Economic Effects of Alternative Compensation Systems

最近的许多经济研究都集中在劳工和管理层的补偿制度上，这可能是工资制度的有效替代方案。大部分注意力都集中在利润分享或员工所有权的制度上，在这种制度下，工人不仅得到工资补偿，而且还得到公司利润的一部分。学者和政策制定者特别感兴趣的是，企业内部结构，特别是那些提供灵活薪酬的结构，在决定宏观经济结果方面具有巨大的潜在重要性。然而，还有许多其他可能的分担安排，原则上它们除了影响通货膨胀、失业和其他宏观经济变量外，还将产生许多后果。它们还可能影响投资决策和生产率。过去的研究表明，共享方案有四种不同的基本形式：1)员工按公司利润的一部分获得报酬，但不拥有公司股票，也不行使公司的管理控制权；2)员工拥有公司股份，但在管理层决策中没有作用的制度；3)完全由劳动力管理的公司；4)劳动力和管理层共同参与决策的公司。许多具体的安排都是这四种基本配置的变体。鉴于利润分享制度的重要性，在这些问题上缺乏扎实的实证工作。本项目通过提供严格的计量经济学证据，证明利润分享程度与各种经济指标（包括生产率、投资率、企业组建和企业生存）之间的关系，填补了这一空白。利用Jones教授先前构建的一组非常丰富和详细的关于英国、法国和美国利润分成公司的面板数据，本项目提供了对劳动和工资方程、生产函数和生产率方程的估计。这使琼斯教授和其他研究人员能够确定劳动补偿安排影响宏观经济的结构和机制。

Much recent economic research has focused on compensation systems for labor and management which might be an effective alternative to the wage system. Most of the attention has centered on a system of profit sharing or employee ownership, wherein workers are compensated not only by wages but also by a share of the firm's profits. Of particular interest to both academicians and policy makers is the enormous potential importance of structures internal to the firm, especially those that provide for flexible pay, in determining macroeconomic outcomes. There are, however, many other possible sharing arrangements, and in principle they will also have many ramifications other than affecting inflation, unemployment and other macoreconomic variables. They could as well affect investment decisions and productivity. Past work has shown that sharing schemes take one of four different basic forms: 1) arrangements in which employees are remunerated by a share of the firm's profits but do not own stock nor exercise managerial control in the firm, 2) systems where employees own shares in the company, but have no role in the decisions of management, 3) firms which are managed entirely by labor, and 4) firms in which labor and management share in the decisions. Many specific arrangements are variations on these four basic configurations. Given the importance of profit sharing systems, there is a dearth of solid empirical work done on these issues. This project fills that gap by generating rigorous econometric evidence on the association between degrees of profit sharing and various economic indicators including productivity, investment rates, enterprise formation, and firm survival. Using a very rich and detailed set of panel data previously constructed by Professor Jones on profit sharing firms in Great Britain, France, and the United States, this project provides estimates of labor and wage equations, production functions, and productivity equations. These enable Professor Jones and other researchers to ascertain the structure and the mechanism by which labor compensation arrangements affect the macroeconomy.