银行业竞争与企业劳动收入份额——来自中国上市公司的经验证据

Banking Sector Competition and Corporate Labor Income Share——Empirical Evidence from Chinese Listed Companies

国民收入分配结构不仅影响着经济长期可持续发展,而且关系到社会和谐与稳定。本文以中国上市公司为研究样本,利用城市级商业银行分支机构数据,探究了银行业竞争对企业劳动收入份额的影响效应、作用路径和异质特征。研究发现,银行业竞争能够显著提高企业劳动收入份额,且上述结论在经过一系列稳健性检验后依旧成立。路径分析表明,银行业竞争通过减少债务融资成本、激发企业技术创新和增加个人信贷获取,进而提高企业劳动收入份额。异质性检验显示,对于民营、中小规模、处于劳动密集型行业以及具有较小工会规模的企业而言,银行业竞争对其劳动收入份额的正向影响更为明显。本文的研究丰富了银行业竞争与企业劳动收入份额的相关成果,也为解决我国劳动收入分配严重失衡以及由此可能带来的贫富分化、社会矛盾激化等一系列经济社会问题提供了决策依据和政策参考。

The structure of national income distribution not only affects long-term sustainable economic development,but also relates to social harmony and stability.This paper explores the effects,paths of action and heterogeneous characteristics of banking competition on firms'labor income shares using data from city-level commercial bank branches as a research sample of Chinese listed firms.It is found that banking competition can significantly increase the labor income share of firms,and the above findings still hold after a series of robustness tests.The path analysis suggests that banking competition is responsible for increasing firms'labor income share by reducing debt financing costs,stimulating firms'technological innovation and increasing individual credit access.Heterogeneity tests show that the positive effect of banking competition on the labor income share is more pronounced for firms that are private,small and medium-sized,in labor-intensive industries,and with small union size.The research of this paper enriches the results related to banking competition and labor income share of enterprises,and also provides a basis for decision making and policy reference to solve the serious imbalance of labor income distribution in China and a series of economic and social problems that may be brought by it,such as the polarization between rich and poor and the intensification of social conflicts.