摘要
在资管新规准自然实验情境下,本文考察并发现,引导资金回归实体经济的金融强监管能显著提升劳动收入份额,尤其对那些可能存在过度金融化、高管具有金融背景、所处地区民间金融发展水平较高及劳动力议价能力较高的企业较显著。基于金融监管和劳动力结构优化的机制检验结果表明:资管新规促使资本回归实体后,企业对劳动力结构的优化,是提升劳动收入份额的重要机制。通过分解劳动收入份额发现,资管新规主要改善了普通员工收入份额而非管理层收入份额,并缩小了企业内部管理层与普通员工之间的收入差距。本文从改善劳动收入份额视角提供了金融监管增进民生福利的新途径,研究结论对于探索如何发挥金融调节收入分配及促进共同富裕的积极作用具有启示意义。
Labor income share is a major issue concerning people's livelihood and is also closely related to long-term social stability and sustained economic growth.The report of the 2oth Party Congress considers increasing people's income level as an important factor for realizing the common wealth of all people.It explicitly states that doing so is necessary to improve the order of income distribution,regulate wealth accumulation,and increase the share of residents'income in the distribution of national income.Once finance deviates from the essence of serving the economy and overrides the real industry,it will distort the distribution share between capital and labor.Based on China's strict financial regulation system,which guides the flow of social capital from the financial system to the real economy,this paper examines its impact on the share of labor income and the underlying mechanism,shedding light on the role of financial regulation in increasing the share of labor income.In 2018,the People's Bank of China,together with a number of departments,issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions(the"New Regulations on Asset Management")to regulate the development of the asset management business in the financial market and informal financing,as represented by shadow banking,and to urge the return of capital to the real economy.Under strict financial regulation,enterprises return to the real business and can then cause an increase in the share of labor income.This is because financial investment income,which is independent of the production process,limits labor's right to claim the distribution of financial investment income.In contrast,as labor is an important input in the value creation of real businesses,it has bargaining power to participate in income distribution.Furthermore,due to strict financial regulation,enterprises are increasingly reliant on real channels for profitability.This in turn prompts enterprises to increase high-skilled labor,which is necessary for i
作者
马慧
陈胜蓝
刘晓玲
王鹏程
MA Hui;CHEN Shenglan;LIU Xiaoling;WANG Pengcheng(Institute of Accounting and Finance,Shanghai University of Finance and Economics;School of Economics,Zhejiang University of Technology;Lingnan College,Sun Yat-sen University)
出处
《金融研究》
CSSCI
北大核心
2023年第12期132-149,共18页
Journal of Financial Research
基金
国家自然科学基金青年项目(72102166)
国家社会科学基金后期资助项目(22FJYB014)的资助。
关键词
金融强监管
资管新规
劳动收入份额
劳动力结构
Strict Financial Regulation
New Asset Management Regulation
Labor Income Share
Labor Structure
