企业金融化与劳动收入份额

Corporate Financialization and the Share of Labor Income

摘要: 企业的金融化是否有利于提高劳动收入份额的提高，还是降低了劳动收入份额？基于我国上市企业2008~2023年面板数据，实证分析了企业金融化对企业劳动收入份额的影响。研究结果表明：(1) 企业金融化显著提升了劳动收入份额，该结论经历内生性检验和多方面稳健性检验后依然成立。(2) 金融化通过挤出企业就业规模这一中介来对劳动收入份额和企业管理层收入份额产生遮掩效应，并对企业普通员工收入份额产生完全的负面抑制效应，从而扩大了企业内部的收入不平等，因此企业的金融化尽管在表面上提升了企业的劳动收入份额，但这种劳动收入份额的提升掩盖了少数人获利更多的事实。文章的结论为国家进一步深化金融供给侧结构性改革，实现中国特色金融发展提出建设性政策建议。

Abstract: Does the financialization contribute to an increase or decrease in the labor income share of enterprises? Based on panel data from Chinese listed companies spanning from 2008 to 2023, this paper empirically examines the influence of corporate financialization on the labor income share of enterprises. The research findings reveal the following: (1) Corporate financialization significantly enhances the labor income share. This conclusion remains valid after endogeneity tests and various robustness checks. (2) Financialization elevates managerial per capita income by boosting operating profits as a mediating factor. It also generates a masking effect on labor income share and managerial income share through its influence on employment scale as a mediator, while simultaneously exerting a complete negative inhibitory effect on the income share of ordinary employees. This results in an amplification of income inequality within enterprises. Therefore, although corporate financialization seemingly increases the labor income share, such an increase remains a “robbing the poor to benefit the rich” type of growth. The conclusions drawn from this article offer constructive policy recommendations for the country to further deepen the supply-side structural reform of finance, aiming to realize a Chinese finance development path.