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    经济经纬 2020 Issue (6) :139-150
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    金融化方式与企业职工收入份额——基于配置方式的考察
赵德志, 安素霞
辽宁大学 商学院, 辽宁 沈阳 110136
    Financialization, Employment and Employees’ Income Share——A Study Based on Financial Assets Allocation
    ZHAO Dezhi, AN Suxia
School of Business, Liaoning University, Shenyang 110136, China
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摘要 基于金融资产配置的期限、长短等不同方式,从微观视角研究金融化方式对劳动收入份额的影响。实证结果表明:企业金融资产配置总体上显著降低了企业职工收入份额。区分金融资产配置期限后发现,短期金融资产配置基于“预防性储蓄”动机,会显著增加企业职工收入份额;而长期金融资产配置基于逐利动机,降低了企业职工收入份额。基于影响机制分析发现,企业金融化降低就业进而降低企业职工收入份额。进一步研究发现,当企业内部控制质量越低、信息透明度越低时,企业金融资产配置对企业职工收入份额的降低作用越强,且存在行业异质性。对于技术密集型行业,配置金融资产投资收益见效更快。本文对企业优化金融配置结构提供了一定的参考,企业要根据实际情况制定资产配置策略,防范过度金融化对劳动收入份额的负向影响。
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赵德志
安素霞
关键词： 金融化方式   劳动收入份额   就业   行业异质性     
Abstract： It is very important for enterprises to finance and improve its way to affect the share of labor income. Few literatures have explored this in detail. According to the time limit of financial assets allocation of non-financial enterprises as a breakthrough, this paper takes the income share of employees of listed companies as the micro proxy index of the labor income share, and studies the influence of the way of enterprise financialization on the income share of employees from the motivation of financial assets allocation. The results show that the total amount of financial assets allocation significantly reduces the share of employees’ income. It is found that the short-term financial asset allocation based on the “preventive saving” motivation will significantly increase the income share of enterprise employees, while the long-term financial asset allocation based on the “profit seeking” motivation will reduce the income share of enterprise employees. The analysis of the impact mechanism shows that the total amount of financial assets allocation and the holding of long-term financial assets reduce the share of employees’ income by reducing employment. Further research shows that the lower the quality of internal control and the higher the opacity of information, the stronger the effect of financial asset allocation on the reduction of employees’ income share, and there is industry heterogeneity. From the micro level, this paper finds that the way of enterprise finance, especially the short-term financial assets, has a positive impact on the labor income share of employees, which provides a certain reference for enterprises to optimize the financial allocation structure.
Keywords： Financialization   Labor Share   Employment   Industry Heterogeneity     
收稿日期 2019-12-30; 接受日期 ;
基金资助:教育部人文社会科学研究基金青年项目(16YJC630148)
作者简介: 赵德志(1955— ),男,辽宁凤城人,教授,博士生导师,主要从事企业文化与伦理研究;安素霞(1991— ),女,山东聊城人,博士研究生,主要从事公司治理研究。
引用本文:   
赵德志, 安素霞.金融化方式与企业职工收入份额——基于配置方式的考察[J].  经济经纬, 2020,6: 139-150
ZHAO Dezhi, AN Suxia.Financialization, Employment and Employees’ Income Share——A Study Based on Financial Assets Allocation[J]  Economic Survey, 2020,V37(6): 139-150
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