工资上涨能提升劳动报酬份额吗?——基于要素替代弹性的解释

Will Wage Growth Increase Labor Share?——Explanation with Elasticity of Substitution

基于要素替代理论研究工资上涨与劳动报酬份额上升的关系,发现在不同经济状态和发展时期,提升劳动报酬份额不应单纯依赖增加工资。工资水平的上升会导致劳动相对资本要素价格提升,而生产要素相对价格的变动与劳动报酬份额的关系依赖于要素替代弹性水平。从实证角度出发,首先使用上市企业数据测算得到要素替代弹性的数值,检验了要素替代弹性对资本相对价格与劳动报酬份额关系的中介作用。在此基础上,从Hicks提出的要素替代弹性概念内涵中发掘了理论模型,结合中国实证数据分析了要素替代弹性的影响因素。研究发现,2001年至今中国要素替代弹性整体小于1且呈增长趋势,但部分行业存在要素替代弹性大于1的情形,在此状况下提高工资水平会导致劳动报酬份额下降。因此工资上涨并不一定带动劳动报酬份额提升,只有在劳动要素以技能工人为中心、产业结构以非资本密集型为核心的情况下,工资上涨才能拉动劳动报酬份额持续上升。

This article analyses the relationship between wage and labor share.Wage growth will change the relative price between labor and capital.The mediation model is used to investigate the influence path from relative price to labor share, and the financial data from company on stock is used finding the elasticity of substitution lower than 1.However, in several industries and provinces the elasticity is larger than 1, where wage growth would lead to labor share decrease.With VES product function, the regression model of elasticity of substitution is made and the relative quantity of capital and labor is found to be more important when elasticity is larger than 1.As a result, those factors influencing elasticity of substitution is crucial to the relationship between wage growth and labor share.When elasticity of substitution is lower than 1, the wage share leads to labor share increase.It＇s more effective for those firms and industries with over 1 elasticity to create jobs than to increase wage.