摘要
以往的一些研究发现超额雇员会导致公司价值降低等一系列的负面经济后果,但并未系统研究超额雇员导致负面经济后果的机制。借助2008年版《劳动合同法》颁布实施这个外生事件,本文研究发现,超额雇员显著降低了公司价值,伴随着该法案的颁布实施,超额雇员与公司价值的负相关关系有所强化。这应当与《劳动合同法》导致企业用工成本提高有关,这说明超额雇员导致公司价值降低的主要机制是超额雇员导致企业劳动力成本提高,而不是超额雇员导致企业生产效率的降低。进一步的研究发现,媒体曝光率显著降低了超额雇员这种负面因素对公司价值的不利影响,这从另一个角度扩展了媒体的信息中介理论。
Previous research finds that firms' excess employees will reduce the valuation of firms,as well as lead to a series of negative economic consequences.However,these studies don' t open out the mechanisms why excess employees would lead to a series of negative economic consequences. Using of the exogenous event of the promulgation of the Chinese'Labor Contract Law'in 2008,the paper finds that the increasing of excess employees would reduce the valuation of firms. The paper also reveals the mechanism is excess employees leading to labor costs' improvement as opposed to excess employees leading to enterprises productivity'lowering because of labor costs having obviously increased after the act. Furthermore,the paper presents evidence that media coverage significantly reduces the negative correlation between excess employees and the valuation of firms,which expands the theory of media'information intermediaries.
出处
《会计研究》
CSSCI
北大核心
2016年第4期49-54,96,共6页
Accounting Research
基金
国家自然科学基金(71372168
71332004)
国家社会科学基金(14AZD068)
中央高校基本科研业务费专项资金资助(暨南启明星计划)(15JNQM011)
中央高校基本科研业务费专项资金资助(暨南远航计划)(15JNYH008)
暨南大学管理学院重点学科建设育题基金项目(GY14003)的资助
财政部"全国会计领军(后备)人才(学术类)培养项目"的支持
