| The first item of the report of the 20th National Congress of the Communist Party of China on people’s livelihood is to improve the distribution system,which reflects the important position of the distribution system in the new journey.The report stressed the need to increase the proportion of labor remuneration in the primary distribution,that is,to increase the share of labor income.The continuous decline in the share of labor income will lead to a series of social and economic problems such as the continuous downturn in consumption,the structural imbalance of distribution and the depression of economy.So researchers are trying to figure out what causes changes in the labor share.At present,the existing literature mainly focuses on five aspects:economic structural transformation,biased technological progress,economic globalization,factor market distortion,and Chinese system.Financial mismatch is one of the micro forms of factor market distortion,coupled with the importance of financial resources,so this paper tries to explore the relationship between them.Since there are only macro conclusions in the existing research,and no similar literature in the micro,this paper is significant in both theory and practice.By combing and analyzing the existing literature,we believe that financial mismatch will negatively affect the labor income share of enterprises through distorting factor prices and strengthening the level of financialization of enterprises.And this kind of influence has ownership heterogeneity and scale heterogeneity.In order to verify the relationship between financial mismatch and labor income share,this paper uses the data of Chinese listed companies from 2008 to 2021 to test the impact of financial mismatch on labor income share through twoway fixed effect model and panel Tobit model in benchmark regression.In order to eliminate possible endogeneity problems and obtain more accurate results,this paper uses instrumental variable method,propensity score matching method and one period lagged method of explanatory variables to process and test the endogeneity of the data.Then the paper studies the two transmission paths of distorting price factors and strengthening the level of enterprise financialization.Then the heterogeneity test of ownership and scale is carried out,and the moderating effect of digital transformation is tested.Finally,in order to ensure the robustness of the benchmark results,this paper uses dynamic panel system GMM method,substitution of dependent variable indicators,changing the tail reduction standard,and eliminating part of the samples to carry out robust test.The results of benchmark regression show that financial mismatch has a significant negative impact on labor income share,that is,financial mismatch will inhibit the increase of labor income share.Three methods were used for endogeneity treatment and four methods were used for robust type test.In terms of mechanism test,two transmission paths are proved through theory and empirical study:(1)When factor substitution elasticity is less than 1,financial mismatch leads to the decline of labor income share by distorting factor prices;(2)On the premise that corporate financialization negatively affects corporate labor income share,financial mismatch reduces labor income share by strengthening corporate financialization level.In terms of heterogeneity test,this paper combines the above two transmission paths and through empirical test,it is found that financial mismatching of state-owned enterprises and large-scale enterprises has a stronger inhibiting effect on the labor income share than non-stateowned enterprises and small-scale enterprises.In terms of moderating effect test,this paper verifies that enterprise digital transformation will slow down the inhibiting effect of financial mismatching labor income share,and the conclusion remains valid after changing the measurement index of enterprise digital transformation.The research results of this paper supplement the influence of factor distortion on labor income share at the micro level,verify that the macro conclusion is also valid at the micro level,and enrich the transmission path of financial mismatch affecting labor income share.According to the research conclusions,we put forward the following three suggestions:(1)Improve the financial system and enhance the marketization level.The government should start with the system and the market,pay more attention to and support the weak enterprises,and reduce the level of financial mismatch.(2)Establish the right motivation,focus on the main responsibility and business.Management itself needs to be long-term minded.Governments should look at the metrics for management,focusing on "performance" as well as long-term development.Let the management focus on the main responsibility,and let financial resources serve the real economy;(3)Promote the digital transformation of enterprises and enhance the transparency of enterprise information.Enterprises should actively seek digital transformation to improve information transparency.The government should build digital infrastructure,establish benchmark enterprises for digital transformation,encourage social capital to enter and other aspects to help enterprises in digital transformation. |
