A Study on the Influence of Industrial Policy on Labor Income Share in the Context of Economic Downturn
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Abstract Increasing the labor income share is an important foundation for solidly promoting common prosperity. In the context of economic downturn, the question of whether and how industrial policy can affect labor income deserves attention. On the basis of theoretically expounding the impact mechanism of industrial policy on labor income share and based on the data of A-share listed companies from 2006 to 2011, this paper takes the publication of China’s top ten industries in 2009 as a quasi-natural experiment, and uses the DID model to test the influence of industrial policy on labor income share in the context of economic downturn. The results show that industrial policy can improve the availability and affordability of corporate financing, ease its liquidity constraints, expand the scale of employment, and increase the share of enterprise labor income. The heterogeneity test results show that the ten major industrial revitalization plans have a greater impact on introverted enterprises and enterprises in areas with a strong degree of government intervention, but have little impact on enterprises of different ownership. The paper not only identifies the relationship and influence mechanism between industrial revitalization planning and labor income share, but also provides empirical evidence for re-examining the positive role of ten major industrial revitalization plans.
LIU Changgeng,WANG Yuhang,WANG Yuxi. A Study on the Influence of Industrial Policy on Labor Income Share in the Context of Economic Downturn. Economic Survey, 2022, 39(4): 074.
2022, Vol. 39 
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