Governance of Non-State Shareholders and Labor Income Share of Soes:A Concurrent Discussion on Factor Income Distribution in China's Mixed Ownership Reform
Increasing the share of labor income is an important basis for optimizing the distribution structure of factor income and realizing common prosperity.Based on the data of state-owned listed companies from 2008 to 2019,this paper empirically examines the impact of governance of non-state shareholders on labor income share.It is found that governance of non-state shareholders significantly increase the labor income share of state-owned listed companies,and this effect is more obvious in competitive industries.The mechanism test shows that the governance of non-state-owned shareholders re-duces the average capital cost and policy burden of state-owned enterprises,and improves the quality of labor force.The specific performance is to reduce the cost of debt and redundant employee,and increase the number of high-level talents.Heterogeneity test shows that this effect is more obvious in local state-owned enterprise,capital-intensive enterprises and enterprises in areas with high labor protection,in which private shareholders play a major role.This study provides empirical evidence for the effect of mixed ownership reform on income distribution at the micro level,and provides enlightenment for further deepening the reform of state-owned enterprises and alleviating the contradiction of factor income distribution.
Non-state Shareholders'GovernanceMixed-ownership ReformLabor Income ShareFactor Income Distribution
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