企业金融化与企业收入分配结构

摘要随着全球范围内金融化的快速发展,我国企业的金融化趋势也在不断加强,并对企业内员工收入分配产生了不可忽视的影响。基于2012—2019年我国A股非金融类上市公司的面板数据,实证分析了企业金融化对企业收入分配结构的影响。研究发现:企业金融化加剧了企业内部不同收入群体之间的收入差距,金融化水平每增加一个百分点,员工收入差距会拉大0.94到1.78个百分点,且作用效果具有明显的异质性。其中,东部中部及规模大的企业其金融化水平对收入差距的拉大作用更明显。进一步的机制检验发现,企业金融化主要通过管理层薪酬支付这一渠道影响收入分配。抑制非金融企业的金融化发展,不仅有助于解决脱实向虚问题,而且有助于控制收入分配差距的扩大,促进收入的公平分配。

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	黄宝竹
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关键词：企业金融化收入分配中介效应高管薪酬收入差距

Abstract： With the rapid development of global financialization, the trend of financialization of Chinese enterprises is also strengthening, and has a significant impact on the income distribution of employees in enterprises that can not be ignored. Based on the panel data of China's A-share non-financial listed companies from 2012 to 2019, this paper empirically analyzes the impact of corporate financialization on the structure of enterprise income distribution. The study shows that enterprise financialization aggravates the income gap between different income groups within the enterprise. When the financialization level increases by one percentage point, the employee income gap will increase by 0.94 to 1.78 percentage points, and the effect has obvious heterogeneity. Among them, the financial level of the eastern, central and large-scale enterprises has a more obvious effect on the widening of the income gap. Further mechanism testing indicates that enterprise financialization affects income distribution mainly through the management compensation payment channel. This paper argues that restraining the financial development of non-financial enterprises will not only help to solve the problem from reality to deficiency, but also help to control theexpansion of income distribution gap and promote the fair distribution of income.

Keywords： Enterprise Financialization Income Distribution Intermediary Effect Executive Compensation Income Gap

收稿日期 2021-04-20; 接受日期 ;

基金资助:中国人民大学“2020年度中央高校建设世界一流大学(学科)和特色发展引导专项资金”项目

作者简介: 黄宝竹(1990— ),女,山东济南人,博士研究生,主要从事宏观经济与金融研究;陈享光(1957— ),男,江苏徐州人,教授,博士生导师,主要从事理论经济学和宏观货币金融理论研究。

引用本文:

黄宝竹, 陈享光.企业金融化与企业收入分配结构[J]. 经济经纬, 2022,6: 140-149

HUANG Baozhu, CHEN Xiangguang.Enterprise Financialization and Enterprise Income Distribution Structure[J] Economic Survey, 2022,V39(6): 140-149

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2022/V39/I6/140

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