Whether Corporate Digital Transformation Can Increase Labor Income Share: Empirical Evidence Based on Corporate Financialization
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Whether Corporate Digital Transformation Can Increase Labor Income Share: Empirical Evidence Based on Corporate Financialization
ZHOU Lei1,2, WANG Yuhang2, GONG Zhimin2
1. School of Economics and Management, Hunan University of Science and Engineering, Yongzhou 425199, China; 2. Business school, Xiangtan University, Xiangtan 411105, China
Abstract Based on the micro-data of Chinese A-share listed companies from 2011 to 2021, this paper examines the impact of enterprise digital transformation on the share of labor income. The results reveal that corporate digital transformation has a significantly positive effect on the labor income share. It can suppress corporate financialization, promote the development and structural upgrading of main business operations, thereby expanding labor demand and enhancing wage bargaining power through mechanisms that increase the labor income share. From the perspective of the economic environment in which enterprises operate, the enhancing effect of corporate digital transformation on the labor income share is more pronounced during economic downturns and in regions with higher levels of human capital. When examining corporate micro-characteristics, the positive effect of corporate digital transformation on labor income share is more prominent in high-tech enterprises, enterprises with non-financial backgrounds among senior executives and enterprises with precautionary financialization practices. Further research finds that the policies for the construction of “ Broadband China ” and the National Big Data Comprehensive Experimental Zone can accelerate the digital transformation of enterprises and produce policy synergy effects on the impact on the share of labor income. The results clarify the impact mechanism of enterprise digital transformation to increase the share of labor income, and provide new ideas for optimizing my country’s factor income distribution structure.
ZHOU Lei,WANG Yuhang,GONG Zhimin. Whether Corporate Digital Transformation Can Increase Labor Income Share: Empirical Evidence Based on Corporate Financialization. Economic Survey, 2024, 41(6): 095.
2024, Vol. 41 
