C 劳动力流动性能否降低劳动力成本-基于中国上市公司的实证研究
关键词:
劳动力流动性, 劳动力成本, 管理层持股, 机构持股摘要
本文研究了劳动力流动与劳动力成本之间的关系。本文利用多时间点双重差分(DID)和最小二乘法（OLS）回归模型，对中国上市公司的数据进行实证研究。研究发现劳动力流动与劳动力成本之间存在负相关关系。本文进一步探讨了管理层持股、机构持股调节作用下劳动力流动与劳动力成本的关系。研究发现，上述因素可以通过促进劳动力流动性来降低劳动力成本。最后，本文使用倾向匹配得分法(PSM)和DID的组合来测试实验结果，以确保结果的稳健性。
参考
Armstrong, C. S., Jagolinzer, A. D., & Larcker, D. F. Chief executive officer equity incentives and accounting irregularities[J]. Journal of Accounting Research, 2020, 48(2): 225-271.
Ben-Nasr, H., & Alshwer, A. A. Does stock price informativeness affect labor investment efficiency[J]?.Journal of Corporate Finance,2016, 38: 249-271.
Ceglowski, J., & Golub, S. S. Does China still have a labor cost advantage[J]? Global Economy Journal, 2020,12(3): 185-270.
Chen, D., Liang, S., & Zhu, P. Relative performance evaluation and executive compensation: Evidence from Chinese listed companies[J]. China Journal of Accounting Research, 2012,5(2): 127-144.
Chemmanur, T. J., Cheng, Y., & Zhang, T. Human capital, capital structure, and employee pay: An empirical analysis[J]. Journal of Financial Economics, 2013, 110(2): 478-502.
Cui, R., & Cohen, J. H. Reform and the HuKou system in China[J]. Migration Letters,2015,12(3): 327-335.
Cheng, Q., Lee, J., & Shevlin, T. Internal governance and real earnings management[J]. The accounting review, 2016,91(4): 1051-1085.
Cui, Y., Meng, J., & Lu, C. Recent developments in China's labor market: Labor shortage, rising wages and their implications[J]. Review of Development Economics, 2018, 22(3): 1217-1238.
Cao, Z., & Rees, W. Do employee-friendly firms invest more efficiently? Evidence from labor investment efficiency[J]. Journal of Corporate Finance, 2020, 65:10-17.
Demerjian, P., Lev, B., & McVay, S. Quantifying managerial ability: A new measure and validity tests[J]. Management science, 2012, 58(7): 1229-1248.
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. Managerial ability and earnings quality[J]. The accounting review, 2013, 88(2): 463-498.
Dustmann, C., Schönberg, U., & Stuhler, J. Labor supply shocks, native wages, and the adjustment of local employment[J]. The Quarterly Journal of Economics, 2017,132(1): 435-483.
Dong, N., Xiang, Y., Zhang, L., Zhao, Q., & Tang, Y. Human Resource Quality and Value of Cash Holdings in Chinese Listed Firms[J]. The Journal of Developing Areas, 2022,56(1): 107-115.
Gordon, B. R., Goldfarb, A., & Li, Y. Does price elasticity vary with economic growth[J]? A cross-category analysis. Journal of Marketing Research, 2013:0(1): 4-23.
Ghaly, M., Dang, V. A., & Stathopoulos, K. Institutional investors' horizons and corporate employment decisions[J]. Journal of Corporate Finance, 2019, 64(5), 101-134.
Heuermann, D. F., & Schmieder, J. F. The effect of infrastructure on worker mobility: evidence from high-speed rail expansion in Germany[J]. Journal of economic geography, 2019, 19(2): 335-372.
Jung, B., Lee, W. J., & Weber, D. P. Financial reporting quality and labor investment efficiency[J]. Contemporary Accounting Research, 2014,31(4): 1047-1076.
