数实技术融合对劳动收入份额的影响研究——来自2009~2023年A股上市公司的经验证据

The Impact of Digital-Real Technology Integration on Labor Income Share—Empirical Evidence from A-Share Listed Companies from 2009 to 2023

摘要: 数实技术融合是数实融合的微观表现，其衍生效应之一是影响劳动者绝对或相对收入水平。劳动收入份额变化事实上改变生产活动过程对劳动者的激励强度，从而影响劳动生产效率和数字新质生产力本身。以2009~2023年A股上市公司为样本，本研究探讨数实技术融合对企业劳动收入份额的影响。研究发现，数实技术融合对劳动收入份额提高具有正向的积极作用，该结论经内生性检验和稳定性检验后依然成立。机制分析表明，数实技术融合通过提升内部控制质量、缓解融资约束和改善人力资本结构提升企业劳动收入份额。进一步研究发现，数实技术融合对市场集中度低的高新技术企业的企业劳动收入份额的提升作用更加显著。研究清晰揭示了数实技术融合对企业收入分配等的影响及作用渠道，为推进数字经济与实体经济的深度融合、通过调节劳动要素收入份额促进企业新质生产力发展、加快推进和实现共同富裕的中国式现代化提供重要的政策启示。

Abstract: Digital-real technology integration is the micro-level manifestation of the integration of digital and real economies, and one of its derivative effects is to influence the absolute or relative income levels of workers. Changes in labor income share, in fact, alter the incentive intensity for workers within the production process, thereby affecting labor productivity and digital new-type productivity itself. Using A-share listed companies from 2009 to 2023 as the sample, this study investigates the impact of digital-real technology integration on corporate labor income share. The research finds that digital-real technology integration has a positive and promoting effect on increasing the labor income share, and this conclusion remains valid after endogeneity and robustness tests. Mechanism analysis indicates that digital-real technology integration increases corporate labor income share by improving internal control quality, alleviating financing constraints, and enhancing human capital structure. Further research shows that the enhancing effect of digital-real technology integration on corporate labor income share is more significant for high-tech enterprises with low market concentration. The study clearly reveals the impact and channels through which digital-real technology integration affects corporate income distribution, providing important policy implications for advancing the deep integration of the digital and real economies, promoting the development of new-type productivity by adjusting labor income share, and accelerating and realizing the Chinese-style modernization of common prosperity.