Abstract: After the global financial crisis, countries around the world are looking for new economic growth engine, and playing more emphasis on technological innovation. That is to say intangible assets have great impact on economic growth. In order to reflect the role of intangible assets, especially R& D capital on economy, SNA (2008) explicitly proposed R&D capitalization. At present, many countries have begun to incorporate intangible investment in GDP accounting. However our practice in this area is blank. This paper capitalizes R & D spending of China and quantitatively analyzes its effects on GDP and economic structure. The results show that, in the period of 2002 to 2011, capitalization of R & D will increase GDP by about 1.35% each year, decrease consumption ratio by 0.9%, and increase investment ratio by 1%. Finally, this paper provides some related policy recommendations, such as more research about capitalization of intangible investment, establishment of R&D capital Satellite account and so on.

摘要： 全球金融危机后，世界各国都在寻找新的经济增长动力，更加重视科技创新，无形资产对经济增长的重要性日益突出。为了更好地反应无形资产尤其是研发支出对经济的影响，SNA（2008）明确建议R&D资本化，很多国家也开始将R&D无形资产纳入GDP核算中，但我国尚未有这方面的实践。因此该文尝试资本化R&D支出并定量分析其对GDP和结构的影响。研究表明，2002到2011年期间，R&D资本化将使我国GDP平均提高1.35%左右，消费率平均降低0.9%，投资率提高1.0%。最后，提出了应该加快无形资产的核算研究、建立R&D资本卫星账户等相关政策建议。