摘要
当前,我国正着力推进金融体制改革,提升金融服务实体经济的能力。沪深港通交易制度作为中国股票市场开放的重要创新制度,其运行效果受到了社会各界的关注。文章基于沪深港通交易制度的准自然实验,采用多时点双重差分法,研究股票市场开放与企业劳动投资效率的关系。研究发现,沪深港通交易制度的实施显著提高了标的公司的劳动投资效率,具体表现为缓解雇佣不足和抑制雇佣过度。基于劳动力调整成本的分组检验发现,沪深港通交易制度实施对企业劳动投资效率的改善作用在劳动密集度越高、研发人员比例越多和融资约束越严重的企业中更加显著。进一步的机制检验发现,股票市场开放对企业劳动投资效率的提高作用主要体现在代理问题较严重、外部监督较弱以及信息不对称较高的企业。文章丰富了我国资本市场开放经济后果的研究,拓展了企业劳动投资效率的研究视角,还为进一步加大资本市场有序开放力度提供了理论依据和借鉴意义。
In recent years,China has been committed to deepening the reform of the financial system and enhancing the ability of finance to serve the real economy.As an important innovative system for the opening of China's stock market,the implementation of the Shanghai/Shenzhen-Hong Kong Stock Connect mechanism has attracted attention from all walks of life.Based on the quasi-natural experiment scene of the implementation of Shanghai/Shenzhen-Hong Kong Stock Connect Pro⁃gram,we use multi-period difference in differences method to study the relationship between the opening of Chinese stock market and the firms’labor investment efficiency.We find that the interconnection mechanism significantly improves the firms’labor investment efficiency.Specifically,stock market liberalization reduces under-hiring and over-hiring in employ⁃ees.Group tests based on labor adjustment cost show that the Shanghai/Shenzhen-Hong Kong Stock Connect Program has a more significant influence on the firms’labor investment efficiency in firms with higher labor intensity,more R&D personnel and higher financing constraints.Further channel tests find that the role of stock market opening in improving the firms'labor investment efficiency is more significant in firms with more serious agency problems,weaker external supervision and higher information asymmetry.This paper enriches the research on the economic consequences of China's capital market opening,expands the research perspective of firms’labor investment efficiency,provides the theoretical basis and reference for further strengthening the orderly opening of the capital market in China.
作者
黎文飞
陈熹
周凯航
Li Wenfei;Chen Xi;Zhou Kaihang
出处
《南方经济》
CSSCI
北大核心
2024年第2期62-78,158,共18页
South China Journal of Economics
基金
教育部人文社科青年基金项目“风险投资与劳动投资决策:理论与实证研究”(21YJC630055)
国家自然科学基金面上项目“高质量发展背景下机器人应用与企业财务决策”(72272041)
广东省哲学社科规划学科共建项目“数字经济战略下的风险投资决策机制及效果研究”(GD23XGL069)的资助。
关键词
股票市场开放
劳动投资效率
沪深港通
人力资源配置
Stock Market Liberalization
Labor Investment Efficiency
Shanghai/Shenzhen-Hong Kong Stock Connect
Human Resource Allocation
