Research on the Mechanism of the Impact of Enterprise Financialization on Labor Income Share
In recent years,the rapid development of the financial industry and the increasing attention of the state to the change of labor income share make it increasingly important to explore the relationship between financialization and labor income share.Taking the data of A-share listed companies in China from 2007 to 2022 as samples,this paper empirically studies the impact of financialization on labor income share at the micro level and its mechanism.The benchmark results show that corporate financialization has a significant promoting effect on the labor income share.The mechanism effect analysis shows that this promoting effect is mainly carried out through"entity investment inhibition".In addition,ownership concentration and institutional investors'shareholding ratio have a substitute effect on corporate financialization.In enterprises with higher ownership concentration and institutional investors'shareholding ratio,the positive impact of corporate financialization on labor income share will be reduced.The research shows that corporate financialization has a positive effect on the increase of labor income share,but it is not beneficial to the increase of labor income share.Corporate financialization will inhibit the entity investment of enterprises,and in the long run,it will severely affect the sustainable operation and core competitiveness of enterprises.Therefore,enterprises should deepen their comprehensive understanding of financialization,give full play to the supervisory role of shareholders and institutional investors in financialization,strengthen internal control,guide the correct flow of funds to promote the sustainable and long-term development of enterprises.
Enterprise financializationlabor income shareentity investment inhibitionownership concentrationinstitutional investors'shareholding
万方数据
维普
