Labor Share and Firm Performance
Labor Share and Firm Performance
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劳动份额和公司绩效
DOI：
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发表时间：
2017
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影响因子：
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通讯作者：
Yukiko Hashimoto
中科院分区：
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作者：
Yukiko Hashimoto
本研究使用《日本各行业企业财务报表统计》中的面板数据（1994 ~ 2013年），分析了企业的增加值分配、特别是劳动份额与年度业绩的关系。在所有样本中，虽然同年劳动力份额随着销售额的增长而下降，但两年后观察到该份额的上升，这表明普通企业有可能根据跨期分布调整利润变化。根据按行业和平均销售额增长率对企业进行的分析发现，制造业企业的销售额变化，无论销售额增长率如何，对当年的劳动力份额都产生了显著的负面影响。这可能是因为制造业企业的固定成本占总劳动成本的比例较高;即使增加值随着销售额的增长而增加，总劳动成本也只会略有调整，导致劳动力份额下降。然而，在快速增长的非制造业公司，销售额的增长并不伴随着劳动力份额的下降。这意味着这些公司向工人分配的利润与增加值的增长一样多。显然，这些公司根据增值增长将增值分配给劳动力成本、股息和留存收益，从而保持这些项目的利润份额稳定。
This study analyzes the relationship between firms f distribution of value added, particularly labor share, and their yearly performance, using panel data (for 1994 - 2013) from the Financial Statements Statistics of Corporations by Industry in Japan. In all samples, while a decline in labor share accompanies sales growth in the same year, rises in the share are observed two years later, indicating the possibility of average firms having adjusted profit changes with the intertemporal distribution. An analysis in which firms are broken down by industry and average sales growth found that sales changes at manufacturing firms have significantly negative effects on labor share in the same year, irrespective of the extent of sales growth rates. This might be because fixed costs f share of total labor costs are higher at manufacturing firms; even if value added increases in line with sales growth, total labor costs are adjusted only slightly, resulting in a decline in labor share. At rapidly growing non-manufacturing firms, however, sales growth does not accompany labor share fs decline. This means that the distribution of profits to workers increases as much as value added growth at these firms. Apparently, these firms distribute value added to labor costs, dividend and retained earnings in line with value added growth, keeping profit shares for these items stable.