State-owned Enterprises'Asset Operation Mode and Labor Share:Light Asset or Heavy Asset?
The reform of state-owned enterprises(SOEs)has increasingly emphasized the adoption of a light asset operation mode.This paper examines whether this approach aligns with the social functions of SOEs.Our findings indi-cate that transitioning to a light asset operation mode significantly increases the labor share within SOEs,thereby sup-porting social objectives such as stabilizing employment and promoting fair income distribution.This transformation is particularly effective in non-utility industries and among large SOEs.Further analysis reveals that the light asset opera-tion mode enhances human capital development and reduces the labor income gap.The positive impact on labor share is most pronounced in firms with weak financial constraints and low levels of specialization,where human capital upgrades are more feasible.Additionally,the light asset operation mode decreases investment-cash flow sensitivities and enhances total factor productivity.Overall,transitioning to a light asset operation mode is a viable strategy for SOE asset operation reform,contributing to both economic efficiency and social equity.
State-owned enterpriseLight asset operationFirm labor shareHuman capital upgrading
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