摘要
本文基于混合所有制改革视角,利用2008—2021年中国沪深A股民营上市公司数据,探讨了国有资本参股对民营企业劳动收入份额的影响。结果显示:国有资本参股显著提升了民营企业劳动收入份额,原因在于劳动报酬和社保福利增进所产生的“收入增进效应”十分显著,而要素相对价格变动所产生的“要素构成效应”不显著。从“收入增进效应”的作用渠道来看,国有资本参股有助于民营企业获得更多流动性负债,进而扩大企业劳动雇佣规模并最终提升劳动收入份额。异质性分析发现,对于中小规模、劳动密集型、非制造业民营企业而言,国有资本参股对劳动收入份额的提升效应更为显著。进一步分析结果表明,国有资本参股不会降低民营企业盈利水平与企业效率,表明国有资本参股能够在维持民营企业盈利和效率的基础之上,通过发挥自身资源优势增强民营企业就业吸纳能力,进而优化民营企业内部的要素分配格局。本文研究有助于从共同富裕的角度深入理解混合所有制改革的积极影响,同时也为国有资本有效布局、民营企业高质量发展的政策制定提供了经验证据。
Based on the perspective of mixed ownership reform and using the data of Shanghai and Shenzhen A-share private listed companies in China from 2008 to 2021,this paper discusses the impact of state-owned capital participation on the labor income share of private enterprises.The results show that the participation of state-owned capital significantly increases the labor income share of private enterprises,because the "income enhancement effect" caused by the improvement of labor compensation and social security benefits is very significant,while the "factor composition effect" caused by the relative price changes of factors is not significant.From the perspective of the effect of "ncome enhancement effect",the participation of state-owned capital helps private enterprises to obtain more liquid liabilities,thus expanding the scale of labor employment and ultimately increasing the share of labor income.Heterogeneity analysis found that for small and medium-sized,labor-intensive,non-manufacturing private enterprises,stateowned capital participation has a more significant effect on labor income share.Further analysis results show that state-owned capital participation will not reduce the profit level and efficiency of private enterprises,indicating that state-owned capital participation can enhance the employment absorption capacity of private enterprises by exerting its own resource advantages on the basis of maintaining the profit and efficiency of private enterprises,and then optimize the distribution pattern of factors within private enterprises.The research in this paper helps to deeply understand the positive impact of mixed-ownership reform from the perspective of common prosperity,and also provides empirical evidence for the effective layout of state-owned capital and the formulation of policies for the high-quality development of private enterprises.
作者
韩雷
王昱
王宇航
Han Lei;Wang Yu;Wang Yuhang
出处
《财经科学》
CSSCI
北大核心
2024年第6期16-30,共15页
Finance & Economics
基金
国家社会科学基金重大项目“在高质量发展中促进共同富裕的制度设计研究”(23ZDA021)
湖南省研究生创新项目“我国劳动收入份额的变动的制度解释研究”(CX20210535)的资助。
