共同机构所有权与企业劳动收入份额

共同机构所有权与企业劳动收入份额

Common Institutional Ownership and Enterprise Labor Income Share

《财经研究》2023年49卷第11期 页码：155 - 168，封三 online：2023年11月3日

作者

中：杜勇 , 孙帆 , 谭丽丽 , 黄小勇

英：Du Yong, Sun Fan, Tan Lili, Huang Xiaoyong

作者单位：西南大学 经济管理学院，重庆 400715

摘要及关键词

摘要：完善分配制度、提高劳动报酬比重是实现共同富裕的重要内容。现有研究对资本市场中的共同机构所有权如何影响企业劳动收入份额的关注不足，文章探讨了其中的影响效应及内在机理。研究发现，共同机构所有权有助于企业劳动收入份额提升。机制检验表明，共同机构所有权显著促进了投资组合企业间的研发溢出，提高了企业研发人员占比和高学历人才占比，优化了人力资本结构，从而带动了企业劳动收入份额提升。文章还发现，共同机构所有权增加了企业技术人员，减少了生产工人，进一步支持了协同效应的理论逻辑，并基于行业竞争视角排除了合谋效应。异质性分析发现，共同机构所有权对企业劳动收入份额的提升作用在共同机构投资者控股企业和技术密集型行业中更加显著。文章不仅将共同机构所有权的研究拓展至劳动力市场，还从全新的视角探究了企业劳动收入份额变动的影响因素。

关键词：共同机构所有权；劳动收入份额；协同效应；创新溢出；合谋效应

Summary: Improving the system of income distribution and increasing the proportion of labor remuneration are important aspects of achieving common prosperity. But there are insufficient researches on how common institutional ownership, being increasingly active in the capital market, affects enterprise labor income share. This paper constructs a theoretical framework to analyze the collusive and synergistic effects of common institutional ownership on the changes in enterprise labor income share, and then empirically tests it using the data of Chinese listed companies from 2007 to 2020. It is found that common institutional ownership contributes to increasing enterprise labor income share. Furthermore, mechanism testing shows that common institutional ownership significantly promotes R&D spillover among portfolio enterprises, including increasing the proportion of R&D staff and highly-educated talents, and optimizing the human capital structure, thereby driving an increase in enterprise labor income share. The study also shows that common institutional ownership increases the number of technicians and decreases that of production workers, which further supports the theoretical logic of synergistic effect and excludes the collusion effect from an industry competition perspective. Considering the different characteristics of enterprises, this paper further explores whether the ownership structure and industry characteristics of enterprises strengthen the positive impact of common institutional ownership on enterprise labor income share. The empirical results show that enterprises, controlled by common institutional investors or belonging to technology-intensive industry, significantly strengthen the positive relation between common institutional ownership and enterprise labor income share. This paper makes the following contributions: First, it explains the influencing factors of labor income share from a new perspective of collaboration among enterprises in the same industry held by one institutional investor, expanding the relevant literature on enterprise labor income share. Second, from the perspective of employees as the stakeholder in enterprises, it expands the research on joint institutional ownership to the labor market, supplementing the existing literature. Third, it provides new empirical evidence for the current regulation of common institutional ownership in China from the perspective of income distribution.

Key words:common institutional ownership; labor income share; synergistic effect; innovation spillover; collusion effect

其他信息

DOI：10.16538/j.cnki.jfe.20230920.101

收稿日期：2023-03-28

基金项目：国家自然科学基金面上项目（72072146，71572153）；重庆市教育科学“十四五”规划重大课题（K23YA2020002）；重庆教委科学技术研究项目重点项目（KJZD-K202300201）；教育部人文社科青年基金（18XJC790006）；中央高校基本科研业务费专项资金项目（SWU2209217）

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