A Study on the Impact of Data Assets on the Enterprise Labor Income Share

Data assets, as new type of production factor, present a core issue for improving corporate income distribution systems in the context of digital transformation. This study utilizes data from A-share listed companies from 2007 to 2022 to analyze the impact and mechanisms of data assets on labor income share. The findings indicate that data assets enhance labor income share, which remains valid after a series of robustness tests. Mechanism tests reveal that data assets promote labor income share through dual pathways: suppressing capital deepening and increasing employee wage levels. Further analysis shows that data assets significantly boost total operating revenue, capital income, and labor income, helping companies grow stronger; data assets displace capital income share, reflecting a labor-oriented income distribution; data assets do not significantly affect labor productivity; the specific effects of data assets on labor income share include job creation, high-salary talent acquisition, and skill enhancement. Heterogeneity tests indicate that the promotion effect of data assets on labor income share is more pronounced in labor-intensive, high-tech, and non-state-owned enterprises. This research provides empirical evidence for governments and enterprises to improve income distribution systems and achieve the goal of common prosperity.