外商投资自由化对劳动收入份额的影响:基于外资准入负面清单管理模式的检验

Impact of Foreign Capital Liberalization on Labor Income Share:Evidence from Negative List Management Mode of Foreign Investment Access

本文基于外资准入负面清单管理模式试点的准自然实验,通过构建双重差分模型,考察了外商投资自由化对企业劳动收入份额的因果效应及其作用机制。研究发现,负面清单模式引致的外商投资自由化显著降低了企业劳动收入份额,这一结果在进行一系列稳健性检验后仍然成立。机制检验显示,外商投资自由化可以通过加快企业资本深化和带来资本偏向型技术进步降低劳动收入份额,但没有显著证据表明外商投资自由化可以通过降低垄断来提升劳动收入份额。进一步异质性研究证实,外商投资自由化对劳动收入份额的抑制效应在民营企业、非出口企业和资本技术密集型企业中表现得更为明显。最后,对政府行为的拓展分析发现,提高财政教育支出、减少政府对市场的不当干预可以弱化外商投资自由化对劳动收入份额的负向影响,而加大政府补助却起到了相反的作用。本研究从外商投资自由化视角为我国劳动收入份额变动机理提供了新的微观解释,对进一步优化要素收入分配格局、实现国内国际双循环的良性互动具有启示意义。

This study investigates the causal effect and mechanism of foreign capital liberalization on the labor income share of firms using a quasi-experiment of the negative list management mode by constructing a difference-in-differences model.The findings demonstrate that foreign capital liberalization induced by the negative list management mode significantly reduces the labor income share of firms,which is robust to a series of tests.Mechanism exploration reveals that foreign capital liberalization reduces labor income share through accelerating the capital deepening of firms and bringing capital-biased technological progress,while reducing monopoly does not significantly increase labor income share.Our heterogeneity analysis further indicates that the inhibitory effect of foreign capital liberalization on labor income share is more pronounced in private firms,non-export firms,as well as capital and technology-intensive firms.Furthermore,government expenditure on education and less government intervention in the market can mitigate the negative impact of foreign capital liberalization on labor income share,whereas government subsidies reinforce this negative impact.This study offers new micro-level insights into the mechanism of changes in labor income share from the perspective of foreign capital liberalization,providing suggestions for optimizing the distribution of factor income and promoting the benign interaction of the dual circulation between domestic and international.