Capital Market Opening And Labor Income Share Of Enterprise

The opening of the outside world,as a basic national policy in my country,is of great significance for promoting the reform of the financial system and promoting high-quality economic development.Since the 18 th National Congress of the Communist Party of China,my country’s economic development has entered a new era,especially the development of the capital market has entered a new stage of opening up,which has put forward new and higher requirements for the high-quality development of the A-share capital market.On November 17,2014 and December 5,2016,my country officially launched the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect",which helps accelerate the pace of opening up my country’s capital market to the outside world.Decisions have important practical significance.Experience analysis shows that the financial market is an important factor that affects corporate labor income share,and increasing labor income share is the main way to increase the proportion of labor income in the distribution of national income and increase the level of residents’ income.Therefore,this article is based on the "Shanghai-Shenzhen-Hong Kong Stock Connect" as the background.The system study the impact of my country’s capital market opening on corporate labor income shares undoubtedly has important theoretical value and practical significance.This article first systematically sorts out the relevant documents related to the opening of the capital market and the share of labor income at home and abroad;secondly,on the basis of the aforementioned research,this article proposes three potential impact mechanisms that affect the labor income share of the capital market,and form formed to be treated.The research hypothesis for inspection;again,considering the endogenous and other problems in the open research of the capital market,this article is based on the "Shanghai-Shenzhen-Hong Kong Stock Connect" trading system on November 17,2014 and December 5,2016 as the exogenous country.The impact structure of multi-phase double differences,the system inspects the impact of the opening of the capital market on the share of corporate labor income,and inspects the potential impact mechanism proposed the previous article.In terms of objective differences,this article further carried out stability test and heterogeneous analysis.The study of this article found that(1)The labor income share of the "Shanghai-Shenzhen-Hong Kong Stock Connect" target enterprise is significantly higher than that of non-standard enterprises,which means that the opening of the capital market has significantly increased the company’s labor income share.A series of stable tests such as scoring matching method are established.(2)Analysis of heterogeneity of cross section shows that the opening of the capital market on the active impact of the share of corporate labor income mainly exists in companies with strong bargaining ability,capital-intensive,and low degree of development in the area where they are in the area.Essence(3)The research of influencing mechanisms found that the opening of the capital market is mainly through financing constraint channels,human capital structure channels,and corporate financial channels,thereby increasing corporate labor income.The discovery of this article provides empirical evidence and policy inspiration for the opening of the opening of my country’s capital market to affect micro-enterprise behavior,and provides a practical reference for the implementation of the policy of open capital market opening in my country,which is the high level of opening up in my country to further promote the capital market,and better play.The "barometer" function of the capital market has important enlightenment significance.