资本市场自由化会提高企业劳动收入份额吗？来自中国的证据

IF 4.2 2区经济学 Q1 ECONOMICS

Economic Modelling Pub Date : 2024-10-25 DOI:10.1016/j.econmod.2024.106919

Deng-Kui Si , Mingyue Meng , Jiaming Wang , Fuyou Zhou

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引用次数: 0

摘要

劳动收入占比对于维护社会稳定、促进经济可持续发展至关重要，受到学术界和政策制定者的关注。现有研究主要关注产业转型和企业经营对劳动收入占比的影响。本研究利用基于沪港通和深港通政策实施的准自然实验，确定了中国资本市场开放对企业劳动收入占比的因果效应。结果表明，资本市场开放通过优化人力资本、改善公司治理和促进市场竞争来提高劳动收入占比。研究结果为促进收入分配和优化中国资本市场结构提供了重要启示。

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Does capital market liberalization increase corporate labor income share? Evidence from China

Labor income share is crucial for maintaining social stability and promoting sustainable economic development, capturing the attention of both academics and policymakers. Existing studies focus on the impact of industry transformation and corporate operation on labor income share. Utilizing a quasi-natural experiment based on the implementation of the Shanghai–Hong Kong and Shenzhen–Hong Kong Stock Connect policies, this study identifies the causal effect of capital market liberalization on corporate labor income share in China. The results show that capital market liberalization enhances labor income share by optimizing human capital, improving corporate governance, and promoting market competition. The findings provide essential implications for advancing income distribution and optimizing the structure of China's capital market.

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来源期刊

Economic Modelling ECONOMICS-

CiteScore

8.00

自引率

10.60%

发文量

295

期刊介绍： Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.