摘要
股价崩盘是当前财务研究领域的热点话题,大量文献开始考察股价崩盘对企业带来的负面后果,鉴于劳动投资效率在当前供给侧结构性改革背景下的重要意义,本文着重考察股价崩盘对公司劳动投资效率的影响。我们的实证结果显示:股价崩盘风险对企业劳动投资效率存在显著正向影响,并且这种正向效应在劳动密集型行业以及股权集中度高的公司更为显著。进一步研究发现,股价崩盘之后上市公司的信息质量得到改善,使得劳动投资效率提升,而且该影响持续时间较长。此外,通过对于员工学历和职能部门的分组回归,我们观察到在高学历和主要营运部门(生产、技术、销售)的劳动投资效率提高尤为明显。本文还进行了一系列稳健性检验,研究结论依然成立。
In recent years,the Central Committee put forward the concept of "supply side structural reform". In the face of such economic environment,micro enterprises should be the main force of supply side structural reform in the implementation of policies,expand effective supply and improve total factor productivity efficiency. Based on the efficiency of labor investment,this paper uses the data of Shanghai and Shenzhen A shares listed companies for 2000-2016 years to explore the economic consequences of stock price crash risk. Our empirical results show that:( 1) stock price crash risk has a significant positive impact on the efficiency of labor investment;( 2) the positive effect in the labor intensive industry and the promulgation of the new labor contract law is more significant. Further research found that the improvement of information quality in listed companies after the stock price crash lead to the efficiency of investment in labor and the effect lasts for a long time. In addition,we can see that the efficiency of labor investment in highly educated and main business sectors( production,technology and sales) is significantly improved.The conclusion of the study is still established after a series of robustness tests.
作者
方军雄
于传荣
Junxiong Fang;Chuanrong Yu(School of Management,Fudan University,Shanghai 200433,China)
出处
《金融科学》
2020年第2期25-48,共24页
Financial Science
基金
国家自然科学基金“制度变迁、股价崩盘经济后果与修复策略研究”(项目批准号:71872048)
关键词
股价崩盘风险
劳动投资效率
劳动密集型
Stock Price Crash Risk
Efficiency of Labor Investment
Labor-intensive
作者简介
方军雄,复旦大学管理学院,教授,研究方向:报表分析与有效管理,高管薪酬与高管治理,治理机制与独立审计;于传荣,中粮地产,博士。
