新质生产力对企业内共同富裕的影响分析——来自沪深A股上市公司的经验证据

The Impact of New Quality Productivity on Common Prosperity within Enterprises:Empirical Evidence from Shanghai and Shenzhen A-Share Listed Companies

培育新质生产力被认为是推进共同富裕的新动能,但是已有文献鲜有实证研究。为此,本文从实证角度研究新质生产力对企业内部收入分配的影响。使用2011-2021年中国沪深A股非金融类上市公司的数据,通过因子分析法构造企业的新质生产力水平得到以下结论:新质生产力提高了企业总收入,但还存在合理分配收入的问题。即新质生产力能够“做大蛋糕”,但如何“分好蛋糕”还应加以引导。通过替换被解释变量、将解释变量滞后一期以及更换回归模型等一系列稳健性检验后,本文的主要结论仍然成立。进一步分析表明,新质生产力对收入分配的影响机制包括:新质生产力具有生产率效应和价值创造效应,从而提高了营业总收入;价值创造效应超过了生产率效应,从而降低了企业劳动收入份额,增大了公司监管层和普通员工之间的薪酬差距。异质性分析显示,新质生产力对国企及大企业的共同富裕效应更显著,且加剧了大企业内高管与员工的薪酬差距。本文的研究结论为促进共同富裕和实现企业高质量发展提供了重要的政策启示。

It’s considered as a new driving force for promoting common prosperity to cultivate new quality productivity,but there are few empirical studies in existing literature..Therefore,this paper empirically examines the impact of new quality productivity on internal revenue distribution in enterprises.Based on data from non-financial listed companies in the Shanghai and Shenzhen A-shares from 2011 to 2021,we use factor analysis to measure the new quality productivity level of enterprises.We find that new quality productivity has increased enterprises’total revenue,but there is still the problem of rational distribution of revenue.That is to say,new quality productivity can"make the cake bigger,"but how to"divided the cake well"should be guided.After a series of robustness tests such as replacing the dependent variable,lagging the explanatory variable by one period,and changing the regression model,the main this paper’s main conclusions still hold.Further analysis shows new quality productivity’s revenue distribution impact mechanism.Firstly,the new quality productivity increases enterprises’total revenue through its productivity effect and value creation effect.Secondly,as the value creation effect exceeds the productivity effect,labor’s revenue share in enterprises is reduces,which enlarges the salary gap between corporate management and ordinary employees.The heterogeneity analysis reveals that new quality productivity’s common prosperity effect is more significant in state-owned enterprises and large enterprises and also exacerbates the pay gap between executives and employees within large enterprises.The conclusions are both important for policy makers to promote common prosperity and also for enterprises to achieve high-quality development.