地方公共部门杠杆率与企业劳动收入份额

Local Public Sector Leverage Ratio and Enterprise Labor Income Share

面对我国当前劳动收入份额持续下降的现状,本文试图从地方公共部门杠杆率的角度去探讨这一问题背后的原因和机制。通过选取2010~2018年我国31个省份的政府和国有企业负债的数据构建面板数据分析模型,同时将沪深A股上市企业的财务数据进行匹配并实证分析。研究结果表明:地方公共部门杠杆率与企业劳动收入份额之间存在显著的负相关关系,即地方公共部门杠杆率的提高能够显著降低企业的劳动收入份额,稳健性检验的分析结果进一步验证了上述结论;通过对传导机制的分析发现,公共部门杠杆率通过资本劳动相对价格、企业就业规模和企业税费三种传导机制对微观企业的劳动收入份额产生影响。本文的研究结论为我国进一步推进结构性去杠杆的政策,缓解企业劳动收入份额下降趋势等提供经验上的论证支持。

Facing the continuous decline of labor income share in China,this paper attempts to explore the causes and mechanisms behind this problem from the perspective of local public sector leverage ratio.The panel data analysis model was built by selecting the debt data of government and state-owned enterprises in 31 provinces(municipalities and districts)in China from 2010 to 2018.Meanwhile,the financial data of A-SHARE market listed enterprises in Shanghai and shenzhen were matched and empirically analyzed.The results show that there is a significant negative correlation between the leverage ratio of local public sectors and the labor income share of enterprises,that is,the increase of the leverage ratio of local public sectors can significantly reduce the labor income share of enterprises.Through the analysis of the transmission mechanism,it is found that the public sector leverage ratio has an impact on the labor income share of micro enterprises through three transmission mechanisms:the relative price of capital labor,enterprise employment scale and enterprise taxes and fees.The conclusions of this paper provide empirical support for China to further promote the policy of structural deleveraging and alleviate the declining trend of labor income share of enterprises.