Multinational Enterprises and Corporate Labor Share
以2011年泰国洪水为自然实验，分析日本跨国企业因泰国子公司受扰导致国内劳动份额上升，揭示全球生产网络对劳动资本平衡的影响。
Abstract This study analyzes how multinational enterprises (MNEs) influence corporate labor share in their home countries, using the 2011 Thailand Floods as a natural experiment. Flood-related disruptions to Thai subsidiaries of Japanese MNEs generated a negative foreign productivity shock that raised labor share in Japan. We interpret this pattern using a model with international factor substitution and estimate the elasticity of substitution between domestic labor and foreign inputs using an instrument based on flood exposure. The estimated model quantifies the long-run e!ect of Thai productivity growth on Japan's labor share, indicating that expanding global production networks can shift labor–capital balances.