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人的資本マネジメントの評価と効果に関する研究 (本文)

岩本, 大輝 慶應義塾大学

2021.10.13

概要

21世紀に入り,技術革新・IT技術の進歩によって企業がグローバル化を進める環境が整った.それにより,需要の増加した技術革新・IT技術の進歩が急激に進むという循環を生み出した.その結果,企業の収益源がそれまで一般的であった有形資産から,目で見ることのできない無形資産に移行している(Lev,2001).

マクロな観点(国別)での無形資産投資の推計方法は,Corrado et al.(2005,2009,2016)が提案している.この手法に従い,欧米のデータはINTAN-investment databaseが,日本はJIPデータベースが公開している.図1.1に欧米諸国と日本の対GDP比無形資産投資比率推移を示す,イギリスを除いた各国で1990年代後半から2010年代後半まで,無形資産投資比率が上昇していることが見て取れる.また,宮川ら(2015)は対有形資産無形資産投資比率を示し,2000年前後で対比すると,欧米諸国と日本において無形資産投資比率が上昇していることを示している.図1.1では,横ばいであったイギリスも対有形資産投資比率でみると無形資産投資は上昇している.さらに,イギリスとアメリカでは,比率が1を超え,無形資産投資が有形資産への投資を上回っている.日本でも無形資産投資は上昇しており,欧米諸国の動向を考慮すると今後もこの傾向が続くと考えることが出来る(Fukao,2008).

無形資産の重要度上昇を受け2016年度からGDPの計算方法が変更になった(日本経済新聞,2015/10/19朝刊).この変更には,研究開発費,特許使用料をGDPに含める変更が含まれている.従来は,経費としていたこれらの費用を無形資産への投資として認める形でGDPへと編入している.

他にも無形資産の重要性に注目する理由がある.それは,労働生産性の観点である.Organisation for Economic Co-operation & Development (2019)は,世界的に2007年から2008年の世界的金融危機以降,労働生産性の伸びが弱いことを示している.また,生産性の向上は,日本の労働投入量の減少の影響を相殺するために重要であるとも示唆している.日本政府もまた,労働力が年々減少している日本の経済を維持し改善するために,労働生産性向上の重要性を指摘している(Japan Ministry of Health Labour & Welfare, 2017).1990年代後半からのIT革命によって米国を中心に生産性が向上したことからもわかる通り,無形資産への投資は生産性の向上へと寄与する(宮川&金,2010).

このように,企業経営において,無形資産はその重要度を増しており,企業は無形資産をどのようにマネジメントしていくかという問題に直面している.

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