The Evolution and Influencing Factors of Labor Market Monopsony in China's Manufacturing Sector——Based on the Production Function Approach
Jiping Chen;Chuliang Luo;Dandan Zhang;
Abstract:
Using the production function approach, this paper examines the evolution and determinants of labor market monopsony in China's manufacturing sector. We find that monopsony power slightly declined from 2008 to 2016 in China. There are significant variations in its magnitude and trends across industries and ownership types, and monopsony power across cities shows a clear convergence trend. By 2016, the wage markdown in China's manufacturing sector was 1.98, meaning that for every 1 yuan of revenue generated, workers received nearly 0.5 yuan in return, indicating that labor income remains relatively disadvantaged. Moreover, firm's monopoly power significantly reduces its monopsony power, whereas firm size, capital-labor ratio, and productivity significantly increase it. Additionally, we find that monopsony power lowers firm's labor income share by reducing both employment and wages.
Key Words:
Foundation: 国家自然科学基金青年项目“行业垄断与国民收入分配失衡:微观机制和改善路径研究”(批准号:72403175);; 国家社科基金项目“以高质量充分就业促进共同富裕的路径与策略研究”(批准号:23VRC010);; 北京市教育委员会科研计划项目资助(批准号:SM202410038007)的资助
Authors: Jiping Chen;Chuliang Luo;Dandan Zhang;
References:
- 白重恩,钱震杰,武康平.2008.中国工业部门要素分配份额决定因素研究[J].经济研究,(8):16-28.Bai E,Qian J,Wu P.2008.Determinants of factor shares in China's industrial sector[J]Economic Research Journal,(8):16-28.(in Chinese) 陈宇峰,贵斌威,陈启清2013.技术偏向与中国劳动收入份额的再考察[J]经济研究,48(6):113-126.Chen F,Gui W,Chen Q.2013.Biased technical change and labor income share in China[J]Economic Research Journal,48(6):113-126.(in Chinese) 李稻葵,刘霖林,王红领2009.GDP中劳动份额演变的U型规律[J]经济研究,44(1):70-82.Li D K,Liu L L,Wang H L.2009.The U curve of labor share in GDP during economic development[J].Economic Research Journal,44(1):70-82.(in Chinese) 李辉,邹先强,李瑶,等2024.缓解劳动力市场势力的制度安排:最低工资的视角[J]管理世界,40 (11):104-130.Li H,Zou Q,Li Y,et al.2024.Institutional arrangements to alleviate labor market power:perspective on minimum wage[J]Journal of Management World,40 (11):104-130.(in Chinese) 李扬,殷剑峰2007.中国高储蓄率问题探究---1992-2003年中国资金流量表的分析[J]经济研究,(6):14-26.Li Y,Yin F.2007.Anatomy of high saving rate of China:Analysis based upon flow of funds account of China from 1992 to 2003[J]Economic Research Journal,(6):70-82.(in Chinese) 刘瑞明,石磊2011.上游垄断、非对称竞争与社会福利---兼论大中型国有企业利润的性质[J]经济研究,46(12):127-142.Liu M,Shi L.2011.Upstream market monopoly,asymmetric competition and social welfare:On the nature of the large and medium SOE's profit[J]Economic Research Journal,46(12):127-142.(in Chinese) 罗楚亮2018.城镇居民工资不平等的变化:1995-2013年[J]世界经济,41(11):25-48.Luo L.2018.Changes of wage inequality in urban China:1995-2013[J]Journal of World Economy,41(11):25-48.(in Chinese) 刘亚琳,申广军,姚洋2022.我国劳动收入份额:新变化与再考察[J]经济学(季刊),22(5):1467-1488.Liu L,Shen J,Yao Y.2022.Revisiting the causes of changes in China's labor share based on new stylized facts[J]China Economic Quarterly,22(5):1467-1488.(in Chinese) 文雁兵,陆雪琴2018.中国劳动收入份额变动的决定机制分析---市场竞争和制度质量的双重视角[J]经济研究,53(9):83-98.Wen B,Lu Q.2018,The determination mechanism of changes in China's labor income share:Based on the double perspective of market competition and institutional quality[J]Economic Research Journal,53(9):83-98.