金融地理可及性与劳动收入份额——基于融资成本与人力资本结构视角  

Financial Geography Accessibility and Labor Income Share:From the Perspectives of Financing Costs and Human Capital Structure

作　　者：李朝前 沈悦[1,2,3] 姚树洁 安磊[1,2,3] LI Chaoqian;SHEN Yue;YAO Shujie;AN Lei(School of Economics and Finance,Xi'an Jiaotong University;School of Economics and Business Administration,Chongqing University;Li Anmin Institute of Economic Research,Liaoning University)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]重庆大学经济与工商管理学院,重庆400044 [3]辽宁大学李安民经济研究院,辽宁沈阳110036

出　　处：《金融研究》2023年第9期150-167,共18页Journal of Financial Research

基　　金：国家社科基金重大项目(22ZDA053);国家自然科学基金青年项目(72203028);中国博士后科学基金项目(2022M710537)的资助。

摘　　要：提升金融服务实体经济的“质”与“效”,改善收入分配格局,是我国新发展阶段面临的重要政策议题,而劳动收入份额是反映初次收入分配的关键指标。本文从融资成本与人力资本结构变动双重视角考察金融地理可及性(企业周边银行分支机构数量)对劳动收入份额的影响及其作用机制,并基于1998—2007年工业企业和2007—2021年上市企业数据进行实证检验。研究结果显示,企业金融地理可及性的提高促进了劳动收入份额上升。融资成本下降与人力资本结构高级化,是金融地理可及性影响劳动收入份额的重要作用渠道。金融地理可及性的提高降低了企业融资成本,这在激励企业增加资本投入的同时,也促使企业雇佣更多高技能劳动力,相应减少了低技能劳动力雇佣规模,且前者主导了劳动收入份额变动。此外,金融地理可及性对劳动收入份额的影响因企业特征、行业特征以及地区金融发展水平的差异而表现出明显异质性。本文从银企地理邻近视角为金融发展如何影响劳动收入份额提供了新的证据,对理解中国劳动收入份额变动的决定因素、探寻金融赋能收入分配格局优化的政策着力点具有启示意义。As socialism with Chinese characteristics enters a new era,the principal conflict facing Chinese society is between unbalanced and inadequate development and people's ever-growing desire for a better life.The Fourteenth Five-Year Plan explicitly states the need to“increase the proportion of labor compensation in initial distribution,improve the wage system,and establish a sound mechanism for reasonable wage growth,”which means that increasing the share of labor income has become an important policy direction for China to optimize the pattern of income distribution and ease social conflict.In this context,exploring the determinants of the labor income share and the mechanism driving an increase in the proportion of labor remuneration in the income distribution system has great theoretical significance and policy value.It is well known that the labor income share measures the proportion of labor remuneration to national income,and thus,to a great extent,the labor income share determines the basic income distribution pattern of an economy.Numerous studies explore the factors influencing the share of labor income.Most focus on macro-economic factors,such as economic and industrial structure changes and transformations,technological progress,economic fluctuations,and globalization.Some studies examine micro-economic factors,such as labor unions,workers'bargaining power,and firm characteristics,including risk-taking behavior and tax burdens.In recent years,the impact of financial markets,such as margin trading and short selling(rong zi rong quan)and the Shanghai-Hong Kong stock exchange connections(hu gang tong),on the labor income share are attracting increasing attention.However,few studies examine the impact of commercial banks—the traditional financial sector—on the distribution of the labor/capital income share.Based on Chinese data on industrial enterprises for the 1998-2007 period and listed companies for the 2007-2021 period,this paper addresses a gap in the literature by studying a particular aspect of

关 键 词：金融地理可及性 劳动收入份额 融资成本 人力资本结构 

分 类 号：G21[文化科学—新闻学] D33[政治法律—政治学] J24[政治法律—国际共产主义运动]