价值分配视角下的劳资共生关系与企业价值创造

doi:10.16381/j.cnki.issn1003-207x.2024.0863

Abstract

Abstract:

With the economic structural transformation and the goal of achieving common prosperity， traditional labor-capital relationship models face new challenges. In the context of high-quality economic development， the issue of value distribution between labor and capital not only concerns the sustainable development of enterprises but also has profound implications for social equity and economic efficiency. Therefore， how to achieve a win-win situation for both labor and capital has become a pressing issue. The labor-capital relations within the framework of China’s unique labor-capital relationship are examined under the goal of common prosperity， focusing on the system of enterprise value creation and distribution. Drawing on symbiosis theory， labor-capital relations are regarded as a dynamic and balanced ecosystem. The distribution of added enterprise value between employees （labor） and shareholders （capital） is treated as a key parameter for the development of labor-capital populations. By categorizing labor-capital symbiosis modes and analyzing their impact on value creation， an analytical framework for labor-capital relations is constructed.To validate the applicability of this theoretical framework， financial data from 359 A-share listed companies in China between 2004 and 2020 are used and the simplex optimization algorithm is applied to measure labor-capital symbiosis modes. The simplex optimization algorithm， as an efficient mathematical optimization method， is capable of effectively handling complex problems involving multiple variables and constraints， making it suitable for the quantitative analysis of labor-capital value distribution modes. The results show that labor-capital value distribution in Chinese listed companies primarily falls into four modes： reciprocal symbiosis mode， profit-biased symbiosis mode， parasitism mode and competition mode. In the reciprocal symbiosis mode， labor and capital achieve coordinated development through a reasonable value distribution， ensuring balanced benefits for both sides and promoting overall enterprise value enhancement. The profit-biased symbiosis mode is characterized by one party dominating the value distribution， while the other party has relatively constrained benefits. Although this mode may yield profits for enterprises in the short term， it could undermine employee motivation and creativity in the long run. The parasitism mode reflects one party exploiting the interests of the other， resulting in severe imbalances in labor-capital relations and hindering sustainable enterprise development. The competition mode is marked by conflicts and opposition between labor and capital in value distribution， often resulting in wasted internal resources and reduced efficiency. To further investigate the impact of different symbiosis modes on enterprise value creation， enterprise value-added is used as the dependent variable and the symbiosis models is treated as dummy variables for independent variables. A fixed-effects model is employed for regression analysis， using the reciprocal symbiosis mode as the benchmark for comparison with the other three modes. The findings reveal that the regression coefficients of the profit-biased symbiosis mode， parasitism mode and competition mode are significantly negative， highlighting that the reciprocal symbiosis mode is the most favorable value distribution approach for enterprise value creation. These results confirm the superiority of the reciprocal symbiosis mode in labor-capital relations， offering a scientific basis for enterprises to optimize value distribution.The systems symbiosis theory is introduced into labor-capital relations analysis， establishing a dynamic equilibrium framework for value distribution and revealing the impact of different symbiosis modes on enterprise value creation， thereby pioneering a new theoretical approach to labor-capital relations research. The findings provide scientific guidance for enterprises to optimize labor-capital value distribution mechanisms and build harmonious labor relations， offering significant policy implications. Furthermore， the research methods and analytical framework employed in this study demonstrate strong innovation and universal applicability， providing valuable references for subsequent research. For example， the combined application of simplex optimization algorithms and fixed-effects models offers reliable tools for the quantitative analysis of labor-capital value distribution modes. The classification framework， grounded in ecosystem theory， also offers new perspectives for studying other types of organizational relationships. The broader application of these methods and frameworks will contribute to further exploration in the field of labor-capital relations， injecting new vitality into the development of related disciplines.

Key words: labor-capital symbiosis, symbiosis mode, value distribution, value creation, symbiotic evolution model

CLC Number:

F275.4

Danli Wang,Weidong Zhu,Chen Zhang, et al. Labor-Capital Symbiosis and Corporate Value Creation under the Perspective of Value Distribution[J]. Chinese Journal of Management Science, 2026, 34(11): 336-347.

Figures/Tables 10

序号	$δ e s$ 和 $δ s e$ 的取值	共生模式	特点	说明
(1)	$δ e s > 0, δ s e > 0$	互惠共生	共生度都大于0，共生关系对两者都产生有益作用	股东和员工双方都受益，系统产生共生能量
(2)	$δ e s = 0, δ s e > 0$ $δ e s > 0, δ s e = 0$	偏利共生	共生度为0的一方不能在共生系统中获得共生能量，共生关系对其不产生影响；共生度大于0的一方从共生系统中获益	股东和员工一方受益，另一方不受影响，两者之间的发展不同步，但系统会产生共生能量
(3)	$δ e s > 0, δ s e < 0$ $δ e s < 0, δ s e > 0$	寄生模式	共生度大于0的一方受益；共生度小于0的一方受损	股东和员工一方受益，一方受损，共生系统不产生共生能量
(4)	$δ e s <, δ s e < 0$	竞争模式	两者处于资源竞争状态，共生关系对两者产生不利影响	股东和员工双方都受损，系统不产生共生能量

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指标	计算方法
增加价值	员工所得额+政府所得额+股东所得额+债权人所得额+企业留存收益
股东所得额	派息数
员工所得额	支付职工以及为职工支付的现金+（应付职工薪酬期末数-期初数）
政府所得额	(期末应交税费-期初应交税费)+（支付的各项税费-收到的税费返还）
债权人所得额	财务费用中的利息支出
企业留存收益	净利润-派息数