(in Chinese) 王林辉,袁礼2018.有偏型技术进步、产业结构变迁和中国要素收入分配格局[J]经济研究,53(11):115-131.Wang H,Yuan L.2018.Directed technical change,industrial structural transformation and factor shares in China[J]Economic Research Journal,53(11):115-131.(in Chinese) 解恩泽,余淼杰2024.制造业企业劳资收入分配改善了么?---来自劳动力市场竞争性角度的分析[J]管理世界,40(6):92-117.Xie Z,Yu J.2024.Has the income distribution between labor and capital in manufacturing firms improved?Empirical evidence from the perspective of labor market competition[J]Journal of Management World,40(6):92-117.(in Chinese) 叶林祥,李实,罗楚亮2011.行业垄断、所有制与企业工资收入差距---基于第一次全国经济普查企业数据的实证研究[J]管理世界,(4):26-36.Ye X,Li S,Luo L.2011.Industrial monopoly,ownership and enterprises wage inequality:An empirical research based on the first National Economic Census of enterprises data[J]Journal of Management World,(4):26-36.(in Chinese) 尹恒,李辉,张道远2024.制造业企业的劳动力市场垄断势力:非中性技术进步环境下的识别与估计[J]中国工业经济,(8):24-42.Yin H,Li H,Zhang Y.2024.Labor market monopsony power in Chinese manufacturing firms:Identification and estimation in an environment of non-neutral technological change[J]China Industrial Economics,(8):24-42.(in Chinese) 尹恒,张子尧,曹斯蔚2021.社会保险降费的就业促进效应---基于服务业的政策模拟[J]中国工业经济,(5):57-75.Yin H,Zhang Y,Cao W.2021.The effect of social security fee reduction on the labor demand:Policy simulation based on service sector[J].China Industrial Economics,(5):57-75.(in Chinese) 于良春,张伟2010.中国行业性行政垄断的强度与效率损失研究[J]经济研究,45(3):16-27.Yu C,Zhang W.2010.Intensity and efficiency loss of industry administrative monopoly in China[J]Economic Research Journal,45(3):16-27.(in Chinese) 于良春,余东华2009.中国地区性行政垄断程度的测度研究[J]经济研究,44(2):119-131.Yu C,Yu H,2009.The measurement of local administrative monopoly degree in China[J]Economic Research Journal,44(2):119-131.(in Chinese) 夏庆杰,李实,宋丽娜,等2012.国有单位工资结构及其就业规模变化的收入分配效应:1988-2007[J]经济研究,47(6):127-142.Xia J,Li S,Song N,et al.2012.Effect of changes in wage structure and employment shares of state-owned units on income distribution:1988-2007[J]Economic Research Journal,47(6):127-142.(in Chinese) 岳希明,李实,史泰丽2010.垄断行业高收入问题探讨[J]中国社会科学,(3):77-93.Yue M,Li S,Shi L.2010.Are the high salaries of employees in monopoly industries justified?[J]Social Sciences in China,(3):77-93.(in Chinese) 赵伟光,李伟,李凯2022.企业势力向劳动力市场扩展---关联机理识别及竞争政策优化[J]经济学动态[J](01):100-116.Zhao G,Li W,Li K.2022.Firm power in the labor market:Identification of the correlation mechanism and optimization of competition policy[J]Economic Perspectives,(1):100-116.(in Chinese) Ackerberg A,Caves,and K.,Frazer,G.2015.Identification properties of recent production function estimators[J]Econometrica,83(6):2411-2451. Autor D,Dorn D,Katz F,et al.2020.The fall of the labor share and the rise of superstar firms[J]The Quarterly Journal of Economics,135(2):645-709. Azar J,Marinescu I,Steinbaum M,et al.2020.Concentration in US labor markets:evidence from online vacancy data[J]Labour Economics,66,101886. Azar J,Marinescu I,Steinbaum M.2022.Labor market concentration[J]Journal of Human Resources,57(S):S167-S199. Berger D,Herkenhoff K,Mongey S.2022.Labor market power[J]American Economic Review,112(4):1147-1193. Brandt L,Van Biesebroeck