【英文标题】Does the Increase in Labor Income Reduce Corporate Value?

　　【作者简介】叶康涛(1974-　)，男，浙江温州人，中国人民大学商学院副教授；王春飞(1980-　)，男，江西南城人，中央财经大学会计学院讲师（北京 100872）；祝继高(1982-　)，男，浙江建德人，对外经济贸易大学国际商学院副教授（北京 100029）。

　　【内容提要】针对我国劳动收入比重逐年下降这一现实情况，文章利用上市公司1999-2009年数据，考察了劳动者工资对企业绩效的影响。研究发现，劳动者工资越高，则公司的市场价值越高，而且未来业绩越有可能上升；此外，治理越好的公司，劳动者工资越高。文章研究表明，提高劳动者工资不仅符合社会公平目标，也符合经济效率目标。

　　Based on the constant decrease in labor’s share of income in China, this paper studies the effect of labor income on corporate performance by using the data of listed companies from 1999to 2009. It arrives at the following conclusions: firstly, higher labor income results in higher corporate market value and the probable rise in future performance; secondly, better corporate governance leads to higher labor income. It shows that the increase in labor income is in accordance with not only the object of social fairness, but also the one of economic efficiency.

　　【关键词】劳动者工资/公司价值/产权性质/公司治理labor income/corporate value/nature of property rights/corporate governance