State-owned Capital Participation and Labor Income Share of Private Enterprises
Based on the perspective of mixed ownership reform and using the data of Shanghai and Shenzhen A-share private listed companies in China from 2008 to 2021,this paper discusses the impact of state-owned capital participation on the labor income share of private enterprises.The results show that the participation of state-owned capital significantly increases the labor income share of private enterprises,because the"income enhancement effect"caused by the improvement of labor compensation and social security benefits is very significant,while the"factor composition effect"caused by the relative price changes of factors is not signifi-cant.From the perspective of the effect of"income enhancement effect",the participation of state-owned capital helps private enter-prises to obtain more liquid liabilities,thus expanding the scale of labor employment and ultimately increasing the share of labor in-come.Heterogeneity analysis found that for small and medium-sized,labor-intensive,non-manufacturing private enterprises,state-owned capital participation has a more significant effect on labor income share.Further analysis results show that state-owned capi-tal participation will not reduce the profit level and efficiency of private enterprises,indicating that state-owned capital participation can enhance the employment absorption capacity of private enterprises by exerting its own resource advantages on the basis of main-taining the profit and efficiency of private enterprises,and then optimize the distribution pattern of factors within private enterprises.The research in this paper helps to deeply understand the positive impact of mixed-ownership reform from the perspective of com-mon prosperity,and also provides empirical evidence for the effective layout of state-owned capital and the formulation of policies for the high-quality development of private enterprises.
State-owned CapitalLabor Income ShareMixed Ownership ReformCommon Prosperity
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万方数据
