Have Digital Finance Affected Labor Income Share? Empirical Evidence from the Listed Companies of China

JIANG Hong-li; JIANG Peng-cheng; HU Lin-ke

Volume 37 Issue 3

May 2022

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2022 > 37(3): 34-48

JIANG Hong-li, JIANG Peng-cheng, HU Lin-ke. Have Digital Finance Affected Labor Income Share? Empirical Evidence from the Listed Companies of China[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(3): 34-48.

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JIANG Hong-li, JIANG Peng-cheng, HU Lin-ke. Have Digital Finance Affected Labor Income Share? Empirical Evidence from the Listed Companies of China[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(3): 34-48.

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Have Digital Finance Affected Labor Income Share? Empirical Evidence from the Listed Companies of China

1.
School of Finance and Economics, Jiangsu University, Zhenjiang 212013
2.
School of Urban and Regional Science, Shanghai University of Finance and Economics, Shanghai 200433, China

Received Date: 2022-01-24
Publish Date: 2022-05-28

Abstract

Abstract

The improvement of the quality and efficiency of financial services in the real economy and increase of the proportion of labor remuneration in the income distribution system are important driving forces for the construction of a new development pattern and the realization of common prosperity. This paper explores the impacts of digital finance development on labor income share, its internal mechanism and heterogeneity effect based on the data of Chinese listed companies from 2011 to 2019. The results show that digital finance significantly improves labor income share, which is still valid after dealing with endogenous problems and a series of robustness tests; its internal mechanism is that digital finance optimizes the employment skill structure by increasing the employment of high skilled labor and reducing the employment of low skilled labor, and then improves the proportion of labor remuneration in the added value of enterprises; digital finance improves both wage rate and labor productivity, while the former is dominant. Further research shows that the impact of digital finance on labor income share is heterogeneous due to cross-sectional differences such as digital financial structure, internal characteristics of enterprises and external institutional environment. This research provides useful thinking for digital finance how to serve the real economy with high quality and build targeted paths to achieve common prosperity.
- digital finance,
- labor income,
- labor income share,
- employment skill structure,
- new development pattern,
- income distribution,
- labour force

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References(44)

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