Page 188 - 《社会》2025年第3期

非金融企业金融化与内部收入差距的关系研究

Effects on Social Development
ZHU Bin TIAN Yijun
Abstract：Financial development is not only an important driving force for
economic growth， but also a significant force in shaping social structure. In recent
years， with the continuous acceleration of financialization in China， financial
factors have increasingly permeated multiple aspects of business operations and
social governance， triggering a great deal of concern in the academic community
about the possible structural consequences of financialization. Combining the
perspectives of financial development and power structure， this paper constructs a
theoretical framework for analyzing the inequality effects of financial development
and proposes three potential inequality effects: maximising the inequality鄄
maintaining effect， effectively expanding inequality effect and effectively reducing
inequality effect. Using data from A鄄share listed companies between 2007 and
2022， this paper examines the impact of financialization of non鄄financial
enterprises on the intra鄄firm income gap. The study finds that the financialization
of non鄄financial enterprises has significantly widened the income gap between
management and ordinary employees. Specifically， financialization has deepened
the existing power structure within enterprises. On the one hand， it inhibits the
expansion of real business by directing investment to the financial sector， which in
turn weakens the bargaining power of employees and their room for pay growth； on
the other hand， it prompts enterprises to adopt incentive mechanisms oriented
towards maximizing shareholder value， which enhances the management’s control
and pay bargaining power， and enables it to obtain a larger share of resource
allocation. Furthermore， although corporate financialization improves business
performance to a certain extent， new profits are mainly distributed centrally to
management， with limited benefits shared by ordinary employees. This finding
supports the assumption of effectively expanding inequality and reveals the latent
distribution risks and social inequality amplification mechanisms of financialization
under the current corporate governance structure.
Keywords：corporate financialization，income inequality，bargaining power

一、 引言

高质量发展与共同富裕是全面建设社会主义现代化强国过程中高
度关联的两大战略性任务， 二者的关系同样也是发展社会学关注的核

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