Rents and Intangible Capital: A Q+ Framework
研究了美国近年投资低迷与估值上升并存的现象，提出一个量化框架将估值与投资缺口分解为无形资本价值、实物资本租金和无形资本租金三项，发现无形相关项贡献显著。
ABSTRACT In recent years, U.S. investment has been lackluster, despite rising valuations. Key explanations include growing rents and growing intangibles. We propose and estimate a framework to quantify their roles. The gap between valuations—reflected in average Q —and investment—reflected in marginal q —can be decomposed into three terms: the value of installed intangibles; rents generated by physical capital; and an interaction term, measuring rents generated by intangibles. The intangible related terms contribute significantly to the gap, particularly in fast‐growing sectors. Our findings suggest care in a pure‐rents interpretation, given the rising role of intangibles.