Openness Promotes Fairness: Research on the Effect of Capital Market Liberalization on Labor Income Share Based on the Quasi-natural Experiment of Shanghai-Hong Kong Stock Connect

Abstract

Abstract: The capital market is in a pivotal position in the process of China's economic development. Building a “standardized, transparent, open, dynamic, and resilient” capital market and promoting the market to play a decisive role in resource allocation have become important impetus for the transformation, upgrading and high-quality development of China's economy. The opening of the capital market is an important part of China's construction of a new high-level open economic system as well as an important measure of the capital market reform. Since the 18th National Congress of the Communist Party of China, the two-way opening of China's capital market has been gradually accelerated. The implementation of important trading mechanisms, such as Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect and China-Japan ETFs has also further deepened the opening up of the capital market and has a profound impact on China's economic development. Among these trading mechanisms, Shanghai-Hong Kong Stock Connect, including Shanghai Stock Connect and Hong Kong Stock Connect, was the first to be implemented. On November 17, 2014, the first batch of Shanghai-Hong Kong Stock Connect pilots was officially launched, of which 568 stocks were the subject of Shanghai Stock Connect, accounting for 58% of the total number of Shanghai A-share listings that year. And rapid development was soon achieved. With the continuous acceleration of the opening process, the economic effects of the opening of the capital market have gradually attracted widespread attention among the economists. Scholars have carried out a series of analyses on this important topic from both micro and macro perspectives, and obtained rich research conclusions. However, few scholars focus on the effect of the opening of the capital market on the labor income share. Increasing the share of labor income in primary distribution is an important basis for improving social welfare and ensuring fair income distribution. In the context of the new journey of China's economy towards high-quality development, it is of great theoretical and practical significance to investigate the profound impact of the opening of the capital market on the labor income share and explore the path of economic development to achieve common prosperity.
Based on the implementation of the Shanghai-Hong Kong Stock Connect system in 2014 to construct a quasi-natural experiment, this paper uses DID (Difference-in-Difference) method to empirically examine the impact of capital market opening on the labor income share of listed companies. The research results show that the implementation of the Shanghai-Hong Kong Stock Connect trading system has significantly increased the labor income share of listed companies. From the perspective of the impact mechanism, this effect is mainly achieved through the financing effect, income effect, and the employment effect of high-skilled labor. Further analysis finds that, for central and western regions enterprises, non-state-owned enterprises, labor-intensive enterprises, enterprises with high information transparency and strong internal supervision, the implementation of the Shanghai-Hong Kong Stock Connect trading system has a greater effect on the increase of labor income share. Moreover, the opening of the capital market mainly contributes to increasing the labor income share of employees, and the improvement effect on the labor income share of executives is not obvious. This study is helpful to clarify the relationship between capital market opening and labor income share. At the same time, it also provides a new perspective for achieving common prosperity in the process of high-quality economic development of China.
This research has important policy implications. Firstly, we must continue to steadily promote the two-way opening of the capital market. It's important to coordinate “bringing in” and “going out”, promote the capital market reform, improve the interconnection mechanism of the capital market, and promote the formation of an all-round opening up of the capital market. Secondly, it is necessary to solve the problem of corporate financing and reasonably increase the labor income. On the one hand, in order to better meet the financing needs of enterprises and the real economy, it is necessary to build a multi-level and wide-coverage effective financial service supply system, optimize the efficiency of financial resource allocation. On the other hand, it is advisable to establish a sound income distribution mechanism that meets the requirements of the socialist market economy, and reasonably raise the labor income level. Finally, it is also important to pay equal attention to the expansion of the employment scale and the improvement of labor skills, so as to stabilize the economy by stabilizing employment.

