资本市场对外开放与劳动收入份额——基于沪深港通交易制度的经验证据  

Stock Market Liberalization and Labor Income Share——Evidence from Connect Scheme between A-share and Hong Kong Market

作　　者：江轩宇[1,2] 朱冰 JIANG Xuanyu;ZHU Bing(Central University of Finance and Economics)

机构地区：[1]中央财经大学会计学院,100081 [2]中国管理会计研究与发展中心

出　　处：《经济学（季刊）》2022年第4期1101-1124,共24页China Economic Quarterly

基　　金：国家自然科学基金项目(71972193、71602197、71802207);教育部人文社科青年基金项目(18YJC630271)的资助。

摘　　要：本文利用沪深港通制度实施的外生冲击,考察资本市场对外开放对劳动收入份额的影响,发现:(1)沪深港通制度的实施显著提高了标的公司的劳动收入份额;(2)当标的公司外资交易活跃程度较高或股价信息含量提高程度较大时,二者正向关系更强;(3)降低债务成本及提升研发意愿是沪深港通制度提高企业劳动收入份额的重要路径;(4)前述正向关系只在企业融资约束程度较高、高新技术行业及劳动与资本要素更多呈互补效应时显著。Using the setting of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect(HSSC),we examine the impact of stock market liberalization on labor income share.We find(1)HSSC significantly increases corporate labor income share;(2)this relation is more pronounced for firms which are traded more actively by Hong Kong investors,or when the information environment gets greater improvement;(3)reducing debt cost and improving R&D intensity are important channels of the positive effect;(4)HSSC visibly affects labor income share for firms facing higher financing constrains,firms in high-tech industry,or firms with higher supplementary effect between labor and physical capital.

关 键 词：资本市场开放 沪深港通 劳动收入份额 

分 类 号：F832.51[经济管理—金融学] F249.2