asset ratio were highly dependent on the issuance of shares, indicating that the development of the stock market and the increase in intangible investment were complementary.

Free Research Field

マクロ経済学

Academic Significance and Societal Importance of the Research Achievements

所得格差の拡大の要因として、スキル偏重型技術進歩による高スキル労働者への需要拡大が先行研究でも指摘されている。本研究ではIT投資と労働者のスキルの関係を分析し、スキル偏向的技術進歩が生じている事実をデータにより示した。
また、無形資産の重要性が高まっているにもかかわらず、無形資産と外部資金調達手段の選択の関係については、日本においては研究が乏しい。本研究では、無形資産と外部資金手段の選択の関係を分析し、無形資産投資を積極的に行ってる企業の株式発行の割合が有意に高いことを示し、株式市場の発展が無形資産投資の促進にもつながることを明らかにした。