| The way the market operates has undergone significant changes due to the impact of economic financialization.From the micro level,affected by the financialization of the macro economy,the real enterprises,as the main body of the microeconomics,have begun to invest a large amount of capital in the financial market.In the short term,this "high-risk,high return" model may benefit enterprises,but in the long run,it is bound to bury the hidden danger of economic collapse.However,after the 2008 financial crisis,the degree of corporate financialization and the share of labor income have generally changed in the same direction.Therefore,whether corporate financialization can increase labor remuneration and narrow the wealth gap has gradually become a hot topic of concern in the national economic development.Therefore,by studying the relationship between enterprise financialization and labor income share,this paper analyzes the impact of economic "de materialization" on labor income share,and provides scientific suggestions for achieving high-quality economic development and common prosperity.Taking the data of A-share companies from 2007 to 2021 as samples,this paper uses the method of multiple linear regression to study the impact of corporate financialization on the share of labor income,and uses the mesomeric effect model to analyze the impact path.It passes the robustness test through the propensity score matching method and other methods,and uses the grouping regression to analyze the heterogeneity.On the basis of reviewing relevant literature,this article proposes research hypotheses through theoretical analysis,and finally draws research conclusions and suggestions through empirical analysis and testing.This article draws the following conclusions through research:First,there is a certain correlation between enterprise financialization and Labor share,which is significantly positive.Second,financing constraints and enterprise performance play a Mesomeric effect in the process of the impact of enterprise financialization on Labor share,while enterprise innovation plays a masking effect.The promotion of enterprise financialization on Labor share is actually at the cost of damaging business performance and innovation ability,which is not conducive to the long-term development of enterprises.Third,corporate financialization has a greater effect on the Labor share of ordinary employees than on the Labor share of executives.Fourth,enterprises in non high-tech industries,periods of greater uncertainty in economic policies,and Underdevelopment increase their investment in financial assets,and the effect of improving Labor share is greater.This article has the following three contributions: firstly,the existing literature on the impact path of corporate financialization on labor income share is relatively single,either only considering the path where corporate financialization will have a positive impact on labor income share,or only considering the path that will have a negative impact;When studying the impact path of corporate financialization on labor income share,this article not only considers the positive impact path but also does not overlook the possible negative impact path.Secondly,this article clarifies the mechanism by which corporate financialization affects the share of labor income,forming a rigorous logical structure.Thirdly,in further analysis,this article takes into account the impact of macroeconomic development and puts the research into a macro context for analysis.Based on economic policy uncertainty and economic development level,group tests are conducted on the relationship between enterprise financialization and labor income share. |