共生模式	样本量	占比
互惠共生	2700	61.4%
偏利共生	575	13.1%
寄生模式	953	21.7%
竞争模式	168	3.8%
总计	4396	100%

变量类型	变量名称	变量含义	计算方法
因变量	VA	增加价值	企业增加价值的自然对数
因变量	ROA	资产回报率	净利润/平均资产总额
自变量	Model	共生模式	对共生模型中共生度进行拟合，并通过共生度的组合得到
控制变量	Size	企业规模	总资产的自然对数
	Roe	净资产收益率	税后净利润/净资产
	Lev	资产负债率	负债总额/资产总额
	Profit	净利润增长率	（当年净利润-上年净利润）/当年净利润
	Executive Pay	高管薪酬	董、监、高薪酬前三名平均数的自然对数
	Board	董事会规模	董事人数
	IndDir	独立董事占比	独立董事人数/董事人数
	Top1	第一大股东持股	第一大股东持股/总股本
	Dual	董事长与总经理两职合一	董事长同时兼任总经理为1，否则为0
	State	最终控制人属性	国有企业为1，非国有企业为0
	Indus	行业虚拟变量	处于某一行业为1，其他为0
	Year	时间虚拟变量	处于某一年为1，其他为0

变量	观测值	平均值	标准差	最小值	最大值
VA	4,396	20.933	1.383	17.990	24.417
ROA	4396	0.052	0.038	-0.073	0.193
Roe	4,396	0.101	0.059	0.001	0.309
Size	4,396	22.730	1.409	20.120	26.370
Top1	4,396	36.880	15.920	9.032	75.800
Lev	4,396	0.460	0.185	0.083	0.844
Executive pay	4,396	14.210	0.727	10.600	16.100
Board	4,396	9.746	2.266	5	17
IndDir	4,396	0.374	0.062	0.250	0.571
Profit	4,396	0.498	9.238	-11.790	576.600
Dual	4,396	0.185	0.388	0	1
State	4,396	0.527	0.499	0	1

变量	(1)	(2)	(3)	(4)
变量	VA	VA	VA	VA
偏利共生	-0.092^***	-0.033^***	-0.102^***	-0.034^***
偏利共生	(-4.61)	(-3.21)	(-5.12)	(-3.20)
寄生模式	-0.059^***	-0.019^**	-0.060^***	-0.019^**
寄生模式	(-3.62)	(-2.10)	(-3.66)	(-2.02)
竞争模式	-0.067^*	-0.041^*	-0.068^*	-0.042^*
竞争模式	(-1.87)	(-1.92)	(-1.90)	(-1.90)
Roe		4.802^***		4.899^***
Roe		(29.98)		(31.01)
Size		0.691^***		0.771^***
Size		(24.58)		(40.03)
Top1		-0.002		-0.000
Top1		(-1.55)		(-0.26)
Lev		0.006		-0.088
Lev		(0.07)		(-1.20)
Executive Pay		0.073^***		0.076^***
Executive Pay		(4.24)		(4.98)
Board		0.005^*		0.006^**
Board		(1.66)		(2.03)
IndDir		-0.144^*		-0.104
IndDir		(-1.79)		(-1.28)
Profit		0.004^***		0.005^***
Profit		(3.97)		(4.42)
Dual		0.019		0.011
Dual		(0.89)		(0.58)
State		0.071		0.109^***
State		(1.50)		(3.47)
Constant	19.590^***	3.413^***	18.714^***	1.148^***
Constant	(38.29)	(4.69)	(274.90)	(2.73)
Year	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes
N	4396	4396	4396	4396
Adj_R²	0.641	0.882	0.457	0.589

Labor-Capital Symbiosis and Corporate Value Creation under the Perspective of Value Distribution

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变量	(1)	(2)
变量	ROA	VA
偏利共生	-0.029^***	-0.089^***
偏利共生	(-3.59)	(-3.67)
寄生模式	-0.024^***	-0.052^***
寄生模式	(-3.01)	(-2.96)
竞争模式	-0.032^**	-0.125^***
竞争模式	(-2.18)	(-3.33)
Constant	0.181^***	3.887^***
Constant	(3.24)	(5.81)
控制变量	Yes	Yes
Year	Yes	Yes
Industry	Yes	Yes
Adj_R²	0.13	0.60
N	4396	4001

变量	东部	中部	西部
变量	VA	VA	VA
偏利共生	-0.086^***	-0.178^***	-0.110
偏利共生	(-3.39)	(-4.71)	(-1.24)
寄生模式	-0.082^***	0.011	0.010
寄生模式	(-3.93)	(0.28)	(0.19)
竞争模式	-0.035	-0.103	-0.108
竞争模式	(-0.77)	(-0.82)	(-1.35)
Constant	19.574^***	19.387^***	19.161^***
Constant	(184.00)	(156.49)	(84.70)
控制变量	Yes	Yes	Yes
Year	Yes	Yes	Yes
Industry	Yes	Yes	Yes
Adj_R²	0.58	0.60	0.65
N	3225	693	478

变量	国有企业	民营企业
变量	VA	VA
偏利共生	-0.079^***	-0.104^***
偏利共生	(-2.78)	(-3.40)
寄生模式	-0.068^***	-0.058^**
寄生模式	(-2.89)	(-2.24)
竞争模式	-0.002	-0.119^**
竞争模式	(-0.03)	(-2.42)
Constant	20.109^***	18.404^***
Constant	(235.06)	(91.18)
控制变量	Yes	Yes
Year	Yes	Yes
Industry	Yes	Yes
Adj_R²	0.59	0.61
N	2297	2099

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