| 员工劳动薪酬占比与企业投资效率 |
| Proportion of Labor Compensation and Investment Effi ciency: From the Perspective of Value Creation and Distribution |
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| 中文关键词:劳动薪酬占比 价值创造分配 投资效率 新质生产力 |
| 英文关键词:proportion of labor compensation value creation and allocation investment efficiency new quality productivity |
| 基金项目:国家社科重大项目（18ZDA073）；中国人民大学重大规划项目（2021030218）。 |
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| 中文摘要: |
| 高素质劳动者是新质生产力的重要组成部分，生产关系的优化能够激发劳动者的内在驱动力，从而促进生产力的显著提升。于企业而言，员工是宝贵的劳动力资源，其工作积极性和创造力将直接影响企业的经营效率。本文聚焦于企业价值创造向员工的分配情况，以2007-2022 年中国A 股上市公司为研究样本，从分配结构的视角深入探讨员工劳动薪酬占比对企业投资效率的影响。研究结果表明，员工劳动薪酬占比的增加能够显著抑制企业的非效率投资行为。机制分析表明，员工劳动薪酬占比对投资效率的影响渠道主要包括拓宽信息支持、强化决策判断、降低资金约束和优化内部控制。此外，该效应在非国有企业和行业竞争更激烈的企业中更强。本研究基于微观层面的会计数据深化了对马克思主义劳动价值论的认识，揭示了优化价值创造分配对提高投资效率的重要意义，引导政策制定者关注薪酬的合理分配，以加速培育新质生产力，为推进高质量发展注入核心动力。 |
| 英文摘要: |
| High quality workers are an important component of new quality productivity, and the optimization of production relations can stimulate the intrinsic driving force of workers, thereby promoting signifi cant improvement in productivity. For enterprises, employees are valuable labor resources, and their work enthusiasm and creativity will directly aff ect the operational effi ciency of the enterprise. This paper focuses on the distribution of enterprise value creation to employees, using Chinese A-share listed companies from 2007 to 2022 as research samples, and deeply explores the impact of employee labor compensation ratio on investment efficiency from the perspective of distribution structure of value creation. The results indicate that an increase in the proportion of employee labor compensation can signifi cantly reduce ineffi cient investment. Mechanism analysis shows that the impact channels of labor compensation proportion on investment effi ciency mainly include expanding information support, strengthening decision-making judgment, reducing fi nancial constraints, and optimizing internal controls. In addition, the eff ect is more signifi cant in non-state-owned enterprises and enterprises with more intense industry competition. This study deepens the understanding of Marxist labor theory of value based on micro level accounting data, reveals the important signifi cance of optimizing value creation and distribution in improving investment effi ciency, guides policy makers to pay more attention to the reasonable distribution of value creation, accelerates the cultivation of newquality productivity, and injects power into promoting high-quality development. |
| 赵婧潞,王化成,李雪婧.员工劳动薪酬占比与企业投资效率[J].科学决策,2025,(04):63~85 |
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