技术经济与管理研究

当前，我国经济结构转型已步入关键阶段，稳定并持续提升劳动收入份额已成为破解内需短板、推动消费结构升级的核心路径与重要抓手。选取2013—2023年我国A股上市公司数据，以增值税留抵退税政策为切入，实证分析减税激励对企业劳动收入份额的影响及传导机制。研究发现：减税激励政策显著提升了中游企业的劳动收入份额，且通过供应链传导对上下游企业产生溢出效应；政策主要通过商业信贷渠道缓解上下游企业流动性压力，通过需求拉动机制激励上游企业扩大固定资产投资、提升人力资本投入，进而作用于劳动收入份额；异质性分析表明，民营企业作为中游企业时政策传导效应更强，非劳动密集型企业的劳动收入份额对政策响应更显著。因此，应强化政策精准性与产业链协同性、强化对民营企业和非劳动密集型企业的政策支持、完善供应链信贷环境。

China's economic structural transformation has entered a critical stage currently,and stabilizing and continuously increasing the labor income share has become the core path and important leverage to address the shortcomings in domestic demand and promote the upgrading of consumption structure. Based on data from A-share listed companies from 2013 to 2023,this study examines the impact of the tax reduction incentives on enterprise labor income share and its transmission mechanisms through Value-Added Tax(VAT)Credit Refund policy. The findings reveal that:The tax reduction incentives policy significantly increases the labor income share of midstream enterprises and generates spillover effects on upstream and downstream enterprises through the supply chain. The policy primarily acts on labor income share by alleviating liquidity pressure for upstream and downstream enterprises through the commercial credit channel,and by stimulating upstream enterprises to expand fixed asset investment and enhance human capital investment via the demand-pull mechanism. Heterogeneity analysis shows that the policy's transmission effect is stronger when private enterprises act as midstream firms,and the labor income share of non-labor-intensive enterprises responds more significantly to the policy. Accordingly,recommendations are proposed,including enhancing policy precision and industrial chain coordination,supporting the development of private enterprises and non-labor-intensive enterprises,and improving the supply chain credit environment.