Abstract: In recent years，as Chinas economy has entered the new normal phase，transitioning from rapid growth to highquality development This context has made it imperative to cultivate new growth drivers for sustainable economic growth Innovation serves as the core driving force for constructing modern industrial systems and developing new quality productive forces，with enterprises functioning as the microlevel entities of innovation Distinct from conventional corporate investment activities，corporate innovation requires the integration of individual human capital with organizational resources，which necessitates establishing corresponding compensation mechanisms to incentivize employees and facilitate innovation initiatives
Improving the labor share in enterprises belongs to the category of fairness，while enterprise innovation belongs to the category of efficiency Whether the two can be unified is a key topic of longterm concern in the academic community This article uses Ashare listed companies from 2007 to 2021 as the research sample，examined from a micro perspective how increasing labor share affects the innovation output of enterprises Research has found that：（1） Increasing labor share will significantly increase the innovation output of enterprises （2） Mechanism testing found that increasing labor share mainly promotes enterprise innovation through channels such as reducing agency costs and lowering employee mobility （3） Heterogeneity analysis found that the innovation promotion effect generated by increasing labor share is more pronounced in nonstateowned enterprises，firms with weaker financing constraints，and laborintensive enterprises Further analysis reveals that increasing labor share exerts significantly positive promoting effects on both invention patents and utility model patents Additionally，increasing labor share significantly boosts corporate innovation investment This study confirms from a micro perspective that fairness and efficiency can be unified，which enriched the relevant research on the socioeconomic effects of labor share，and provided empirical support for building a more fair，reasonable，and orderly pattern of factor income distribution to improve efficiency
The marginal contributions of this study are as follows：（1） By employing firmlevel data，it enriches the literature on the socioeconomic impacts of labor share from a micro perspective，while providing new insights into enhancing corporate innovation capabilities （2） The analysis framework innovatively incorporates agency cost reduction and employee mobility mitigation into the mechanism of how labor share affects corporate innovation，with empirical validation This offers concrete evidence for understanding the operational mechanisms through which labor share influences innovation Additionally，heterogeneity analyses across enterprise ownership structures，financing constraints，and per capita capital levels help elucidate the differential impacts of labor share on innovation outcomes among enterprises with varying characteristics

Key words: labor share, innovation, agency cost, employee mobility

摘要： 提高企业劳动收入份额属于公平的范畴，企业创新属于效率的范畴，二者能否实现统一是学术界长期关注的重点话题。本文以20072021年A股上市公司为研究样本，从微观视角考察了提高劳动收入份额对企业创新的影响及其机理。研究发现：（1）提高劳动收入份额会显著促进企业创新；（2）机制检验发现，提高劳动收入份额主要通过降低代理成本和降低员工流动性等渠道促进企业创新；（3）异质性分析发现，提高劳动收入份额所产生的创新促进效应对非国有企业、融资约束较弱企业以及劳动密集型企业更凸显。进一步分析发现，提高劳动收入份额对发明专利以及实用型专利均存在显著正向促进效应；提高劳动收入份额还会显著增加企业创新投入。本文丰富了劳动收入份额的经济社会影响的相关研究，也为构建更加公平合理有序的要素收入分配格局以提升经济效率提供经验支持。

关键词: 劳动收入份额, 创新, 代理成本, 员工流动性