企业经济政策不确定性感知与劳动收入份额  

Firms'Perception of Economic Policy Uncertainty and Labor Income Share

作　　者：杨小伟 张娆 张治强 Yang Xiaowei;Zhang Rao;Zhang Zhiqiang(School of Finance,Nanjing Agricultural University;School of Accounting,Luoyang Institute of Science and Technology)

机构地区：[1]南京农业大学金融学院 [2]洛阳理工学院会计学院

出　　处：《劳动经济研究》2025年第2期130-156,共27页Studies in Labor Economics

基　　金：教育部哲学社会科学研究后期资助项目(24JHQ034);国家自然科学基金面上项目(72173074);江苏高校“青蓝工程”(2022-2025)的资助。

摘　　要：为探究企业经济政策不确定性感知是否以及如何影响劳动收入份额,本文构建了理论分析框架,并以2007-2023年沪深A股上市企业为实证考察对象。结果表明:企业经济政策不确定性感知会显著降低劳动收入份额。探析其中机制发现,增强预防性动机、缩减投资支出与劳动雇佣规模是重要的作用机制。异质性分析发现,企业经济政策不确定性感知降低劳动收入份额的作用在营商环境较差的地区、制造业行业及融资约束程度较高的企业中更加显著。此外,企业经济政策不确定性感知降低劳动收入份额后,会进一步抑制企业未来劳动生产率的提升。本文的研究补充了企业经济政策不确定性感知的经济后果和劳动收入份额的影响因素,为政府制定相关经济政策以实现收入增长目标提供了实践启示。This study investigates the relationship between firms'perception of economic policy uncertainty and their labor income distribution decisions,drawing on empirical evidence from Shanghai and Shenzhen A-share listed companies from 2007 to 2023.The findings demonstrate that firms'perception of economic policy uncertainty significantly negatively impacts labor income share.The mechanism analysis reveals that enhanced precautionary motives and reductions in investment expenditure and employment scale are key channels mediating this relationship.Further heterogeneity analysis indicates that the negative effect is particularly pronounced among firms operating in regions with poor business environments,in the manufacturing sector,and under severe financing constraints.The reduced labor income share resulting from perceived economic policy uncertainty inhibits firms'labor productivity improvements.The significance of these findings lies in their contribution to understanding both the economic consequences of firms'perception of policy uncertainty and the determinants of labor income share.These insights provide valuable guidance for governments in formulating economic policies to achieve income growth.

关 键 词：经济政策不确定性感知 劳动收入份额 预防性动机 投资支出 劳动雇佣 

分 类 号：F272.5[经济管理—企业管理]