Anti-monopoly law, corporate innovation, and labor income share

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-07 DOI:10.1016/j.frl.2025.107895

Jie Yang

引用次数: 0

Abstract

Using a sample of Chinese A-share listed companies from 2003 to 2023, this paper systematically investigates the impact mechanism of antitrust policies on firms' labor income share within a quasi-natural experimental framework centered on the implementation of the Anti-Monopoly Law. The findings are as follows: First, antitrust enforcement promotes the redistribution of profits toward labor factors by weakening corporate monopoly power. Second, the Anti-Monopoly Law indirectly elevates the labor income share by suppressing monopoly profits and reducing corporate innovation investments. Finally, significant ownership disparities exist in policy effects, with the law exhibiting a more pronounced role in enhancing the labor income share of state-owned enterprises.

查看原文本刊更多论文

反垄断法、企业创新与劳动收入分成

本文以2003 - 2023年中国a股上市公司为样本，在以《反垄断法》实施为中心的准自然实验框架下，系统考察了反垄断政策对企业劳动收入份额的影响机制。研究发现：第一，反垄断执法通过削弱企业垄断力，促进利润向劳动要素的再分配；第二，反垄断法通过抑制垄断利润和减少企业创新投资间接提高劳动收入份额。最后，在政策效果上存在明显的所有制差异，法律在提高国有企业劳动收入份额方面的作用更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance