提高劳动收入占比是否会降低企业绩效

Does Increasing the Share of Labor Income Reduce Firm Performance?

本文旨在考察劳动收入占比与企业绩效的关系。通过理论模型构建,选取1998—2018年间我国A股制造业上市公司作为研究对象,分别从不同时间段、地区、企业性质、人均资本水平等方面对劳动收入比与企业绩效间的关系进行了实证研究和对比分析。从中可以看到:在上市公司的制造企业层面,劳动收入占比明显偏低,劳动收入占比与企业业绩呈正相关关系,并存在时间、地区、企业性质、人均资本水平等方面的差异。劳动收入占比对企业绩效的影响主要有两条路径:一是通过劳动投入提高劳动生产率来影响企业产出,进而影响资本收益率;二是通过分配机制影响资本获得相对收入的多少,进而影响资本的收益率。为了促进劳动收入占比与企业发展有效平衡,要大力提高劳动要素的议价能力,纠正简单将劳动收入占比与企业绩效二者对立的观点,并根据经济发展阶段、环境变化合理处理二者关系。

This paper aims to examine the relationship between the share of labor income and firm performance. Through the construction of a theoretical model, this paper selects China’s A-share manufacturing listed companies from 1998 to 2018 as the research object, and conducts empirical research and comparative analysis on the relationship between labor income share and firm performance by time period, region, enterprise nature, and the level of per capita capital. The conclusions are as follows: For listed manufacturing companies, the proportion of labor income is obviously low, and the proportion of labor income is positively correlated with firm performance, which differs for companies in different time periods and regions, with different enterprise nature, and with different levels of per capita capital level. The proportion of labor income affect firm performance mainly through two channels: Firstly, labor income share affects firms’ output, by improving labor productivity through labor input and then affect the rate of return on capital;Secondly, labor income share affects the income share of capital through the distribution mechanism, thus affecting the rate of return of capital. In order to promote the effective balance between the proportion of labor income and the development of firms, we should vigorously improve the bargaining power of labor factors, correct the view that the proportion of labor income is simply opposed to the performance of firms, and reasonably deal with their relationships according to the stage of economic development and environmental changes. When the economic environment is poor, the proportion of labor income should be reduced, and when the economic environment is good, the proportion of labor income could be increased.