Digital Finance,Financing Difficulties and Labor Income Share
As technology empowers traditional finance,digital finance has an important impact on micro-enterprises increasing their share of labor income.This paper takes Chinese listed companies from 2011 to 2020 as a sample to examine the impact of digital fi-nancial development on the share of labor income of enterprises.The research found:First,the development of digital finance has sig-nificantly increased the share of labor income of enterprises,especially the income share of ordinary employees,so as to give better play to the inclusiveness of digital finance.In particular,the in-depth development and digitization of digital finance are more condu-cive to increasing the share of labor income of enterprises;second,the mechanism analysis shows that the development of digital fi-nance can effectively alleviate the financing difficulties faced by enterprises such as"financing difficulties and high financing costs",and significantly reduce the Financing constraints,financing costs and financing risks increase the labor income share of en-terprises.And the development of digital finance can effectively correct the problems of"attribute mismatch","field mismatch"and"stage mismatch"in the traditional financial system,and better play the role of increasing the labor income share of enterprises;fourth,the financial supervision system can Strengthen the role of digital finance in increasing the share of labor income of enterpris-es;fifth,further analysis shows that the development of digital finance is more conducive to enterprises in the central and western re-gions,smaller enterprises and enterprises in technology-intensive industries to increase the share of labor income.Therefore,on the road to common prosperity,it is necessary to continuously promote the multi-dimensional development of digital finance,and im-prove the financial supervision system,so as to better realize the fruits of economic development for the people to share.
Digital FinanceFinancing DifficultiesLabor Income ShareCommon Prosperity
万方数据
维普
