地方政府债务管理体制改革与企业劳动收入份额

Local Government Debt Management System Reform and Corporate Labor Income Share

提升劳动收入份额是优化收入分配格局、实现共同富裕的核心要义。以2015年实施的新《中华人民共和国预算法》作为地方政府债务管理体制改革的政策冲击,实证考察了地方政府债务管理体制改革对企业劳动收入份额的影响。研究结果表明,地方政府债务管理体制改革显著提升了企业劳动收入份额;在财政压力较大地区、制度环境较差地区以及融资约束较严重企业,地方政府债务管理体制改革对企业劳动收入份额的提升效应更为显著。作用机制方面,地方政府债务管理体制改革能够降低政府的税收与非税收征管强度、抑制地方政府隐性债务增长,这有助于提升企业融资可得性,缓解企业面临的融资困境,使企业能将更多资源投向劳动要素,进而提升劳动收入份额。因此,中央政府应不断完善地方政府债务监管体制,有效控制地方政府隐性债务规模,缓解政府与企业在信贷市场的竞争。

Increasing labor income share is the core of optimizing the income distribution pattern and achieving common prosperity.Utilizing the implementation of the new Budget Law in 2015 as a policy shock on the reform of local government debt management system,this paper examines the impact of local government debt management system reform on the labor income share of enterprises.The findings show that the reform of local government debt management system has remarkably escalated the proportion of labor income attributed to enterprises.In the regions with greater financial pressure or with worse institutional environment,and in the enterprises with stronger financing constraints,the promoting effect of the reform of local government debt management system on the labor income of enterprises is more pronounced.As far as the mechanism is concerned,the reform of local government debt management system can help to reduce the strength of government taxes and non-tax revenue administration and constrain the increase of the implicit debt of local governments,thus helps enterprises to improve their financing availability and alleviate their financing constraints.In this way enterprises will invest more resources into labor factors,thereby increase the share of labor income.Therefore,the central government should continuously improve the regulatory system for local government debt,effectively control the scale of implicit local government debt,and alleviate the competition between the government and enterprises in the credit market.