增加价值分配结构现状及其决定因素分析——基于我国上市公司的实证研究

文章以教育部博士点基金项目(2011年)为依托,将企业增加价值在其主要利益相关者之间分配份额(分配结构)作为研究对象,构建了非竞争市场因素影响增加价值分配结构结的结构方程模型框架,并以2003-2010年上市公司微观数据为样本,运用结构方程分析方法对相关假设进行实证检验。实证结果表明:1、目前国企相对民企、欠发达地区相对于发达地区以及商业相对于工业和地产对增加员工所得份额、降低政府所得份额有显著影响,表现为对分配结构存在显著的负向影响;2、股权集中度与经营绩效对增加员工所得份额、降低政府所得份额有影响,表现为对分配结构有正向影响,但统计上不显著;3、研究发现政府所得率与员工所得率之间呈反向变动关系。结论表明:非竞争市场因素对我国增加价值分配结构存在重要影响,在解决分配结构问题的时候,应尽量消除非竞争市场因素的不利影响。

Added Value Distribution Pattern and Its Determinant Factors Analysis

The article research on firm's add value distribution in its main stakeholders. Equation model framework is build in this paper,which is about non-competitive market factors influence of add value distribution structure, then the empirical test is carried on to related hypothesis using structural equation analytical method based on micro-data of listed company from 2003 to 2010. The empirical results show that: firstly, state-own enterprise to private enterprise, under-development regions to developed regions and business to industry and real estate which have significant increase staff's share and reduce government's share, show negative influence on add value distribution structure. Secondly, ownership concentration and business performance have influence on increasing staff's share and reduce government's share, showing positive influence on add value distribution structure, while it is no significant. Finally,it is found that there exit reverse change relations between government income rate and staff income rate. Conclusion shows that non-competitive factors have significant influence on add value distribution of our country, so it is nesessary to remove negative influence of non-competitive factors when solve problematic of distribution structure.