Research On The Impact Of Environmental Regulation On The Share Of Labor Income Of Listed Companies

In recent years,China’s environmental governance has achieved certain results,but there is still a problem of excessive unit energy consumption compared with developed countries.Another recurring issue is the distribution of income.The 20th National Congress mentioned improving people’s livelihood and well-being,improving people’s quality of life,and increasing the proportion of labor remuneration in primary distribution.Although China’s share of labor income has rebounded to 47%in recent years,it is still lower than the average level of developed countries.Environmental governance is the future trend of China,and income distribution has been a key issue that China has paid attention to in recent years.All these show that the research on the relationship between environmental regulation and labor income share has profound theoretical and practical significance.Compared with the existing literature,this paper has contributed in the following aspects.First,unlike the previous literature,which explored the relationship between the provincial perspective and the industrial industry at the macro level,this paper attempts to start from a new micro perspective of the labor income share of listed companies.Second,existing studies have not reached a unified conclusion about the impact of environmental regulation on the share of labor income,and some views are even divergent.By examining the impact of environmental regulation on the labor income share of listed companies,this paper will help to test the previous conclusions and even provide new ones.Thirdly,this paper analyzes the mechanism of the regression results through the two mechanisms of enterprise labor demand and enterprise highquality labor demand.At the same time,combined with the analysis of regulatory effects and heterogeneity analysis,the impact of environmental regulation on the labor income share of listed companies is further analyzed.The main research contents of this paper are as follows.First,with reference to existing literature,the environmental regulation index of prefecture-level cities was constructed,and the data was combined with the data of listed companies to carry out research.In this paper,the square term is added to the regression model,and the U-shaped relationship of the impact of environmental regulation on labor income share is analyzed.That is,with the strengthening of environmental regulations,the share of labor income of listed companies has shown a trend of first declining and then rising.Second,the relationship between labor demand and high-quality labor demand,and the two moderating effect models of enterprise scale and enterprise capital intensity,is further studied.Third,this paper uses various methods such as replacing the explanatory variables and lagging variables to test the robustness of the results,which verifies the robustness of the results.Fourth,this paper examines heterogeneity from three perspectives:region,industry and ownership nature.It is found that among listed companies located in the eastern region,in non-heavy polluting industries,and whose ownership nature is private enterprises,the U-shaped relationship between environmental regulation and labor income is more significant.According to the U-shaped impact of environmental regulation on labor income share in the research results,combined with the possible impact mechanism discussed in this paper,corresponding policy suggestions are given,which are mainly summarized in the following four points.First,it is necessary to increase support for green technology innovation for non-stateowned small and medium-sized enterprises.Second,local governments actively introduce hightech industries and green industries.Third,due to the heterogeneity of different regions and industries,the formulation of environmental regulation policies by local governments needs to be adapted to local conditions.Fourth,local governments should increase the introduction of high-quality talents to meet the needs of enterprises and promote the increase of labor income.