金融化对实体企业内部收入差距的影响研究

The Effect of Financialization on Income Gap in Non-financial Companies

文章基于2007—2018年A股非金融类上市公司数据,从微观层面检验金融化对实体企业内部收入差距的影响。研究发现,实体企业金融化在降低员工人均收入水平的同时提升了管理者人均收入水平,导致管理者与员工之间人均收入差距扩大;金融化背景下,实体企业对员工的需求量减少、金融活动利润占比增加以及管理者干预薪酬契约能力的提高,是导致员工人均收入水平下降、管理者与员工之间人均收入差距扩大的原因。

Based on the data of A-share non-financial listed companies from 2007 to 2018,this paper tests the impact of financialization on the internal income gap of non-financial companies from the micro level.It is found that the financialization of non-financial companies not only reduces the per capita income level of employees,but also improves the per capita income level of managers,resulting in the widening of the per capita income gap between managers and employees;under the background of financialization,the decrease in the demand for employees by non-financial companies,the increase in the proportion of profits from financial activities and the improvement of managers'ability to intervene in salary contracts are the reasons for the decline of employees'per capita income level and the widening of the per capita income gap between managers and employees.