Increasing labor income share is a key path to achieving the goal of common prosperity.Based on the quasi-natural experiment scenario of social credit system reform in batches,this paper explores the influencing factors of corporate labor income share from the perspective of the informal system using the sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchange from 2007 to 2021.The results are summarized as follows.(1)Social credit system reform significantly increases labor income share.(2)Social credit system reform raises labor income share through paths that mitigate corporate agency problems,increase the availability of credit financing to firms,and the effect of earning spillovers.(3)Social credit system reform increases the labor income share of ordinary employees and reduces the labor income share of executives.(4)The improvement of social credit system reform on labor income share is more pronounced in labor-intensive industries and for firms located in cities that are relatively backward in terms of economic development.This paper provides empirical evidence for the policy effect of social credit system reform from the perspective of labor income share,which has practical significance for promoting the perfection of the social credit system construction and realizing the goal of common prosperity.
social credit systemlabor income shareinformal systemcommon prosperity
万方数据
维普
