企业金融化对劳动收入份额的影响

Research on the Mechanism of the Impact of Enterprise Financialization on Labor Income Share

近年来,金融行业的迅猛发展以及国家对劳动收入份额变动的日益关注,使得探究金融化与劳动收入份额之间关系的重要性日益凸显。选取2007—2022年全国A股上市公司的数据作为样本,实证研究微观层面金融化对劳动收入份额的影响以及作用机制。基准结果显示,企业金融化对劳动收入份额有着显著的推动作用。机制作用分析显示,这种推动作用主要是通过“实体投资抑制”渠道进行的,此外股权集中度和机构投资者持股比例对企业金融化有替代作用,在股权集中度和机构投资者持股比例较高的企业,企业金融化对劳动收入份额的正向影响会降低。研究表明,企业金融化对劳动收入份额有正向的提升作用,但是企业金融化对劳动收入份额的提升却并非有利,企业金融化会对企业实体投资产生抑制,长此以往,会严重影响企业的持续经营以及核心竞争力。因此,应深化企业对金融化的全面了解,并且充分发挥持股股东和持股机构投资者对企业金融化的监督作用,加强内部控制,引导企业资金的正确流向,推动企业的持续长久发展。

In recent years,the rapid development of the financial industry and the increasing attention of the state to the change of labor income share make it increasingly important to explore the relationship between financialization and labor income share.Taking the data of A-share listed companies in China from 2007 to 2022 as samples,this paper empirically studies the impact of financialization on labor income share at the micro level and its mechanism.The benchmark results show that corporate financialization has a significant promoting effect on the labor income share.The mechanism effect analysis shows that this promoting effect is mainly carried out through“entity investment inhibition”.In addition,ownership concentration and institutional investors’shareholding ratio have a substitute effect on corporate financialization.In enterprises with higher ownership concentration and institutional investors’shareholding ratio,the positive impact of corporate financialization on labor income share will be reduced.The research shows that corporate financialization has a positive effect on the increase of labor income share,but it is not beneficial to the increase of labor income share.Corporate financialization will inhibit the entity investment of enterprises,and in the long run,it will severely affect the sustainable operation and core competitiveness of enterprises.Therefore,enterprises should deepen their comprehensive understanding of financialization,give full play to the supervisory role of shareholders and institutional investors in financialization,strengthen internal control,guide the correct flow of funds to promote the sustainable and long-term development of enterprises.