劳资财务分配与企业创新

Labor-Capital Financial Distribution and Enterprise Innovation

本文以2007-2017年中国A股上市公司为样本,探究劳资财务分配对企业创新的影响,实证分析表明,劳动收入份额上升对企业创新存在先促进后阻碍的倒U形影响。为了缓解内生性,本文采用最低工资标准为工具变量,结论仍一致。此外,本文还考察了企业产权属性、融资约束、行业周期等异质性影响,发现非国有产权、高融资约束、衰退期行业企业更容易受到劳动收入份额上升对企业创新的阻碍作用。

This paper uses the Chinese A-share listed companies during 2007-2017 as samples to analyze the impact of labor-capital financial distribution on enterprise innovation.The empirical analysis shows that rising labor income share has an inverted U-shaped impact,promoting first and hindering later,on enterprise innovation.In order to reduce the endogeneity,the paper adopts the minimum wage standard as an instrumental variable,and the conclusion is still consistent.In addition,the paper examines the heterogeneous effects of property rights,financing constraints and industry cycles,and it’s found that the innovation of non-state-owned,high financing-constraint,or declining-industry enterprises is more likely to be hindered by rising labor income share.