摘要
培育机构投资者是建设高质量资本市场的重点,对推动供给侧结构性改革和优化企业资源配置起着关键作用。基于2010—2018年中国A股上市公司样本,从公司治理的角度出发,考察了机构投资者持股对劳动投资效率的影响。研究结果表明,机构投资者持股能够显著提高企业劳动投资效率,具体表现为机构投资者持股抑制了雇佣冗余,缓解了雇佣不足和解雇过度。中介效应检验结果显示,两类代理成本的降低和融资约束的缓解是机构投资者提高企业劳动投资效率的重要机制。进一步研究发现,在市场化程度高的地区,机构投资者持股对劳动投资效率的影响更显著,劳动密集度则对两者关系无显著影响。因而,吸引优质机构投资者、健全上市公司信息披露制度和加强市场化建设是提高企业劳动力资源配置效率的关键。
Promoting the growth of institutional investors is a priority task in building a high-quality capital market and it plays a critical role in deepening the supply-side structural reform and optimizing the resource allocation of enterprises.Based on the sample of China's A-share listed companies from 2010 to 2018,this paper examines the impact of institutional ownership on labor investment efficiency from the perspective of corporate governance.The results show that institutional ownership can significantly improve the labor investment efficiency of enterprises,thanks to its role in restraining the problem of over-hiring and mitigating the problems of under-hiring and over-firing.The mediating effect test shows that the reduction of two types of agency costs and the easing of financing constraints are important mechanisms through which institutional ownership can improve the labor investment efficiency of enterprises.Furthermore,researchers find that institutional ownership's effect on labor investment efficiency is more significant in regions with high degree of marketization while labor intensity's influence on the relationship between institutional ownership and labor investment efficiency is insignificant.The paper concludes that attracting high-quality institutional investors,improving the information disclosure system of listed companies and deepening market-oriented reforms are the keys to improve the efficiency of labor resource allocation of enterprises.
作者
刘进
孙荪璐
LIU Jin;SUN Sunlu(Business School, Jiangnan University, Wuxi, Jiangsu 214122, China)
出处
《北京工商大学学报（社会科学版）》
CSSCI
北大核心
2022年第2期47-58,共12页
JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES
基金
国家社会科学基金项目“基于技术契合视角的公司创业投资生态链企业技术创新机理及其提升对策研究”(19BGL033)
江苏高校哲学社会科学研究重大项目“‘双循环’新发展格局下江苏先进制造业智能化建设研究”(2021SJZDA030)。
关键词
机构投资者
劳动投资效率
投资过度
投资不足
代理成本
融资约束
institutional investors
labor investment efficiency
over-investment
under-investment
agency costs
financing constraints
