Internal capital markets and employee wage: Evidence from China |
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| Institution: | 1. School of Economics, Jiaxing University, Jiaxing 314001, China;2. China-ASEAN Institute of Financcial Cooperation, Guangxi University, Nanning, Guangxi, China;3. School of Economics, Guangxi University, Nanning, Guangxi, China;5. Shenzhen International Graduate School, Tsinghua University, Shenzhen, Guangdong, China;6. Guangxi University of Finance and Economics, Graduate School, Nanning, Guangxi, China;1. School of Mathematics and Finance, Anhui Polytechnic University, Wuhu, China;2. Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China;3. Data-Driven Management Decision Making Lab, Shanghai Jiao Tong University, Shanghai, China;1. Center for Quantitative Economics of Jilin University, Changchun 130012, PR China;2. Business and Management School of Jilin University, Changchun 130012, PR China;3. Economics School of Changchun University, Changchun 130021, PR China;1. Department of Digital Economy, Shanghai University of Finance and Economics, No 777 Guoding Road, Shanghai 200433, China;2. School of Information Management & Engineering, Shanghai University of Finance and Economics, No 777 Guoding Road, Shanghai 200433, China;3. Faculty of Business information, Shanghai Business School, No 123 Fengpu Avenue, Shanghai 201400, China |
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| Abstract: | The existing literature mainly focuses on the economic consequences of the internal capital market at firm level, while rarely literatures explore the effect on individual perspective. Based on manually collected data of the internal capital market from 2007 to 2018 in Chinese business groups, we examined whether and how internal capital market affects the employee wage. We find that internal capital market can add the employees wage. Further, the mechanism analysis shows that internal capital market can improve the employees wage by reducing operating risks, improving capital intensity and alleviating financing constraints. Heterogeneity analysis shows that this effect is more significant for private enterprises. This paper provides useful guideline for the improvement of employee's welfare and then benefit for enhance firm productivity. |
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