放松市场准入管制与劳动收入份额  

Deregulation of Market Access and Labor Income Share

作　　者：李金磊 王磊[1] 黄远标 LI Jinlei;WANG Lei;HUANG Yuanbiao(Economics and Management School,Wuhan University;School of Finance,Nankai University)

机构地区：[1]武汉大学经济与管理学院,430012 [2]南开大学金融学院

出　　处：《经济理论与经济管理》2024年第7期15-32,共18页Economic Theory and Business Management

摘　　要：在通过放松市场准入管制激发市场活力的同时,发展成果是否合理分配是值得关注的重要问题。本文以中国A股上市公司为研究样本,将市场准入负面清单试点政策作为一项准自然实验,利用多时点双重差分模型,实证检验了放松市场准入管制对企业劳动收入份额的影响。研究发现,放松市场准入管制能够显著提升企业的劳动收入份额。该结论具有稳健性。机制分析表明,市场准入负面清单制度直接促进了市场主体进入,进而通过影响企业的垄断势力、创新研发和投资活动对收入分配产生影响。进一步分析发现,劳动收入份额提升主要来自员工工资待遇的提高而非员工数量的增加;放松市场准入管制还能够促进企业内部劳动要素之间的收入分配公平,缩小收入差距。此外,政策效果在不同政府干预水平的地区、不同行业以及不同产权性质的企业之间存在差异。本文为通过完善市场准入制度优化收入分配格局提供了理论依据。China has created a liberalized market environment by improving market access regulations and providing favorable conditions for business operations.While deregulating market access stimulates market vitality,the equitable distribution of development gains remains a critical issue.Labor income share,which measures the proportion of national income allocated to labor,reflects the fairness of income distribution.Increasing labor income share is crucial to ensuring that workers fairly share in economic development gains.We employ the market access negative list system as a quasi-natural experiment and constructs a DID model to empirically examine the impact and mechanisms of deregulating market access on firms'labor income shares.The findings indicate that deregulating market access significantly enhances firms'labor income shares.This conclusion holds robustly across parallel trend tests,heterogeneous treatment effect analyses,and considerations of the non-randomness of policy pilots.Importantly,this increase does not result from the redistribution of labor income among firms.Mechanism analysis reveals that deregulation directly facilitates the entry of market entities,which,in turn,enhances firms'labor income shares by affecting their monopoly power,innovation investments,and investment activities.Further research shows that the primary source of increased labor income share is the improvement in wages for high-skilled employees rather than an increase in their numbers.Moreover,deregulating market access promotes fair income distribution among labor factors within firms,thereby reducing income disparities.Heterogeneity analysis demonstrates that the positive impact of deregulating market access on labor income shares is more pronounced for firms in regions with high levels of government intervention,manufacturing firms,and non-state-owned enterprises.The marginal contributions of this study are as follows:First,it integrates the market access negative list system with firms'labor income shares within a unified ana

关 键 词：市场准入管制 劳动收入份额 市场准入负面清单 

分 类 号：F832.51[经济管理—金融学] F272.92