市场型环境规制与劳动收入份额——基于绿色信贷政策视角

Market-based Environmental Regulation and Labor Income Share--Based on the Perspective of Green Credit Policy

本文以2012年颁布的《绿色信贷指引》作为研究对象,在理论层面分析了其影响劳动收入份额的作用机制,并基于微观企业数据,运用双重差分法评估该政策对企业劳动收入份额的具体影响。研究发现:(1)绿色信贷政策显著降低了污染企业劳动收入份额,作用渠道主要是加剧企业的资本深化过程,而不是缩减产出规模,同时外部融资约束也会对劳动收入份额产生影响;(2)该政策显著提升企业劳动生产率,并且资本深化过程对劳动生产率也会产生影响;(3)绿色信贷在市场集中度更高以及技术偏向较低的企业中对劳动收入份额的负向影响更大,同时企业更强的偿债能力对劳动收入份额具有正向作用。本文为进一步推进环境规制与劳动收入分配的协同发展提供了重要经验证据。

Taking the“Green Credit Guide”promulgated in 2012 as the research object,this paper theoretically analyzes the mechanism of action affecting labor income share,and uses the differences in difference method to evaluate the specific impact of the policy on the labor income share of enterprises based on microenterprise data.The study finds that:(1)green credit policies significantly reduce the share of labor income of polluting firms,mainly by exacerbating the capital deepening process of enterpri⁃ses,rather than reducing the scale of output,and that external financing constraints also affect the share of labor income.(2)The policy significantly improves the labor productivity of enterprises,and the process of capital deepening will also have an impact on labor productivity.(3)Green credit has a greater negative impact on the share of labor income of enterprises with higher market concentration and lower technology bias,and the stronger solvency of enterprises has a positive effect on the share of labor income.This paper provides important empirical evidence for further promoting the coordinated development of environmental regulation and labor income distribution.