Intellectual Assets and Value Creation: Synthesis Report

Transcription

1 Itellectual Assets ad Value Creatio: Sythesis Report Douglas Lippoldt Directorate for Sciece, Techology ad Idustry The views expressed do ot ecessarily represet those of the OECD or its member coutries. 1

2 Orgaisatio for Ecoomic Co-operatio ad Developmet A iter-govermetal orgaisatio A forum for policy developmet ad ecoomic aalysis coverig all areas of gov t policy except culture ad defece Promotes policies for growth/employmet, ecoomic developmet, expasio of trade 30 member coutries: i Europe ad North America, plus Japa, Korea, Australia, ad New Zealad. (expadig) Idustrialised, market-orieted, democracies 2

3 Why OECD Work o Itellectual Assets? Cetral to value creatio, ecoomic growth ad competitiveess i a moder ecoomy. Cotiued shortfalls i measuremet ad uderstadig, with implicatios for decisio makig IA relatioship to iovatio, as iputs ad outputs Possibilities to leverage these assets for acceleratio i developmet 3

4 Total Ivestmet i Itagibles (% GDP) Filad, 2005 (JAA) Japa, (FHMS) Netherlads, 2004 (RBT) UK, 2004 (GH) USA, (CHS) Sources: Corrado et al (2005, 2006), Marrao ad Haskel (2006), Fukao et al (2007), va Rooije et al (2008), ad Jalva et al (2007). 4

5 Overview: OECD Sythesis Report Macro Natioal accouts, Macroecoomic statistics Regioal Clusterig; Firm locatio ad likages Firm level High-growth SMEs, Corporate reportig 5

6 Macro-level: atioal accouts & estimatio of ivestmet i itellectual assets The System of Natioal Accouts: report uderscores crucial importace for trackig ecoomic developmets. Curretly, a icomplete accoutig of itagible assets, though progress has resulted i iclusio of certai types of software ad R&D ivestmet. Coceptual challege - e..g., firm-specific itagibles such as etwork capital or orgaisatioal capital Resultig challege for policy & icremetal approaches 6

7 Regioal level: the regioal dimesio of iovatio, firm locatio ad likages (1) OECD studies employed regioalised PCT data Highly ivetive regios ted to cluster together, patter icreasig over time. (e.g., spillovers of tacit kowledge ca beefit from proximity) Most ivetive regios: ted to have more MNEs amog their ivetive firms; firms boost likages across regios, as evideced by fairly high frequecy of cross-regioal co-ivetio, withi firms 7

8 Regioal level: the regioal dimesio of iovatio, firm locatio ad likages (2) Cross-coutry differeces poit to the importace of atioal iovatio systems, framework coditios (e.g. competitio, IPR) Regioal variatio i ivetiveess poits to factors such as availability of skilled labour, public ivestmet i research, ifrastructure, regioal goverace. Policy plays a role i shapig these factors; but better uderstadig processes will be importat to improvig the efficacy of policy. 8

9 PCT applicatios, OECD coutries, (per millio populatio) Source: Usai et al. (2008), based o the OECD Regioal Database. 9

10 Firm-level: corporate reportig No-fiacial disclosure of itellectual assets Curret practices: ofte backward-lookig, provide iadequate iformatio about capacity to geerate future reveues from assets. Some iitiatives aim to ehace arrative reportig ad promote disclosure by compaies of, iter alia, material, qualitative ad forward-lookig iformatio about value drivers, treds, risks & ucertaities. 10

11 Corporate reportig is importat Ivestors ca better assess future earigs & risks Fiacial markets: improved trasparecy, efficiecy Promotes maagemet of assets; accoutability Ability to secure fudig at a lower cost of capital Govermet policy ca promote idetificatio & dissemiatio of best practices i volutary reportig 11

12 OECD Growth Project somethig ew is takig place i the structure of OECD ecoomies ad this trasformatio might accout for the high growth. Policies that egage ICT, huma capital, iovatio ad etrepreeurship i the growth process, alogside fudametal policies to cotrol iflatio ad istil competitio while cotrollig public fiaces are likely to bear the most fruit over the loger term. 12

13 Possible Next Steps At OECD Particularly promisig areas for further work might iclude aalysis of: Itellectual assets ad ew busiess models, icludig examiatio of the ifluece of itellectual assets o the emergece of ew busiess models. Value creatio ad globalisatio, icludig exploratio of the relatioship betwee itellectual assets ad orgaisatioal chage. Support for improved measuremet approaches, e.g. for defiitio of asset boudaries ad determiatio of appropriate depreciatio rates ad deflators. 13

14 Coclusios Govermet Policy: Ca support better measuremet Ca ifluece some drivers of IAVC (e.g., huma capital developmet, public research, IPR) Ca promote improved trasparecy of itellectual assets Requires care 14

15 For a summary of the recet OECD work o IAVC, go to: Thak you for your attetio 15