外资并购、人力资本结构升级与劳动收入份额  

Foreign Mergers and Acquisitions,Human Capital Structure Upgrading and Labor Income Shares

作　　者：刘早云 李磊[2,3] 王天宇 LIU Zaoyun;LI Lei;WANG Tianyu(School of Economics,Nankai University,Tianjin 300071,China;Research Center for Multinational Corporations,Nankai University,Tianjin 300071,China;Simulation Laboratory of Economic Behavior and Policy,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学经济学院,天津300071 [2]南开大学跨国公司研究中心,天津300071 [3]南开大学经济行为与政策模拟实验室,天津300071

出　　处：《云南财经大学学报》2024年第10期36-55,共20页Journal of Yunnan University of Finance and Economics

基　　金：国家社会科学基金重大项目“全球产业智能化对我国供应链安全的影响及对策研究”(22&ZD097)。

摘　　要：所有权的改变可能通过劳资关系的改变,影响劳动和资本要素的收入分配。而提高劳动收入份额对改善收入分配格局、促进经济平衡发展具有重要意义。基于2000—2013年BVD并购数据库与中国工业企业数据库的匹配数据,从理论和实证两方面分析和检验外资并购对被并购的内资企业劳动收入份额的影响以及作用机制。研究发现,外资并购能够显著提升被并购内资企业的劳动收入份额,该结论在一系列检验后仍然成立。机制检验发现,外资并购通过企业人力资本结构升级渠道提升了被并购的内资企业劳动收入份额。进一步检验发现,外资并购显著提升了目标企业的生产效率和管理效率。异质性分析发现,外资并购显著提升了劳动力调整成本较低的企业、东部地区、资本技术密集型行业以及出口型企业的目标企业劳动收入份额。此外,相比于水平型并购,垂直型并购的协同效应显著提升了企业劳动收入份额。上述结论有助于揭示外资并购对劳动力技能结构调整、要素收入分配等的影响,并深化对开放经济背景下提高劳动收入份额的传导机制认识,为中国积极推进高水平对外开放、促进企业转型升级以及扎实推进共同富裕提供启示。Changes in ownership may affect the income distribution of labor and capital factors through changes in labor relations.?Improving labor income share holds significant implications for improving income distribution patterns and promoting balanced economic development.Based on the matched data from the BVD Mergers and Acquisitions Database and the Chinese Industrial Enterprise Database from 2000 to 2013,this paper analyses and tests?the impact of foreign M&As on the labor income share of the acquired domestic enterprises and its mechanism from both theoretical and empirical perspectives.The study finds that foreign M&As can significantly increase the labor income share of the acquired domestic enterprises,and this conclusion still holds after a series of tests.?The mechanism test finds that foreign M&As raise the labor income share through improving the human capital structure upgrading of the enterprises.Further tests find that foreign M&As significantly enhance the productivity and management efficiency of target firms.Heterogeneity analysis finds that foreign M&As significantly increase the labor income share of target enterprises with lower labor adjustment costs,enterprises in eastern regions,capital and technological intensive industries,and export-oriented enterprises.In addition,compared with horizontal M&As,the synergistic effect of vertical M&As significantly increases the labor income share of enterprises.The above conclusions help to reveal the impact of foreign M&As on the structural adjustment of labor skill and factor income distribution,and deepen the understanding of the transmission mechanism of increasing labor income share under the background of open economy.It provides important insights for China to actively promote high-level opening up,promote enterprise transformation and upgrading,and solidly promote common prosperity.

关 键 词：外资并购 人力资本结构升级 劳动收入份额 要素收入分配 

分 类 号：F271.4[经济管理—企业管理]