摘要
企业ESG表现的改善,能够强化内部控制,优化信息环境,进而可以通过缓解委托代理冲突和加强外部监督来提高劳动投资决策的科学性和有效性,实现劳动投资效率的提升。采用沪深A股上市公司2009—2022年的数据分析发现:ESG表现改善可以显著提升企业的劳动投资效率,该结论在经过缓解内生性、变量处理、排除非劳动投资影响等一系列稳健性检验后依然成立;ESG表现改善主要通过优化企业的雇佣行为来提升劳动投资效率,即以减少雇佣(而非增加解雇)的方式抑制劳动投资过度,以增加雇佣(而非减少解雇)的方式缓解劳动投资不足;ESG表现改善能够通过降低代理成本和提高分析师预测质量两条路径来提高企业劳动投资效率,并对信息披露质量较高的企业和劳动密集度较高的企业具有更为显著的劳动投资效率提升效应。因此,企业应积极增加ESG投资,并通过提高自身的信息披露质量促进分析师预测质量提升,通过降低代理成本减少非效率劳动投资行为,以有效提升劳动投资效率。
The efficiency of labor investment is not only the core issue concerning the efficiency of resource allocation in macroeconomic development but also the key factor affecting the sustainable development potential of enterprises.The decision-making and practice of enterprises in labor investment not only create value for employees at the economic level but also involve considerations of their social responsibility and environmental sustainability.In recent years,with the transformation of China’s economic development mode and the steady advancement of the“double carbon”strategy,the overall performance of enterprises in three key areas of environmental protection,social responsibility,and corporate governance has attracted more and more attention from investors.This has had a lasting impact on their operational management and development quality.However,at this stage,the research on how ESG performance affects the efficiency of labor investment in enterprises needs to be supplemented.Based on this,this paper selects the panel data of Shanghai and Shenzhen A-share listed companies from 2009 to 2022,constructs an investment efficiency model to measure labor factors,and examines its specific impact on labor investment efficiency and its internal mechanism based on the characteristics of enterprises in multiple dimensions of environment,society,and corporate governance.It is found that ESG performance can effectively improve the efficiency of labor investment in enterprises,and reducing agency costs and improving the quality of analysts’predictions are the main pathways through which ESG performance affects the efficiency of labor investment in enterprises.Heterogeneity analysis shows that the enhancement effect of ESG performance on labor investment efficiency is more significant in enterprises with higher information disclosure quality and labor intensity.Furthermore,ESG performance can effectively restrain both excessive and insufficient labor investment by enterprises,mainly manifested in mitigating over-emp
作者
杨洁
丁洁
YANG Jie;DING Jie(School of Economics and Trade,Hunan University of Technology,Zhuzhou 412007,Hunan,China)
出处
《西部论坛》
北大核心
2024年第2期69-84,共16页
West Forum
基金
国家社会科学基金一般项目(19BJY082)
湖南省社会科学成果评审委员会课题(XSP24YBZ088)。
关键词
ESG表现
劳动投资效率
代理成本
分析师预测
过度雇佣
雇佣不足
ESG performance
labor investment efficiency
cost of agency
analysts forecast
over-employment
under-employment
