政府引导基金与企业劳动收入份额  

Government-guided Funds and Enterprise Labor Income Share

作　　者：孟祥瑜 谢获宝[2] 黄大禹 Meng Xiangyu;Xie Huobao;Huang Dayu(School of Economics,Wuhan University of Technology,Wuhan 430072,China;School of Economics and Management,Wuhan University,Wuhan 430072,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]武汉理工大学经济学院,湖北武汉430072 [2]武汉大学经济与管理学院,湖北武汉430072 [3]清华大学经济管理学院,北京100084

出　　处：《财经研究》2024年第9期154-168,共15页Journal of Finance and Economics

基　　金：2022年度国家知识产权局软科学研究项目“知识产权政策公平竞争审查的法治进路研究”(SS22-B-11);教育部人文社会科学研究规划基金项目“智能制造赋能企业资源配置和成果共享的效应及机制路径研究”(23A10486012)。

摘　　要：政府引导基金既是市场化使用财政资金的具体抓手,也是一种嵌入政府意志的风险投资,具有风险容忍强的资源特性和推动产业转型升级的设立宗旨。政府引导基金在筛选企业进行投资后,对被投资企业的投融资行为和经营方式会产生深远影响,进而作用于其劳动要素投入比重。文章基于政府引导基金特性,以被投资企业要素收入分配为考察对象,探究了政府引导基金是否及如何影响被投资企业的劳动收入份额。研究发现:(1)政府引导基金显著提升了被投资企业的劳动收入份额,在劳动者收入增加的同时,被投资企业的劳动生产率也得到提升。(2)改善被投资企业的人力资本结构和增加研发投入是上述正向效应发挥的具体路径。(3)政府引导基金在投资之前,认证效应占据主导地位,重在筛选甄别投资标的;而在投资之后,资源效应和治理效应占据主导地位。(4)政府引导基金在提升劳动收入份额的同时,被投资企业的内部薪酬差距缩小,突破性创新水平提升。文章阐述并检验了政府引导基金的三种赋能效应,为劳动收入份额决定因素增加了来自现代金融中介的经验证据,也为科学使用财政资金和实现共同富裕提供了理论启示与政策参考。Government-guided funds are composed of financial funds at all levels and social capital.The purpose of their establishment is to form a supplement to the poor private investment caused by insufficient private benefits and large positive spillover effects, instead of competing with private capital for profits.Based on the labor income share of micro-enterprises, this paper explores the impact effect and transmission path of government-guided funds on the labor income share of invested enterprises from a financial perspective. The results show that:(1) Government-guided funds significantly increase the labor income share of invested enterprises.(2) After clarifying the three mechanisms for the effectiveness of government-guided funds, it is found that when selecting investment targets, the authentication mechanism plays a leading role;resource and governance mechanisms and social capital are used to jointly empower invested enterprises after investment.(3) Improving the human capital allocation structure of invested enterprises and increasing R&D investment are the specific transmission channels for government-guided funds to increase the labor income share of invested enterprises.This paper has the following marginal contributions:(1) It enriches and expands the literature on the impact of capital markets on labor income share from the perspective of government-guided funds.(2) It extends and deepens the theoretical research on the micro-effect of government-guided funds from the perspective of the distribution of resources and income among different elements within invested enterprises.(3) It distinguishes between pre-and post-investment based on the theoretical basis of different empowerment mechanisms, and explains the differences in cross-sectional characteristics and underlying principles.The research findings have the following implications:(1) Attention should be paid to the differences in the effects of government-guided funds before and after investing in enterprises.(2) Government departments should ful

关 键 词：政府引导基金 劳动收入份额 认证机制 资源机制 治理机制 

分 类 号：F83[经济管理—金融学]