国际化战略对企业劳动收入份额的影响

Influence of Internationalization Strategy on Labor Income Share of Enterprises

全球一体化趋势如何影响中国劳动收入分配格局是理论界和实务界共同关注的热点问题。本文以2007—2020年中国A股上市公司为样本,基于生产要素分配理论,从“生产要素替代效应”与“生产要素互补效应”两个视角考察了国际化战略对企业劳动收入份额的影响。研究发现,实施国际化战略能够有效提升企业劳动收入份额,支持了企业国际化战略背景下的“生产要素互补效应”假说。机制检验发现,实施国际化战略提高了企业实物资本投资水平、研发创新投资水平以及董事会国际化水平,强化了资本报酬与劳动报酬之间的互补关系,提高了企业高层次劳动需求,进而推动了企业劳动收入份额的提升。异质性检验发现,对于资本密集型企业、高成本加成率企业以及所在年度国内经济政策不确定性较高的企业,实施国际化战略更加有利于生产要素发挥互补效应。经济后果检验发现,国际化经营企业通过提高劳动收入份额能够有效提高企业经营效率,并促使企业全要素生产率同步提升。本文研究表明国际化战略是影响企业劳动收入份额的不可忽视因素,研究结论对于进一步完善我国劳动收入分配制度具有启示意义。

How the trend of global integration affects China's labor income distribution pattern is a hot issue in theoretical and practical circles.Taking China's A-share listed companies from 2007 to 2020 as a sample,this paper examines the impact of internationalization strategy on labor income share of enterprises from the perspectives of substitution effect of production factors and complementary effect of production factors.The study finds that the implementation of internationalization strategy can effectively improve labor income share of enterprises,which supports the hypothesis of complementary effect of production factors caused by enterprise internationalization strategy.The mechanism tests find that the internationalization strategy promotes physical capital investment,R&D innovation investment and the internationalization level of the board of directors,strengthens the complementary relationship between capital return and labor remuneration,intensifies the high skilled labor demand,and then promotes the labor income share of enterprises.Heterogeneity tests find that for capital intensive enterprises,enterprises with higher cost plus rate and enterprises with higher economic policy uncertainty in the year,the implementation of internationalization strategy is more conducive to the complementary effect of production factors.Economic consequences tests find that increasing the labor income share of international enterprises can effectively improve the operation efficiency and lead to the synchronous improvement of total factor productivity.This paper shows that internationalization strategy is a non negligible factor affecting the labor income share.The research conclusions have revelatory significance for further improving China's labor income distribution system.