| 摘要: |
| 本文基于沪深港通交易机制开通，以2011－2020年中国A股上市公司为研究样本，采用多期DID方法研究资本市场开放对企业劳动收入份额的影响。研究发现，资本市场开放会显著提升企业劳动收入份额，经过平行趋势检验、安慰剂检验、更换变量衡量方式、更换样本选择区间以及PSM-DID等稳健性检验后，研究结论仍成立。异质性分析表明，资本市场开放对企业劳动收入份额的提升作用在非国有企业、东部地区企业、制造业企业以及受融资约束程度较高的企业中表现更为显著。 |
| 关键词: 关键词：资本市场开放；沪深港通；劳动收入份额 |
| DOI： |
| 分类号:F830.9 |
| 基金项目:基金项目：国家自然科学基金面上项目“网络环境下双边市场的交易机制设计研究”（71873028）。 |
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| The Impact of Capital Market Liberalization on the Labor Income Share ——The Evidence from the Shanghai-Hong Kong and the Shenzhen-Hong Kong Stock Connect |
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LI Yan
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（Glorious Sun School of Business and Management，Donghua University）
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| Abstract: |
| Abstract：Based on the opening of the Shanghai-Hong Kong and the Shenzhen-Hong Kong Stock Connect trading mechanism，this paper analyzes the impact of capital market liberalization on firms' labor income share using a multi-period DID exploration based on a study sample of Chinese A-share listed firms from 2011 to 2020.The study found that the opening of the capital market significantly increased the labor income share of enterprises.After changing the variable measurement method，parallel trend test，placebo test，changing the sample interval，PSM-DID and other robustness tests，the research conclusion still holds.Moreover，the increasing effect of capital market opening on the labor income share of enterprises is more significant in non-state-owned enterprises，enterprises in the eastern region，manufacturing enterprises，and enterprises with a higher financing constraints. |
| Key words: Key words：Capital Market Liberalization；Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect；Labor Income Share |
