Whether Artificial Intelligence Affects the Labor Share of Income: From the Perspective of Human Capital Structure Adjustment and Resource Allocation Efficiency
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Whether Artificial Intelligence Affects the Labor Share of Income: From the Perspective of Human Capital Structure Adjustment and Resource Allocation Efficiency
ZHANG Yongshen1, ZHANG Meng2
1. Institute of Industrial Economics, Chinese Academy of Social Sciences, Beijing 100006, China; 2. School of Accounting, Henan University of Economics and Law, Zhengzhou 450046, China
Abstract Unlike existing studies that use industry-level industrial robot data or city-level data to represent AI levels, this paper uses text analysis on data from Shanghai and Shenzhen A-share listed firms from 2009 to 2022 to construct a firm-level AI measure. It explores AI’s impact on corporate labor income shares and its mechanisms. The results show that AI optimizes labor factor allocation in firms, as evidenced by an increased labor income share, with a series of robustness and endogeneity checks supporting this conclusion. Mechanism tests reveal that AI boosts the proportion of highly educated and technical employees while reducing the proportion of low-educated and production department employees and promoting human capital structure adjustment. Additionally, AI enhances firms’ investment efficiency and lowers management expense ratios, optimizing resource allocation efficiency. Further analysis indicates that AI’s role in increasing the labor income share is more pronounced in non-state-owned firms, technology-intensive industries and firms with stronger market competitiveness. The research conclusions have certain policy implications for promoting the practice of artificial intelligence in China and helping enterprises develop high-quality.
ZHANG Yongshen,ZHANG Meng. Whether Artificial Intelligence Affects the Labor Share of Income: From the Perspective of Human Capital Structure Adjustment and Resource Allocation Efficiency. Economic Survey, 2025, 42(3): 0106.
2025, Vol. 42 