Key words: Capital Market Liberalization, Shanghai-Hong Kong Stock Connect, Labor Income Share, Difference-in-Difference Method, Common Prosperity

摘要： 发挥资本市场对劳动收入份额的提升作用对于促进社会公平、实现共同富裕至关重要。基于2014年沪港通交易制度的实施构造准自然实验,采用双重差分模型实证考察资本市场开放对上市企业劳动收入份额的影响。研究结果表明:沪港通交易制度的实施显著促进了上市企业劳动收入份额的提升。从影响机制来看,资本市场开放主要通过融资效应、收入效应以及高技能劳动力就业效应三个渠道对劳动收入份额产生重要作用。拓展性分析发现,在中西部地区企业、非国有企业、劳动密集型企业、信息透明度较高企业和内部监管较强的企业中,沪港通交易制度的实施对劳动收入份额的提升效应更为强烈。而且,资本市场开放主要提升了职工劳动收入份额,对高管劳动收入份额的提升效应并不明显。本研究有利于理清资本市场开放与劳动收入份额之间的关系,也为我国在构建更高水平开放型经济新体制过程中实现共同富裕提供了新的视角。

关键词: 资本市场开放, 沪港通, 劳动收入份额, 双重差分模型, 共同富裕

CLC Number:

F832.5

XIN Daleng, DENG Xiangying. Openness Promotes Fairness: Research on the Effect of Capital Market Liberalization on Labor Income Share Based on the Quasi-natural Experiment of Shanghai-Hong Kong Stock Connect[J]. Collected Essays on Finance and Economics, 2022, 38(12): 37-47.

辛大楞, 邓祥莹. 开放促进公平:资本市场开放对劳动收入份额的影响研究——基于沪港通的准自然实验[J]. 财经论丛, 2022, 38(12): 37-47.

