数字化转型提升还是降低了劳动收入份额?——来自中国A股上市公司的证据

Does Digital Transformation Increase or Decrease Labor Income Share?Empirical Evidence from Chinese A-Share Listed Companies

基于2007―2021年沪深A股上市公司样本,本文检验了数字化转型对劳动收入份额的影响及其作用机制。结果表明:(1)现阶段,数字化转型能够显著提升上市公司劳动收入份额;(2)影响机制方面,数字化转型主要通过劳动要素升级效应、资本对劳动的替代效应及生产率提升效应影响劳动收入份额;(3)异质性检验表明,对于规模较小、工业类及竞争力较强的上市公司而言,数字化转型对劳动收入份额的提升作用更大。本文揭示了数字化转型对劳动收入份额的影响机理,提供了数字化转型积极影响当前上市公司劳动力群体收入份额的微观证据,扩展了企业数字化转型的相关研究。

Based on the samples of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2021,this paper tests the influence and mechanism of digital transformation on the labor income share.The results show the following findings.(1)The digital transformation can significantly increase the labor income share of listed companies at this stage.(2)In terms of influencing mechanism,the digital transformation mainly affects the labor income share through the effect of labor factors upgrading,the substitution effect of capital on labor,and the productivity improvement effect.(3)Heterogeneity test shows that for smaller,industrial,and relatively competitive listed companies,the digital transformation has a greater effect on the improvement of the labor income share.This paper reveals the mechanism of the impact of the digital transformation on the labor income share,provides micro evidence of the positive impact of the digital transformation on the income share of the labor force in listed companies,and extends the related research on the enterprise digital transformation.