融资约束抑制了企业员工收入增长吗——基于中国工业企业数据的实证分析

Influences of Financial Constraints on Staff Income Growth:An Empirical Analysis Based on China's Industrial Enterprise Data

金融发展对工资和收入分配的影响是经济学领域一个极为重要但又容易被忽视的问题。本文利用1998-2007年中国工业企业数据,在构建两种融资约束指标的基础上,从微观视角实证检验了不同出口状态和所有制类型企业间融资约束对其员工收入的影响。研究结果表明,融资约束通过生产率和就业规模的传导机制显著降低了员工收入水平,并抑制员工收入增长,且考虑变量内生性问题和融资约束的不同度量均得到十分稳健的结果。但这种影响在出口与非出口、不同所有制企业间的表现并不一致,出口企业和非国有内资企业面临的融资约束显著抑制了其员工收入增长,而非出口企业、国有企业和外资企业的影响则并不明显。因此,从发展多层次资本市场,加快金融市场改革,提升对中小型出口企业的信贷扶持力度,并扭转金融资源分配中的所有制歧视等方面改善劳动力收入水平,对当前着力推进的收入分配改革具有重要意义。

The impact of financial development on wages and income distribu- tion is extremely important but easily neglected in the economic issues. Based on CIED from 1998 to 2007, this paper constructs two indexes to substitute fi- nancial constraints and empirically tests their impact on staff income in enterpris- es with different types of ownership and export status. The results show that fi- nancial constraints significantly reduce employees＇ income and restrain income growth through affecting productivity and employment scale.The results remain ro- bust when taking different proxy variables and endogenous problem into account. But the impact is not consistent between enterprises with different ownership types and export status： financial constraints of export enterprises and non-state- owned domestic enterprises significantly inhibit the staff income growth, but in the non-export enterprises, the state-owned enterprises and foreign enterprises, the inhibiting impacts are not significant.