【摘要】 实现全体人民共同富裕是中国式现代化的重要特征。本文立足于现代金融主体在实现全体人民共同富裕战略目标中的支持作用，利用2007—2021年A股上市公司样本，手工整理风险投资的相关数据，基于劳动收入份额视角研究风险投资对企业内部收入分配的影响。结果表明：风险投资显著提升了企业的劳动收入份额。经过一系列内生性检验和稳健性检验，该结论仍然成立。在作用机制上，风险投资主要通过提升企业的自主创新水平，发挥增值与认证作用缓解企业融资约束，并增强企业会计信息的可比性来提升企业劳动收入份额。异质性分析表明，风险投资对企业劳动收入份额的促进效应在非国有企业、劳动密集型企业及竞争行业企业中更为凸显。最后，在进一步讨论中发现，风险投资在促进企业劳动收入份额提升的同时挤占了资本收入份额，并且有助于做大我国的“就业蛋糕”。本文不仅从企业内部收入分配视角拓展了对风险投资增值作用的认识，还为理解金融与共同富裕之间的关系提供了新的视角，同时也为促进共同富裕和推动中国式现代化提供了重要政策启示。更多还原

【Abstract】 Chinese-style modernization is a modernization of common prosperity for all people. Labor income share not only directly affects the wage level and income growth of residents, but also relates to how much the people share the fruits of economic development, and therefore largely reflects the fairness of income distribution. For a long time, China’s financial structure is dominated by indirect financing, and the direct financing system represented by venture capital needs to be further developed. Will venture capital, as the main form of direct financial arrangement in the modern financial system, affect labor income share of enterprises and through what channels?In order to solve these problems, this paper firstly theoretically elaborates the intrinsic mechanism of venture capital influencing labor income share. Then, based on the hand-arranged data related to venture capital and taking A-share listed companies as samples from 2007 to 2021, the paper discusses the effect of venture capital on labor income share at the micro level and examines the channel of its effect. The study finds that venture capital significantly improves labor income share, which can help enterprises “cut the cake”. After a series of endogeneity and robustness tests, the conclusion still holds. In terms of its mechanism of action, venture capital can increase labor income share by enhancing their level of independent innovation, playing the role of value-added and certification to alleviate the financing constraints faced by enterprises, and enhancing the comparability of their accounting information. At the same time, the promotion effect of venture capital on labor income share will be significantly different due to the nature of property rights, enterprise factor intensity and the degree of competition in the industry. The promotion effect of venture capital on labor income share is more prominent in non-state-owned enterprises, labor-intensive enterprises and enterprises in competitive industries. Further discussion reveals that venture capital, while raising labor income share, also crowds out capital income share, and helps to enlarge the “employment cake” in China. This paper not only expands the understanding of the value-added role of venture capital from the perspective of intra-firm income distribution, but also provides new perspectives for understanding the relationship between finance and common wealth, as well as important policy insights for promoting common wealth and facilitating Chinese-style modernization.The potential contribution of this paper lies in the following three aspects: First, while existing studies on the value-added role of venture capital mostly focus on how it can “make the cake bigger”, this paper systematically examines the impact of venture capital on “cutting the cake” in the primary distribution. Secondly, this paper examines the economic consequences of venture capital intervention from the perspective of income distribution, which helps to expand and extend the related research in the field of “finance and common wealth”. Third, this paper unveils the black box of the mechanism by which venture capital affects labor income share, which helps to deeply understand the mechanism by which venture capital affects labor income share, and thus provides a reference basis for optimizing the pattern of income distribution and realizing the common wealth within enterprises.Based on the above conclusions, this paper puts forward the following policy recommendations. First, government departments should continue to deepen the structural reform of the financial supply side, accelerate the development of direct financing systems such as venture capital and private equity funds, and increase the proportion of direct financing. Second, the government should improve the innovation-oriented capital market system, increase the financing support for SMEs, increase the supervision of corporate accounting information disclosure, and differentiate the formulation and improvement of compensation and welfare policies and other institutional arrangements according to the characteristics of different enterprises. Finally, for the enterprise sector, institutional investor governance should be emphasized and given full play to its role in regulating the internal income distribution of enterprises. For government departments, they should continue to improve the system and mechanism conducive to the participation of institutional investors in the capital market, optimize the environment for medium-and long-term funds to enter the market, and promote the realization of common wealth within enterprises.更多还原