企业竞争战略能影响劳动收入份额吗——基于文本分析法的经验证据

Can Enterprise Competitive Strategy Affect Labor Income Share——Empirical Evidence Based on the Text Analysis Method

竞争战略是企业建立竞争优势的重要依靠,对企业的经营发展产生深远影响。通过分析年报文本构建企业竞争战略指标,检验竞争战略选择对企业劳动收入份额的影响。结果发现,相比于成本领先战略,采取差异化战略的企业具有更高的劳动收入份额。进一步研究发现,差异化战略对企业劳动收入份额的影响主要通过促使企业技术升级和优化人力资本结构来实现。横截面分析发现,差异化战略对企业劳动收入份额的影响在管理层短视主义较弱和劳动密集型的企业中更显著。经济后果检验发现,差异化战略通过提高劳动收入份额进而提高了企业的未来绩效。

Competitive strategy is a crucial basis for firms to establish competitive advantages,exerting a profound impact on their operations and development.This paper constructed enterprise competitive strategic indicators by analyzing annual report texts,and examined the effect of strategic choices on the labor income share of enterprises.The results showed that,compared to cost leadership strategies,enterprises adopting differentiation strategies had higher labor income shares.Further research found that,the impact of differentiation strategies on labor income share was mainly achieved by promoting technological upgrading and optimizing the human capital structure.Cross-sectional analysis revealed that the effect of differentiation strategies on labor income share was more significant in firms with weaker managerial myopia and in labor-intensive industries.The economic consequence test found that the differentiation strategy improved the future performance of enterprise by increasing share of labor income.