实体企业金融化对中国劳动收入份额的影响机制与效应

The Influence Mechanism and Effect of Entity Enterprise Financialization on China’s Labor Income Share

本文从金融化影响企业市场势力和劳动力市场竞争的角度出发,通过理论推导将金融化与劳动收入份额联系起来,分析实体企业金融化如何通过成本加成渠道和利润分成渠道对劳动收入份额产生影响。并利用2008-2016年中国上市公司的经验数据进行了实证检验。结果表明,金融化程度加深使实体企业成本加成率与利润分成下降,最终对劳动收入份额产生抑制作用,并且在东部地区、资本技术密集型行业以及货币政策紧缩时期金融化程度加深对实体企业劳动收入份额的负向影响更强。进一步,本文还对金融化不同动机以及不同配置方式的差异性进行了研究。结果表明,实体企业金融化与劳动收入份额的负向关系在融资约束不同的企业之间并不存在显著差异,而基于市场套利动机下的实体企业金融化则对劳动收入份额的负向影响更明显;实体企业金融化抑制劳动收入份额主要是通过发放贷款及垫款与投资性房地产发挥作用。

From the perspective of the impact of financialization on the market power of enterprises and the degree of competition in the labor market,this paper links financialization and the labor income share through theoretical derivation,to analyze whether the financialization of entity enterprises can affect the labor income share through the markup channel and the profit-sharing channel.Moreover,this paper also uses the empirical data of China’s listed companies from 2008 to 2016 to conduct an empirical test.The results show that the increase in the degree of financialization reduces the markup and the profit share of enterprises,and ultimately inhibits the share of labor income.In addition,in the eastern region,capital and technology-intensive industries and the period of monetary policy tightening,the degree of financialization has a stronger negative impact on the labor income share.Furthermore,this paper also studies the differences of different motives and financial allocation methods.The results show that there is no significant difference between the degree of financialization and the share of labor income for companies with different degrees of financing constraints;while for companies with stronger incentive for market arbitrage,the degree of financialization has a stronger negative effect on the share of labor income.Financialization inhibits the share of labor income mainly through loans advances and investment property.