References

[1]Bekaert G., Harvey C. R., Lundblad C. Does Financial Liberalization Spur Growth? [J]. Journal of Financial Economics, 2005, 77(1): 3-55.
[2]马妍研,俞毛毛, 程京京. 资本市场开放促进企业创新了么?——基于陆港通样本的微观证据[J]. 财经论丛, 2019, (8): 39-52.
[3]吴珊, 邹梦琪, 李四海. 资本市场开放抑制了企业避税行为吗?——基于沪深港通交易制度的实证检验[J]. 财经论丛, 2022, (1):57-67.
[4]李腾, 薛敏, 郭金龙. 对外开放增加了保险公司的风险吗?[J]. 财经论丛, 2022, (4): 36-45.
[5]戴鹏毅, 杨胜刚, 袁礼. 资本市场开放与企业全要素生产率 [J]. 世界经济, 2021, (8): 154-178.
[6]唐建新, 程利敏, 陈冬. 资本市场开放与自愿性信息披露——基于沪港通和深港通的实验检验 [J]. 经济理论与经济管理, 2021, (2): 85-97.
[7]李小荣, 王文桢. 资本市场开放与企业劳动力投资 [J]. 中央财经大学学报, 2021, (5): 65-79.
[8]邵敏, 黄玖立. 外资与我国劳动收入份额——基于工业行业的经验研究 [J]. 经济学(季刊), 2010, (4): 1189-1210.
[9]张莉, 李捷瑜, 徐现祥. 国际贸易、偏向型技术进步与要素收入分配 [J]. 经济学(季刊), 2012, (2): 409-428.
[10]白重恩, 钱震杰, 武康平. 中国工业部门要素分配份额决定因素研究 [J]. 经济研究, 2008, (8): 16-28.
[11]罗长远, 陈琳. 融资约束会导致劳动收入份额下降吗?——基于世界银行提供的中国企业数据的实证研究 [J]. 金融研究, 2012, (3): 29-42.
[12]Li B., Liu C., Sun S. T. Do Corporate Income Tax Cuts Decrease Labor Share? Regression Discontinuity Evidence from China [J]. Journal of Development Economics, 2021, 150: 102624.
[13]施新政, 高文静, 陆瑶, 等. 资本市场配置效率与劳动收入份额——来自股权分置改革的证据 [J]. 经济研究, 2019, (12): 21-37.
[14]钟覃琳, 陆正飞. 资本市场开放能提高股价信息含量吗?——基于“沪港通”效应的实证检验 [J]. 管理世界, 2018, (1): 169-179.
[15]王倩, 马云霄. 沪港通政策的公司治理效应——基于事件研究法的实证分析 [J]. 金融论坛, 2016, (5): 33-46.
[16]于博, 吴菡虹. 沪港通的绩效增长与反向选择效应——兼论实现高质量增长的资本市场改革路径 [J]. 财贸经济, 2020, (2): 54-68.
[17]张昭, 马草原, 王爱萍. 资本市场开放对企业内部薪酬差距的影响——基于“沪港通”的准自然实验 [J]. 经济管理, 2020, (6): 172-191.
[18]王雄元, 黄玉菁. 外商直接投资与上市公司职工劳动收入份额: 趁火打劫抑或锦上添花 [J]. 中国工业经济, 2017, (4): 135-154.
[19]林志帆, 赵秋运. 金融抑制会导致劳动收入份额下降吗?——来自世界银行2012年中国企业调查数据的经验证据 [J]. 中国经济问题, 2015, (6): 49-59.
[20]陈学胜, 张建波, 董文龙. 资本市场开放降低了企业融资约束吗?——基于中国上市公司的实证研究 [J]. 证券市场导报, 2012, (11): 32-38.
[21]杨兴全, 李沙沙. 沪港通如何影响公司现金持有? [J]. 北京工商大学学报(社会科学版), 2020, (4): 69-80.
[22]Gupta N., Yuan K. On the Growth Effect of Stock Market Liberalizations [J]. Review of Financial Studies, 2009, 22(11): 4715-4752.
[23]王小洁, 李磊, 刘鹏程. 外资进入、劳动收入份额与技能工资溢价——来自2008年服务业企业普查数据的经验分析 [J]. 商业经济与管理, 2015, (2): 78-86.
[24]张晓磊, 谢建国, 张二震. 企业的空间集聚与劳动收入份额——来自中国微观工业企业的实证 [J]. 南开经济研究, 2018, (3): 157-171.
[25]Wang J., Wang X. Benefits of Foreign Ownership: Evidence from Foreign Direct Investment in China [J]. Journal of International Economics, 2015, 97(2): 325-338.
[26]张婷, 高德婷, 蔡熙乾, 等. 以“稳外资”助推“稳就业” [J]. 财贸经济, 2021, (6): 104-118.
[27]Krusell P., Ohanian L. E., Rios-Rull J., et al. Capital-Skill Complementarity and Inequality: A Macroeconomic Analysis [J]. Econometrica, 2000, 68(5): 1029-1053.
[28]Zhou Y., Tyers R. Automation and Inequality in China [J]. China Economic Review, 2019, 58: 101202.
[29]周茂, 陆毅, 李雨浓. 地区产业升级与劳动收入份额: 基于合成工具变量的估计 [J]. 经济研究, 2018, (11): 132-147.
[30]Agrawal A., Gans J. S., Goldfarb A. Artificial Intelligence: The Ambiguous Labor Market Impact of Automating Prediction [J]. Journal of Economic Perspectives, 2019, 33(2): 31-50.
[31]钞小静, 周文慧. 人工智能对劳动收入份额的影响研究——基于技能偏向性视角的理论阐释与实证检验 [J]. 经济与管理研究, 2021, (2): 82-94.
[32]苏梽芳, 陈昌楠, 蓝嘉俊. “营改增”与劳动收入份额: 来自中国上市公司的证据 [J]. 财贸经济, 2021, (1): 44-61.
[33]庞家任, 张鹤, 张梦洁. 资本市场开放与股权资本成本——基于沪港通、深港通的实证研究 [J]. 金融研究, 2020, (12): 169-188.
[34]Hadlock C. J., Pierce J. R. New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index [J]. Review of Financial Studies, 2010, 23(5): 1909-1940.
[35]鞠晓生, 卢荻, 虞义华. 融资约束、营运资本管理与企业创新可持续性 [J]. 经济研究, 2013, (1): 4-16.
[36]Huang Y. S., Ma Y., Yang Z., et al. A Fire Sale without Fire: An Explanation of Labor-Intensive FDI in China [J]. Journal of Comparative Economics, 2016, 44(4): 884-901.
[37]Chan K., Menkveld A. J., Yang Z. Information Asymmetry and Asset Prices: Evidence from the China Foreign Share Discount [J]. Journal of Finance, 2008, 63(1): 159-196.