摘要
文章选取2004-2019年A股上市企业作为研究样本,从供应链环境的角度,研究了客户集中度对企业劳动投资效率的影响。研究发现,客户集中度越高,企业劳动投资效率越低。上述结果主要源于大客户需求不确定性。在将劳动投资效率分类后发现,客户集中度增加了企业劳动投资不足中的雇佣不足,而紧密的客户-供应商关系(如供应商与客户间信任水平较高、专用性投资较多)则可以缓解客户集中度对企业雇佣不足的影响。进一步分析发现,企业多元化程度越低以及地区劳动力供给越充足时,企业更有可能通过减少雇佣应对客户集中带来的不确定性。该文章为深入理解供应商-客户关系对企业劳动力投资决策的影响提供了证据,对企业和政策制定者如何在当前深化供给侧结构性改革中改善劳动力要素资源配置,助力经济高质量发展具有重要启示。
Using the data of Chinese listed companies from 2004 to 2019,this paper studies the impact of customer concentration on labor investment efficiency from the perspective of supply chain environment.It is found that higher customer concentration is associated with lower labor investment efficiency.The result still holds after a series of robust tests.The finding above is mainly due to the demand uncertainty brought by the big customers.After classifying labor investment efficiency,we find that customer concentration mainly increases underemployment in labor investment.Further analysis indicates that the less close the suppliercustomer relationship(such as,the level of trust and cooperation between suppliers and customers is lower or the relationship-specific investments in supplier-customer relationships is less),the lower the degree of enterprise diversification and the more sufficient the regional labor supply,the more likely the enterprises are to deal with the uncertainty caused by customer concentration through reducing employment.Our findings provide evidence for the in-depth understanding of the impact of supplier-customer relationship on enterprise labor investment decision-making,and have important implications for enterprises and policy makers on how to improve the allocation of labor factors in the current deepening of supply-side structural reform to facilitate the highquality economic development.
作者
陈瑜阳
柳颖
林慧
Chen Yuyang;Liu Ying;Lin Hui
出处
《投资研究》
北大核心
2023年第6期50-79,共30页
Review of Investment Studies
关键词
客户集中度
劳动投资效率
需求不确定性
Customer concentration
Labor investment efficiency
Demand uncertainty
