A Study of Labor Cost and Total Factor Productivity against the Background of Population Aging: Based on the Perspective of Enterprise Ownership Type
Xue Tianhang1, Xiao Wen2, Tang Nan3
1.Research Center for Regional Coordinated Development, Zhejiang University, Hangzhou 310058,China 2.School of Economics, Zhejiang University, Hangzhou 310058, China 3.School of Finance, Shanghai University of Finance and Economics, Shanghai 200433, China
Abstract：With the aggravation of aging, labor cost in China shows an increasing trend. It is the way to cope with the rising cost by promoting the growth of total factor productivity (TFP). Currently, the studies on rising labor cost and TFP focus on qualitative analysis and impact mechanism but seldom involve heterogeneity. However, the heterogeneity of enterprises in financing and other aspects may make it difficult for some enterprises to cope with the impact of rising labor cost, which not only restricts the role of market competition mechanism but also is not conducive to the long-term healthy development of economy in China. Based on this, this paper studies the difference influence of rising labor cost on TFP of different ownership enterprises from the perspective of heterogeneous ownership types and the economic consequences produced by the difference influence.The main contents are as follows (1) The differences in financing ability and policy burden between state-owned enterprises and private enterprises are analyzed theoretically. On the one hand, private enterprises rely more on labor input, and rising labor cost has resulted in a substantial increase in the burden on private enterprises; on the other hand, state-owned enterprises also bear policy burdens such as “stabilizing employment”, and their negative effects on TFP of state-owned enterprises may be further amplified due to rising labor cost. According to this hypothesis, rising labor cost has a more positive effect on TFP of state-owned enterprises (private enterprises). (2) The differences in investment motivation between domestic and foreign-funded enterprises are analyzed theoretically. On the one hand, the technical efficiency level of foreign-funded enterprises is higher, and it is more difficult to improve TFP marginal; on the other hand, it is easier for foreign-funded enterprises to transfer production capacity to countries with lower costs, instead of responding by improving efficiency. Based on this, this paper puts forward a hypothesis that rising labor cost has a more positive effect on TFP of domestic-funded enterprises. (3) Empirical tests are carried out for theoretical analysis. Based on FE model, TFP measured by ACF method is used for regression analysis, and robustness test is carried out by changing regression dependent variables and using GMM regression method. The empirical results are consistent with theoretical hypothesis. The following conclusions are obtained First of all, rising labor cost significantly promotes the TFP of enterprises, and the impact on TFP of enterprises with different ownership types is unbalanced. Secondly, compared with private and foreign-funded enterprises, rising labor cost has a more positive effect on TFP in state-owned enterprises. In capital-intensive industries and areas with low degree of marketization, this unbalanced effect is further expanded. Thirdly, rising labor cost weakens the TFP competitive advantage of private and foreign-funded enterprises, which results in the decline of the market share of private enterprises and foreign-funded enterprises. Therefore, it is helpful to promote the TFP of private and foreign-funded enterprises and maintain the stability of their market share by improving the degree of regional marketization. Innovations First of all, the theoretical framework of rising labor cost and TFP changes of enterprises is constructed from the perspective of ownership heterogeneity, and the heterogeneous influence mechanism of rising labor cost on state-owned enterprises and private enterprises, domestic-funded enterprises and foreign-funded enterprises is put forward to expand and supplement the existing literature. Secondly, by constructing a grouping regression model and other ways to carry out empirical tests, this paper clarifies the heterogeneous influence of rising labor cost on enterprises with different ownership systems and the economic consequences of this heterogeneous influence, which provides theoretical reference for comprehensively grasping the changing characteristics of total factor productivity of enterprises with different ownership systems during the period of population transition.
薛天航, 肖文, 唐楠. 人口老龄化背景下劳动力成本与全要素生产率：基于企业所有制类型的视角[J]. 浙江大学学报(人文社会科学版), 2023, 53(6): 71-84.
Xue Tianhang, Xiao Wen, Tang Nan. A Study of Labor Cost and Total Factor Productivity against the Background of Population Aging: Based on the Perspective of Enterprise Ownership Type. JOURNAL OF ZHEJIANG UNIVERSITY, 2023, 53(6): 71-84.
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