资本市场开放与企业劳动力投资

李小荣, 王文桢

中央财经大学学报 ›› 2021, Vol. 0 ›› Issue (5) : 65-79.

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PDF(1228 KB)
中央财经大学学报 ›› 2021, Vol. 0 ›› Issue (5) : 65-79.
财务与会计

资本市场开放与企业劳动力投资

  • 李小荣, 王文桢
作者信息 +

Capital Market Openness and Enterprise's Labor Investment

  • LI Xiao-rong, WANG Wen-zhen
Author information +
文章历史 +

摘要

中国经济进入转型关键期,面对高失业率、“结构性用工荒”等现实问题,研究企业劳动力投资问题显得尤为重要。本文全面研究了资本市场开放对企业劳动力投资的影响,研究发现,“沪港通”和“深港通”机制的启动能够提高企业的劳动力投资规模;资本市场开放对民营企业、融资约束企业劳动力投资规模的影响更为显著。进一步研究发现,融资约束、其他资产投资对资本市场开放与企业劳动力投资关系具有中介效应;资本市场开放增加了企业对高技能劳动力的需求。此外,研究还发现在控制其他资本投资的影响后资本市场开放能够对劳动力投资产生直接影响。最后,本文采用的样本通过了平行趋势检验,而且经过一系列稳健性检验之后研究结论不变。本文拓展了资本市场开放经济后果以及劳动力投资影响因素的研究,为中国以及新兴资本市场国家稳步推进资本市场开放政策提供了经验证据,同时为解决中国经济转型时期劳动力市场面临的问题提供政策启示。

Abstract

China's economy has entered a critical period of transformation.Facing the high unemployment rate and “structural labor shortage”,it is particularly important to study the labor investment of enterprises.This paper comprehensively studies the impact of capital market openness on enterprise's labor investment,and finds that the “Shanghai-Hong Kong Stock Connect” and “Shenzhen-Hong Kong Stock Connect” can improve the scale of labor investment of enterprises.In private enterprises and financial constrained enterprises,the capital market openness has a more significant impact on the scale of labor investment.Further research shows that financial constraints and other investment have a mediating effect on the relationship between capital market openness and labor investment.Capital market openness increases the demand for highly skilled labor force.In addition,the study also finds that after controlling the impact of other capital investment,capital market openness has a direct impact on labor investment.Finally,the samples used in this paper have passed the parallel trend test,and the conclusion of this paper remains unchanged after a series of robustness tests.This study expands the research on the economic consequences of opening up the capital market and the influencing factors of labor investment,which provides empirical evidence for China and emerging capital market countries to steadily promote the policy of capital market openness,and provides policy enlightenment for solving the problems faced by the labor market in China's economic transition period.

关键词

资本市场开放 / 劳动力投资 / 企业产权 / 融资约束

Key words

Capital market openness / Labor investment / Property right character / Financial constraints

引用本文

导出引用
李小荣, 王文桢. 资本市场开放与企业劳动力投资[J]. 中央财经大学学报, 2021, 0(5): 65-79
LI Xiao-rong, WANG Wen-zhen. Capital Market Openness and Enterprise's Labor Investment[J]. Journal of Central University of Finance & Economics, 2021, 0(5): 65-79
中图分类号: F831F241   

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基金

国家自然科学基金面上项目“利率市场化与企业劳动力投资:影响、作用机制与综合效果”(项目编号:71972192);教育部霍英东教育基金会资助项目“CEO权力、股价崩盘风险与股价同步性”(项目编号:161077)。
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