市场一体化与企业劳动收入份额提升——来自中国上市公司的经验证据  

Market Integration and the Increase of Labor Income Share:Empirical Evidence from Chinese Listed Firms

作　　者：高波[1] 石有为 GAO Bo;SHI Youwei(Yangtze River Delta Economics and Social Development Research Center,Nanjing University,Nanjing 210003,China;School of Economic,Nanjing University,Nanjing 210003,China)

机构地区：[1]南京大学长江三角洲经济社会发展研究中心,江苏南京210003 [2]南京大学经济学院,江苏南京210003

出　　处：《当代经济科学》2024年第6期29-43,共15页Modern Economic Science

基　　金：国家社会科学基金一般项目“新时代激发和保护企业家精神的制度环境演化及对策研究”(18BJY112);南京大学长江三角洲经济社会发展研究中心暨区域经济转型与管理变革协同创新中心联合招标重大项目“长三角区域提高现代化水平研究”(CYD-2020004)。

摘　　要：共同富裕是中国特色社会主义的本质要求,提高劳动报酬在初次分配中的比重是中国推进共同富裕的重要环节。利用2004—2021年沪深两市A股上市公司数据,研究市场一体化对企业劳动收入份额的影响及其机制。研究发现,市场一体化对企业劳动收入份额有着显著的促进作用,在经过一系列稳健性检验之后,结论依然成立。机制分析表明,规模扩张、市场竞争和有偏技术进步在市场一体化促进企业劳动收入份额提升的过程中起到中介作用。异质性检验表明,在不同企业、不同行业、不同地区之间,市场一体化对企业劳动收入份额的影响存在异质性。据此提出要充分考虑全国统一大市场建设中区域发展不协调问题,深化市场一体化改革,建立公平开放透明的市场规则,促进企业公平竞争,加快推进全国统一大市场建设和优化要素收入分配格局。Increasing the labor income share is essential for economic and social progress in China,contributing to the country’s goal of achieving common prosperity.The 20th National Congress of the Communist Party of China emphasized enhancing the distribution system to raise both personal income’s share of national income and labor remuneration’s share in primary distribution.Meanwhile,as domestic market integration advances,barriers to cross-regional economic activities for enterprises have decreased significantly.In the context of creating a unified national market,understanding changes in firms’labor income share is crucial for fostering common prosperity and shaping a new development pattern.Building on existing theory,this paper first analyzes how market integration influences firms’labor income share and proposes theoretical hypotheses.Using data from A-share listed companies on the Shanghai and Shenzhen Stock Markets(2004-2021),we employ a fixed effect model,instrumental variable regression,and other econometric methods to empirically assess the impact of market integration on labor income share and its mechanisms.Results indicate that market integration significantly promotes the labor income share within enterprises.Mechanism analysis reveals that this effect mainly occurs through enterprise scale expansion,increased market competition,and labor-biased technological progress.The heterogeneity analysis shows a stronger promotion effect of market integration on labor income share for non-state-owned enterprises and those with inter-provincial subsidiaries.Additionally,market integration has a more pronounced effect in tradable and labor-intensive industries,as well as in the eastern and economically advanced regions,compared to non-tradable,capital-intensive industries,and central and western regions.This paper makes three key contributions to the literature.First,while prior research explores determinants of firms’labor income share from various perspectives,few have addressed it from a market integra

关 键 词：市场一体化 收入分配 劳动收入份额 全国统一大市场 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]