J,Zhang Y.2012.Creative accounting or creative destruction?Firm-level productivity growth in Chinese manufacturing[J]Journal of Development Economics,97(2):339-351. Brooks J,Kaboski P,Li A,et al.2021.Exploitation of labor?Classical monopsony power and labor's share[J]Journal of Development Economics,150:102627. Card D,Cardoso R,Heining J,et al.2018.Firms and labor market inequality:Evidence and some theory[J]Journal of Labor Economics,36(S1):S13-S70. Dube A,Lester W,Reich M.2016.Minimum wage shocks,employment flows,and labor market frictions[J]Journal of Labor Economics,34(3):663-704. Edmond C,Midrigan V,Xu Y.2023.How costly are markups[J]Journal of Political Economy,131(7):1619-1675. Falch T.2010.The elasticity of labor supply at the establishment level[J]Journal of Labor Economics,28(2):237-266. Firpo S,Fortin M,Lemieux T.2009.Unconditional quantile regressions[J]Econometrica,77(3):953-973. Flynn Z,Traina J,Gandhi A.2019.Measuring markups with production data[R]Available at SSRN 3358472. Gandhi A,Navarro S,Rivers A.2020.On the identification of gross output production functions[J]Journal of Political Economy,128(8),2973-3016. Grossman G M,Oberfield E.2022.The elusive explanation for the declining labor share[J].Annual Review of Economics,14:93-124. Hall E,Blanchard J,Hubbard G.1986.Market structure and macroeconomic fluctuations[J]Brookings Papers on Economic Activity,1986(2):285-338. Hsieh T,Klenow J.2009.Misallocation and manufacturing TFP in China and India[J]The Quarterly Journal of Economics,124(4):1403-1448. Karabarbounis L,Neiman B.2014.The global decline of the labor share[J]The Quarterly Journal of Economics,129(1):61-103. Liu Y,Mao J.2019.How do tax incentives affect investment and productivity?Firm-level evidence from China[J]American Economic Journal:Economic Policy,11(3):261-291. Loecker D,Warzynski F.2012.Markups and firm-level export status[J]American Economic Review,102(6):2437-2471. Manning A.2013.Monopsony in motion:Imperfect competition in labor markets[M]Princeton:Princeton University Press. Manning A,Petrongolo B.2017.How local are labor markets?Evidence from spatial job search model[J]American Economic Review,107(10):2877-2907. Staiger O,Spetz J,Phibbs S.2010.Is there monopsony in the labor market?Evidence from natural experiment[J]Journal of Labor Economics,28(2):211-236. Yeh C,Macaluso C,Hershbein B.2022.Monopsony in the US labor market[J]American Economic Review,112(7):2099-2138.
- (1)随着服务业日渐成为经济结构中的主体产业,服务业劳动力市场势力也值得引起关注,但为了提高估计准确性,估计服务业的工资折价需要在已有的行业分类基础上,进一步细化行业分类。 (2)本文的基准估计与Yeh et al.(2022)一致,使用超越对数生产函数估计(Translog Function),该函数不要求要素弹性不随时间变化,是更具一般性的企业生产函数。 (3)附图1使用相关数据讨论了人口和企业流动与工资折价的关系。 (4)Firpo et al(2009)的回归分解方法还可以分析分位点、方差以及基尼系数等不均等指标的差异。 (5)反事实分布函数一定程度上解决了Oaxaca分解方法中的参照组选择问题(罗楚亮,2018)。
- Jiping Chen
- Chuliang Luo
- Dandan Zhang
- School of Labor Economics
- Capital University of Economics and Business
- China Center of Economic Research
- National School of Development
- Peking University
- Jiping Chen
- Chuliang Luo
- Dandan Zhang
- School of Labor Economics
- Capital University of Economics and Business
- China Center of Economic Research
- National School of Development
- Peking University