数字化转型对企业收入分配的影响机制研究

Research on the Impact Mechanism of Digital Transformation on Corporate Income Distribution

摘要: 企业数字化转型是数字经济高质量发展的核心载体，其如何优化企业收入分配是重要课题。本文基于2012~2022年沪深A股上市企业面板数据，运用时间行业双向固定效应模型研究发现：(1) 数字化转型可提升企业总收入，优化劳动收入分配结构，扩大管理层与基层员工薪资差异；(2) 通过缓解融资约束、促进创新、增强可持续发展能力三重机制，显著提升劳动要素在收入分配中的占比；(3) 数字金融发展能增强数字化转型对企业收入分配的积极影响，发挥调节效应；(4) 异质性分析显示，该效应在高技术行业、中东部地区更显著，且数字化转型使中西部企业员工收入差距缩小幅度大于东部地区。本研究以企业数据验证了数字化转型对企业收入分配格局的优化作用，完善了理论框架，为政策实践提供参考。

Abstract: Digital transformation of enterprises is the core carrier of high-quality development of the digital economy, and how it optimizes enterprise income distribution is an important issue. Based on the panel data of A-share listed enterprises in Shanghai and Shenzhen from 2012 to 2022, this paper applies the time-industry two-way fixed-effects model and finds that: (1) digital transformation can enhance the total income of enterprises, optimize the structure of labor income distribution, and widen the difference in the salary between the management and grass-roots employees; (2) through the triple mechanism of alleviating financing constraints, promoting innovation, and enhancing the ability of sustainable development, the proportion of the labor factor in income distribution; (3) the development of digital finance can enhance the positive impact of digital transformation on enterprise income distribution, and play a moderating effect; (4) the heterogeneity analysis shows that the effect is more significant in the high-tech industry, the central and eastern regions, and the digital transformation narrows the income gap between employees in the central and western enterprises more than that in the eastern region. This study verifies the optimization effect of digital transformation on enterprise income distribution patterns with enterprise data, improves the theoretical framework, and provides a reference for policy practice.