融资约束会导致劳动收入份额下降吗?——基于世界银行提供的中国企业数据的实证研究  

Could Financial Constraints Cause Labor Income Shares to Decline? Evidence from Data at Firm Level in China

作　　者：罗长远[1] 陈琳[2] 

机构地区：[1]复旦大学经济学院,上海200433 [2]华东师范大学商学院,上海200241

出　　处：《金融研究》2012年第3期29-42,共14页Journal of Financial Research

基　　金：国家社会科学基金青年项目(11CJL039);国家社科基金重大招标项目(10ZD&003);上海市哲学社会科学规划课题青年项目(2008EJL002);复旦大学985工程三期整体推进社会科学研究项目(第一期;2011SHKXZD002;第二期);上海市重点学科建设项目(B101)的资助

摘　　要：本文考察了融资约束对劳动收入份额的影响。首先基于文献提出了一个假说,面临融资约束的企业,通过信贷获得流动资本的能力受到限制,它们倾向于减少劳动雇用或降低工资水平,从而对劳动收入份额产生负面影响。通过对世界银行提供的中国企业数据进行系统GMM估计和稳健性分析,我们找到了这一命题的支持性证据:私人企业的负债资产比(融资约束的代理变量)与劳动收入份额显著负相关,而国有企业和外资企业则没有类似的结论。出现这一差异的关键原因是,在中国,只有私人企业面临着融资约束的困扰。This paper investigates the effects of financial constraints on the labor income shares. We propose a hypothesis firstly, when financial market is far from perfect, firms with high debts are difficult to get working capital via borrowing. As a result, they are likely to reduce employment or wage level, which is expected to have negative effects on the labor income shares. With data at firm level in China, we employ system GMM to estimate and find supporting evidence. The estimation results show that, for private firms, debt asset ratio （proxy of financial constraints） is significantly negatively correlated with labor income shares. But for state-owned firms and foreign invested firms, there are not such findings. This difference is ascribed to the reality that, in China, only private firms are subject to financial constraints.

关 键 词：流动资本 融资约束 劳动收入份额 

分 类 号：F279.2[经济管理—企业管理] F224[经济管理—国民经济] F249.2