社会杂志 ›› 2025, Vol. 45 ›› Issue (3): 180-207.

• 论文 • 上一篇    下一篇

非金融企业金融化与内部收入差距的关系研究——兼论社会发展的不平等效应

朱斌, 田亦君()   

  • 出版日期:2025-05-20 发布日期:2025-06-19
  • 作者简介:朱斌  中国人民大学社会学理论与方法研究中心, 中国人民大学社会工作与发展研究院
    田亦君  中国人民大学社会学院, E-mail: tianyijun7@ruc.edu.cn
  • 基金资助:
    国家社会科学基金青年项目“金融化视角下我国收入分配差距变迁与共同富裕研究”(21CSH013)

The Relationship Between Financialization and Internal Income Gap in Non-Financial Enterprises: An Analysis of the Inequality Effects on Social Development

Bin ZHU, Yijun TIAN()   

  • Online:2025-05-20 Published:2025-06-19
  • About author:ZHU Bin, Center for Studies of Sociological Theory & Method, and Research Institute for Social Work and Development, Renmin University of China
    TIAN Yijun, School of Social Research, Renmin University of China, E-mail: tianyijun7@ruc.edu.cn
  • Supported by:
    the National Social Science Fund of China-Youth Project "Research on the Changes of Income Distribution Gap and Common Prosperity in China from the Perspective of Financialization"(21CSH013)

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摘要：

金融发展是社会发展的重要组成部分。随着中国金融化进程的加快, 越来越多的研究开始关注金融化如何重塑社会。为了回答这一问题, 本文结合金融发展视角和权力结构视角, 构建了金融发展的不平等效应分析框架, 提出“最大化维持不平等”“有效扩大不平等”“有效缩小不平等”三种不平等效应, 并利用2007—2022年中国A股上市公司的数据进行了检验。研究显示, 非金融企业金融化会显著增大管理层与普通员工的收入差距：首先, 金融化深化了企业内部既有的权力结构, 一方面通过影响企业的投资转向抑制了普通员工的议价权力, 显著降低了普通员工的收入, 另一方面促使企业遵从股东价值至上的管理导向, 导致管理层议价权力的扩张和收入的提高；其次, 金融化虽然有助于企业经营绩效的改善, 但在既有权力结构下, 企业会将新增利润更多地分配给管理层, 普通员工在企业金融化中获益有限, 这也证明了“有效扩大不平等假设”。

关键词: 企业金融化, 收入不平等, 议价权力

Abstract:

Financial development is not only an important driving force for economic growth, but also a significant force in shaping social structure. In recent years, with the continuous acceleration of financialization in China, financial factors have increasingly permeated multiple aspects of business operations and social governance, triggering a great deal of concern in the academic community about the possible structural consequences of financialization. Combining the perspectives of financial development and power structure, this paper constructs a theoretical framework for analyzing the inequality effects of financial development and proposes three potential inequality effects: maximising the inequality-maintaining effect, effectively expanding inequality effect and effectively reducing inequality effect. Using data from A-share listed companies between 2007 and 2022, this paper examines the impact of financialization of non-financial enterprises on the intra-firm income gap. The study finds that the financialization of non-financial enterprises has significantly widened the income gap between management and ordinary employees. Specifically, financialization has deepened the existing power structure within enterprises. On the one hand, it inhibits the expansion of real business by directing investment to the financial sector, which in turn weakens the bargaining power of employees and their room for pay growth; on the other hand, it prompts enterprises to adopt incentive mechanisms oriented towards maximizing shareholder value, which enhances the management's control and pay bargaining power, and enables it to obtain a larger share of resource allocation. Furthermore, although corporate financialization improves business performance to a certain extent, new profits are mainly distributed centrally to management, with limited benefits shared by ordinary employees. This finding supports the assumption of effectively expanding inequality and reveals the latent distribution risks and social inequality amplification mechanisms of financialization under the current corporate governance structure.

Key words: corporate financialization, income inequality, bargaining power