货币政策、企业金融资产配置与资本收入份额

Monetary Policy, Corporate Financial Asset Allocation and theCapital Income Share

为探究经济转型过程中资本和劳动两大要素在货币政策影响下的收入差异,本文在理论分析的基础上,利用2007—2019年沪深两市A股非金融非房地产上市公司的面板数据,实证检验了货币政策对企业资本收入份额的影响,以及企业金融资产配置在货币政策影响企业资本收入份额中的作用。研究结果表明,宽松的货币政策显著提升了企业资本要素的收入份额,且企业金融资产配置加剧了宽松货币政策对企业资本收入份额的影响。货币政策对企业资本收入份额的影响主要通过推动企业资本深化和推高其股票价格实现。异质性分析显示,规模小、融资约束高、劳动密集型企业,金融发展水平较高的区域以及银行流动性囤积较低时期的企业,其资本收入份额在宽松货币政策影响下呈现更快的上升趋势。

In the economic growth of various countries over the past century,there have been significant differences in the income distribution of the two core factors of capital and labor.Although long-term stable economic growth is typically associated with labor-augmenting technological progress,capital-augmenting technological progress is more common during economic transition periods,and especially some economic and industrial policies influence and even accelerate technological change.Therefore,with the motive of exploring the connotation of high-quality economic development,this paper explores the dynamic changes in the income share of capital and laborthe two core elements of economic growthduring the implementation of monetary policies.As the main body of economic activities,the factor income distribution of enterprises has an important impact on the gap between the rich and the poor.At present,the research on the factor income distribution of enterprises is mainly based on micro factors,while in reality,monetary policies will also affect the capital income share by affecting the financial integration of enterprises.So far,the impact of monetary policies on the factor income distribution from the micro perspective of enterprises has not been fully discussed.In addition,the rapid development of shadow banking in China after 2012 and the increasing level of corporate financial asset allocation may also affect the impact of monetary policies on the capital income share of enterprises.Therefore,this paper aims to conduct research in the above-mentioned fields by analyzing how the micro mechanism of monetary policies affect the factor income distribution of enterprises from the theoretical and empirical levels,as well as examining how the corporate financial asset allocation affects the relation between monetary policies and the factor income distribution of enterprises.Based on theoretical model derivations and using financial data of A-share non-financial and non-real estate listed enterprises in Shanghai and Shenzhen stock exchanges from 2007 to 2019,this paper empirically analyzes the impact of monetary policies on the capital income share of enterprises,as well as the role of corporate financial asset allocation in this process.The study finds that loose monetary policies significantly increase the capital income share of enterprises,and corporate financial asset allocation further strengthens the impact of loose monetary policies on the capital income share of enterprises.Heterogeneity analysis shows that under the impact of loose monetary policies,enterprises with smaller scale,higher financing constraints,and lower capital intensity,as well as those in regions with higher levels of financial development and during periods of lower bank liquidity hoarding,exhibit a faster growth trend in the capital income share.The marginal contributions of this paper are as follows.First,existing literature on the factor income distribution either focuses on the macro level or is based on micro-enterprise characteristic factors.However,there are few studies on the impact and mechanism of monetary policies on the factor income distribution of micro-enterprises.In this regard,this paper combines theoretical analyses and empirical tests to explore the impact of monetary policies on the capital income share of enterprises from a micro-enterprise perspective.Second,this paper analyzes how corporate financial asset allocation affects the relationship between monetary policies and the capital income share of enterprises.Globally,there is widespread inequality in the financial asset allocation of non-financial enterprises and the factor income distribution;however,very few studies analyze the role of financial asset allocation of non-financial enterprises in the factor income distribution.In this regard,this paper conducts empirical testing based on theoretical analysis,and the results confirm that corporate financial asset allocation can indeed significantly enhance the effect of loose monetary policies increasing the capital income share of enterprises.