摘要
基于2014—2022年沪深A股民营上市公司数据,本文考察了有限合伙协议架构对企业劳动收入份额的影响。研究发现,有限合伙协议架构显著降低了企业劳动收入份额,其作用机制是有限合伙协议架构加剧了实际控制人的“掏空”动机和企业信贷约束,进而导致企业劳动收入份额降低。异质性分析发现,在信息透明度低和劳动密集度高的企业中,有限合伙协议架构对企业劳动收入份额的负向影响更显著。此外,有限合伙协议架构对企业劳动收入份额的负向影响主要体现在普通员工而非高管的劳动收入上,从而不利于收入的公平分配。最后,有限合伙协议架构在对企业劳动收入份额产生负向影响的同时,还会降低企业劳动生产率。本研究不仅从微观角度拓展了有限合伙协议架构的经济后果研究,同时还从新的视角为企业劳动收入份额的下降提供了新证据。
This study examines the association between limited partnership agreement structure and corporate labor income share.Using a sample of A-share private listed firms in Shanghai and Shenzhen over the period 2014 to 2022.We find that the limited partnership agreement structure significantly reduces corporate labor income share.The mechanism is that the limited partnership structure exacerbates the controlling shareholders′tunneling motivation and corporate financing constraints,which in turn leads to the reduction of corporate labor income share.The heterogeneity test shows that the negative effect of limited partnership agreement structure on labor income share is more significant in firms with low information transparency and high labor intensity.In addition,the negative effect of the labor income share of firms with limited partnership agreement structure is mainly reflected in the labor income of employees rather than executives,which is not conducive to the fair distribution of income.Finally,we find that the limited partnership agreement structure has a negative impact on the labor income share and also diminishes enterprise-level labor productivity.This study not only extends the research of the economic consequences of the limited partnership agreement structure from a micro perspective,but also provides new evidence for the decline in the labor income share from a new perspective.
作者
高延歌
冯建
GAO Yange;FENG Jian(Business School,Chengdu University,Chengdu 610106,China;School of Accounting,Southwestern University of Finance and Economics,Chengdu 610074,China)
出处
《中南财经政法大学学报》
北大核心
2025年第4期15-25,共11页
Journal of Zhongnan University of Economics and Law
基金
国家社会科学基金西部项目“混合所有制改革对国有企业投融资行为影响研究”(22XGL014)
天府文化研究与文创课题项目“成都建设世界文化名城绿色发展现状与优化研究”(TYB202414)。
关键词
有限合伙协议架构
劳动收入份额
民营上市公司
Limited Partnership Agreement Structure
Labor Income Share
Private Listed Companies
