中国上市公司租金分享程度研究

Rent Sharing in Chinese Listed Companies

企业租金分享程度是关系劳动力市场效率、企业投资意愿、工人劳动报酬和收入差距的重要问题。本文利用中国A股上市公司2001—2012年的企业信息,研究中国上市公司租金分享情况以及2008年金融危机前后分享程度的差异。研究结果证实,中国上市公司与员工之间存在租金分享现象,工资利润弹性近似为0,17,比发达国家高1倍左右,说明中国上市公司员工分享企业租金的程度较高。从长期看,可能导致上市公司股东投资意愿降低。通过对2008年金融危机前后企业租金分享程度的比较,发现金融危机前员工分享企业租金的程度较高,金融危机开始到2012年虽然劳动力市场供求关系发生了有利于劳动力的变化,但员工分享租金的程度反而下降。这说明金融危机以后市场对中国上市公司员工分享企业租金程度较高的现象出现了自动纠正,对这一现象的发展趋势值得进一步跟踪研究和探讨。

Rent sharing is an important topic which is related to the efficiency of labor markets, the incentive to invest and the compensation to the workers. This paper aims at analyzing rent sharing in Chinese listed companies as well as the extent rent is shared before and after the financial crisis in 2008. We use the finn data of all the listed companies in Chinese A market to estimate the degree of rent sharing. The wage elasticity we found is approximately 0.17. This result shows the workers share the rents with firms in a relative high degree compared with that in developed countries and in the long run it might reduce the incentive for entrepreneurs to invest. We also find the extent of rent sharing has decreased after 2008, although supply-demand relationship in the labor market has undergone a change in favor of labor. Further discussions will be necessary to explain this trend.