Capital Share Dynamics When Firms Insure Workers
Capital Share Dynamics When Firms Insure Workers
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公司为工人提供保险时的资本份额动态
DOI：
10.2139/ssrn.2807093
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Mindy X. Zhang
中科院分区：
文献类型：
--
作者：
Barney Hartman;Hanno Lustig;Mindy X. Zhang
尽管总资本份额增加了，但一般公司的所有者所占的增加值份额却下降了。要素份额的这些变化部分反映了工人向所有者支付的企业一级风险保险费增加。位于右尾的最大公司在产出中所占的份额更大，但这些公司工人的薪酬却没有跟上。我们开发了一个模型，在该模型中，公司为管理人员提供保险，以应对公司特有的冲击。规模更大、生产率更高的公司将更大份额的租金返还给股东，而生产率较低的公司则内生性地退出。企业层面风险的增加降低了企业退出的门槛，并增加了对规模分布右尾企业的衡量，推高了经济中的总资本份额，但降低了企业的平均资本份额。正如模型所预测的那样，企业规模不平等的增加并不与企业间劳动报酬不平等的增加相匹配。
The share of the average firm's value added that accrues to its owners has declined, even though the aggregate capital share has increased. These changes in factor shares partly reflect a larger firm-level risk insurance premium paid by workers to owners. The largest firms in the right tail account for a larger share of output, but the compensation of workers at these firms has not kept up. We develop a model in which firms provide managers with insurance against firm-specific shocks. Larger, more productive firms return a larger share of rents to shareholders, while less productive firms endogenously exit. An increase in firm-level risk lowers the threshold at which firms exit and increases the measure of firms in the right tail of the size distribution, pushing up the aggregate capital share in the economy, but lowering the average firm's capital share. As predicted by the model, the increase in firm size inequality is not matched by an increase in inter-firm labor compensation inequality.