企业债券融资与劳动收入份额

Corporate Bond Financing and Labor Income Share

文章结合中央提出构建"国内大循环为主体"的新发展格局及推动企业利用债券市场提高直接融资比重的现实背景,考察了债券融资对企业劳动收入份额的影响。实证结果发现,债券融资与劳动收入份额显著正相关,并且在采用基于倾向匹配得分的双重差分模型、考虑RZ分析框架、控制高阶固定效应、利用工具变量法以及通过短期融资券推出的外生冲击进行双重差分检验缓解内生性问题后,文章的研究结论依然成立。进一步研究发现,债券融资可以通过降低整体债务成本和发挥溢出效应降低银行贷款利率,继而提高劳动收入份额;不同类型的债券对企业劳动收入份额的影响存在异质性,债券发行的便利性是其影响劳动收入份额的一个重要因素;"工资侵蚀利润"这一竞争性假说并不影响本文结论。文章的研究丰富了企业债券融资经济后果以及劳动收入份额影响因素的相关文献,对于深化对债券融资作用的认识、理解劳动收入问题以及促进经济发展也具有重要的现实意义。

The growth of residents’income plays an important role in promoting the sustainable development of Chinese economy.And increasing labor income share is an important mechanism to improve residents’income and distribute benefits from economic development.Previous studies have shown that the decline of labor income share will have a negative impact on the macro-economy,resulting in the deterioration of income distribution pattern,low consumption level and imbalance of economic structure.In particular,combined with the characteristics of China’s super large-scale market and potential advantages of domestic demand,the central government proposes to build a new development pattern with"large domestic circulation as the main body".In this context,it is of great theoretical and practical significance to explore how to increase labor income share for expanding domestic demand,reviving the economy,and realizing the long-term equilibrium of stable growth and risk prevention.Based on the data of A-share listed companies from 2003 to 2019,this paper finds that there is a significant positive correlation between bond financing and labor income share.In addition,after using the PSM-DID model,regression following Rajan and Zingales(1998),controlling high-order fixed effect,2 SLS regression based on instrumental variables and exogenous shock based on short-term financing bond,the conclusion is still robust.Further research shows that:(1)Bond financing increases labor income share by reducing the overall debt cost.And it has a spillover effect on bank loans,that is,bond financing can promote labor income share by reducing the interest rate of bank loans.(2)The effect of different types of bonds on labor income share is heterogeneous,and the convenience of bond issuance is an important factor affecting labor income share.(3)The competitive hypothesis of"wage erodes profit"does not affect our findings.The contributions of this paper are as follows:Firstly,existing literature finds that financial development and enterprise debt level have an important impact on labor income share.However,the literature focusing on financial development mainly discusses the relationship between the expansion of banking sectors and the development of stock market and labor income share,ignoring the impact of bond market.Moreover,the literature finds that debt level can affect labor income share by influencing bargaining power in the process of negotiation between enterprises and workers.This study examines whether and how the debt structure affects labor income share based on the assumption of a certain level of debt.Therefore,it broadens the understanding of the determinants of labor income share.Secondly,previous studies mainly discuss the economic consequences of bond financing from the perspectives of earnings management,accounting conservatism,social financing cost,bank loan cost,corporate innovation,and cash dividend policy.However,these studies mainly focus on the relationship between bond financing and accounting information quality and investment behavior.This study extends the research on the economic consequences of bond financing from the perspective of distribution effect focusing on labor income share.Thirdly,this paper reveals the mechanism of bond financing affecting labor income share.That is,bond financing can reduce the financial burden of enterprises by reducing the overall cost of debt financing,and then increase labor income share;moreover,bond financing has a spillover effect on bank loans,which means it can promote labor income share by reducing the interest rate of bank loans.