摘要
劳动力资本在微观企业竞争力塑造与宏观经济要素资源配置中发挥着重要作用。基于2007—2017年我国A股非金融行业上市公司的相关数据,本文对环境不确定性与企业劳动投资效率之间关系展开了探讨。研究发现,环境不确定性会抑制企业劳动投资效率,且代理问题与管理者能力是环境不确定性作用于企业劳动投资效率的主要路径。进一步检验发现,行业竞争地位较低、融资约束较为严重的企业劳动投资效率受到外部环境不确定性的影响更为明显;相较于加剧劳动投资过度,环境不确定性抑制劳动投资不足的效应更为显著;而在不同的劳动密集度下,环境不确定性影响劳动投资效率的效果并无显著差异。研究结论可以为增强企业应对环境波动能力、提高劳动投资效率、优化要素市场配置体制机制等提供有益的政策建议。
Labor investment efficiency is not only an important content related to the effectiveness of resource allocation in macroeconomic development,but also the core factor directly related to the enterprise's ability to create value.As one of the most important decision-making and influencing factors in the whole process of production and operation,maintaining an optimal level of labor investment is of great significance for improving the efficiency of resource allocation and maintaining continuity and stability of growth.The resource theory proposes that environment is the basic condition for enterprises to survive.Meanwhile,environment also restricts its operation,thus enterprises and managers need to make different business strategies and operational decisions according to the environmental differences.Especially the micro-environment which is directly related to the production and operation of enterprises has a more obvious impact on the allocation of enterprise resources.Specifically,the impact of environmental uncertainty on the labor investment efficiency of enterprises may include the following aspects.First,environmental uncertainty magnifies the agency problem of managers in labor investment decisions.On the one hand,the uncertainty of the environment increases the difficulty in the evaluation of the company's business performance,making it more difficult for stakeholders to effectively supervise and judge the investment decisions of the company,which creates opportunities for managers to be lazy and on-the-job consumption,and leads to investment deviation from the optimal level.On the other hand,the increased environmental uncertainty of enterprises not only brings more opportunities for the managers to seek selfish interests,but also makes them face more pressure to achieve the expected performance targets,which is more likely to trigger various opportunistic behaviors.Second,environmental uncertainty weakens managers'ability to make effective decisions based on information.As an important component of fac
作者
卜君
孙光国
BU Jun;SUN Guang-guo(School of Accounting,Dongbei University of Finance and Economics,Dalian,Liaoning,116025,China)
出处
《经济管理》
CSSCI
北大核心
2020年第10期23-38,共16页
Business and Management Journal ( BMJ )
基金
辽宁省教育厅青年科技人才“育苗”项目“董事会秘书:变更、专业性与投资者保护研究”(LN2020Q01)
财政部会计名家培养工程项目“会计准则主体互动关系与会计信息质量提升研究”(财会[2019]19号)。
关键词
环境不确定性
劳动投资效率
竞争地位
融资约束
environmental uncertainty
labor investment efficiency
competitive position
financing constraints
