企业风险与劳动收入份额：来自中国工业部门的证据
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| Title | Firms’ Risk and Labor Income Share: Evidence from China’s Industrial Sector
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| 作者 | 贾珅 申广军 |
| Author | Jia Shen and Shen Guangjun |
| 作者单位 | 国务院发展研究中心；中央财经大学经济学院 |
| Organization | Development Research Center of the State Council;School of Economics, Central University of Finance and Economics |
| 作者Email | js@drc.gov.cn；hnshgj@126.com |
| 中文关键词 | 劳动收入份额 企业风险 工资合同 工业部门 |
| Key Words | Labor Income Share; Firms’ Risk; Wage Contract; Industrial Sector |
| 内容提要 | 劳动收入份额下降引起了广泛关注，本文分析中国工业部门劳动收入份额下降的原因，主要关注企业风险的影响。通过扩展Holmstr?m & Milgrom（1987）的经典模型说明，企业风险降低将使劳动者努力程度提高，产出水平和工资都得以增长，但是产出增长更快，因而劳动收入份额下降。实证研究支持上述分析，企业风险与劳动收入份额正相关，并且这一结果在使用替代性的风险变量和不同的模型设定时都表现稳健。对影响机制的考察发现，企业风险降低时，人均产出比工资增长更快，且工资结构中固定工资份额下降，这与理论分析的预测一致。 |
| Abstract | The declining labor income share has arouse wide public concern. This study focuses on labor income share in China’s industrial sector and pays particular attention to the role of firms’ risk. Based on Holmstr?m and Milgrom (1987), theoretical model illustrates that decreasing risk encourages employees to work harder, resulting in higher output and wage. Since output grows faster than wage does, labor income share decreases. Empirical analysis shows positive correlation between firms’ risk and labor income share, which is robust to alternative measurement of risk and various specifications. We also explore the mechanism and find consistent evidence: output grows faster than wage and fixed wage share drops while risk descends. |
| 文章编号 | WP921 |
| 登载时间 | 2015-09-22 |
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