Khedmati, M., Sualihu, M. A., & Yawson, A. CEO-director ties and labor investment efficiency[J]. Journal of Corporate Finance, 2020, 65:471-492.
Lambert, R. A., Leuz, C., & Verrecchia, R. E. Information asymmetry, information precision, and the cost of capital[J]. Review of finance, 2012, 16(1): 1-29.
Li, J., Shan, Y., Tian, G., & Hao, X. Labor cost, government intervention, and corporate innovation: Evidence from China[J]. Journal of Corporate Finance, 2020,64: 551-668.
Prabowo, R., Hooghiemstra, R., & Van Veen-Dirks, P. State ownership, socio-political factors, and labor cost stickiness[J]. European Accounting Review,2018, 27(4): 771-796.
Peneva, E. V., & Rudd, J. B. The passthrough of labor costs to price inflation. Journal of Money, Credit and Banking, 2017,49(8): 1777-1802.
Rae, K., Sands, J., & Subramaniam, N. Associations among the five components within COSO internal control-integrated framework as the underpinning of quality corporate governance[J]. Australasian Accounting, Business and Finance Journal, 2017,11(1): 28-54.
Shi, W., Lin, K. C., McLaughlin, H., Qi, G., & Jin, M. Spatial distribution of job opportunities in China: Evidence from the opening of the high-speed rail[J]. Transportation Research Part A: Policy and Practice, 2020,133: 138-147.
Shen, Y., Liang, S., & Chen, D. Wage and accounting conservatism: Evidence from China[J]. China Journal of Accounting Studies,2013, 1(1): 32-46.
Sbordone, A. M. Prices and unit labor costs: a new test of price stickiness[J]. Journal of Monetary economics, 49(2), 265-292.
Shan, Y. G., Troshani, I., & Tarca, A. Managerial ownership, audit firm size, and audit fees: Australian evidence[J]. Journal of International Accounting, Auditing and Taxation, 2019,35: 18-36.
Su, Z., & Alexiou, C. Equity incentive schemes, investor protection and corporate performance: Evidence from China[J]. China Finance Review International, 2020, 10(3), 297-322.
Sakawa, H., & Watanabel, N. Institutional ownership and firm performance under stakeholder-oriented, Corporate governance[J]. Sustainability, 2020, 12(3): 10-21.
Shen., Yu., & Jiang. Will cleaner air reduce corporate labor cost [J] ?. China Economist, 2020,15(6): 101-127.
Wei, C., Hu, S., & Chen, F. Do political connection disruptions increase labor costs in a government-dominated market[J]? Evidence from publicly listed companies in China. Journal of Corporate Finance, 2020, 62: 531-554.
Xu, Z., & Sun, T. The Siphon effects of transportation infrastructure on internal migration: evidence from China’s HSR network[J]. Applied Economics Letters, 2021,28(13): 1066-1070.
Yang, X., Zhang, H., & Li, Y. (2022). High-speed railway, factor flow and enterprise innovation efficiency: An empirical analysis on micro data[J]. Socio-Economic Planning Sciences,2022, 82: 291-305.
Zhang, J., Wang, R., & Lu, C. A quantitative analysis of Hukou reform in Chinese cities: 2000–2016[J]. Growth and Change, 2019,50(1): 201-221.
Zhang, X., Wu, W., Zhou, Z., & Yuan, L. Geographic proximity, information flows and corporate innovation: Evidence from the high-speed rail construction in China[J]. Pacific-Basin Finance Journal, 2020, 61, 299-342.
##submission.downloads##
已出版
##submission.howToCite##
期
栏目
##submission.license##
##submission.copyrightStatement##
##submission.license.cc.by-nc-nd4.footer##All articles published in the Business Administration and Management Journal Review are copyrighted by the journal.
The views and opinions expressed in each article are solely those of the individual authors and do not represent those of Huachiew Chalermprakiet University or any other faculty members. Each author is fully responsible for the content of their own article. Any errors or issues found are the sole responsibility of the respective author.
