融资依赖与劳动份额:理论与经验证据  

Financing Dependence and Labor Share:Theoretical and Empirical Evidence

作　　者：宋之非 陈媛媛 Song Zhi-fei;Chen Yuan-yuan(Jilin Economic Research Center,Jilin University of Finance and Economics,Changchun Jilin 130117;School of Finance&Investment,Guangdong University of Finance,Guangzhou Guangdong 510521)

机构地区：[1]吉林财经大学吉林经济研究中心,吉林长春130117 [2]广东金融学院金融与投资学院,广东广州510521

出　　处：《经济纵横》2022年第10期119-128,共10页Economic Review Journal

基　　金：贵州财经大学与商务部国际贸易经济合作研究院联合基金项目“生态脆弱地区碳排放与全要素能源效率影响因素研究”(编号:2017SWBZD13);广东省哲学社会科学规划项目“童年留守经历对劳动力市场产出的长期影响--以广东省为例”(编号:GD21CSH04)的资助。

摘　　要：近年来,越来越多的研究试图从金融角度理解我国的劳动收入份额问题,但鲜有研究从融资依赖视角进行分析。本文在Melitz的一般均衡框架内,证实融资依赖程度会影响有融资约束企业的劳动份额,当融资依赖程度升高时,企业的产品定价提高、市场势力增强,故而留存收益的能力增强,就会导致劳动份额下降。将劳动份额进一步分解后发现,融资依赖程度既会影响企业的平均工资水平,也会影响劳动边际产品价值,且对前者的影响更大,因而融资依赖程度提升最终会表现为劳动份额下降。采用2012年世界银行的中国企业数据进行实证分析,为理论发展提供了经验证据。因此,改善营商环境、优化融资环境可在一定程度上改善初次收入分配状况,也有利于市场的充分竞争。In recent years, there is an increasing literature that attempts to understand the labor income share in China from the financial perspective. However, little research has been done from the perspective of financing dependence. Built on the Melitz’s general equilibrium framework, this paper finds that the degree of financing dependence could affect the labor share of enterprises with financing constraints. When the degree of financing dependence increases, both the price of products and market power increase, and, thus, its ability to retain earnings is enhanced and leads to a decline in labor share. A further decomposition of the labor share shows that the degree of financing dependence influence both average wages of enterprises and the value of marginal products of labor. Its impact is more pronounced for the former. Therefore, the increase of financing dependence results in the decline of labor share. Empirical analysis using Chinese enterprise data from the World Bank in 2012 provides empirical evidence for our theoretical inference. The conclusion implies that the improvement in business financing environment can optimize the initial income distribution to some extent, which is also conducive to the full competition in the market.

关 键 词：融资依赖 劳动份额 营运资本 工资 边际产品价值 

分 类 号：F279[经济管理—企业管理]