融资约束如何影响劳动收入份额

本文基于流动资本的视角，新古典要素分配模型中引入融资约束，分析了企业流动资本约束对劳动收入份额影响机制；进一步建立相应的计量模型，采用1998-2007年中国工业企业数据实证考察了融资约束对劳动收入份额的影响效应。研究表明与流动资本紧密相关的内源融资约束对于劳动收入份额的变化具有显著的负向影响，尤其是对于非国有企业表现更为明显；外源融资约束的加强在一定程度上则可能减少企业流动资本的挤占，从而增加劳动收入份额；企业垄断能力的变化及其实收资本中不同所有制所属份额，都将显著改变融资约束影响要素收入份额的程度。

How does Credit Constraints Affect Labor Income Share

Based on circulating capital, this paper analyzes the mechanism of the impact on the labor income share in the neoclassical factor distribution model. It conducts empirical research and robust analysis by using China’s industrial enterprise data from 1998 to 2007. The empirical results show that: endogenous credit constraints which is solid related to the circulating capital have significant negative effect on labor income share, meanwhile , the counterpart effect is much more outstanding in the non-state-owned enterprises. Intensifying the exogenous credit constraints could reduce the extrusion effect on current cost of companies and finally increase the labor income share. Besides, monopoly power of firms and the different ownership capital share in paid-in capital will affect the degree of influence of credit constraints on the labor income share.