劳动力成本、产业转移与企业价值——基于富士康内迁事件的案例研究

发布时间：2017-12-27 06:32

本文关键词：劳动力成本、产业转移与企业价值——基于富士康内迁事件的案例研究　出处：《会计与经济研究》2017年04期 　论文类型：期刊论文

【摘要】：近年来,随着劳动力成本不断上涨,国内外学者围绕劳动力成本上涨及其对企业行为的影响进行了大量实证探讨,但鲜有学者利用事件研究的方法探讨劳动力成本上升倒逼的企业产业转移对企业价值的影响。以富士康为案例对象,分析因沿海地区劳动力成本上涨导致的企业内迁决策对企业价值的影响。首先,通过比较内迁前后企业劳动力成本,分析内迁可能有助于企业缓解成本压力。其次,对内迁决策中五次事件进行短期、长期窗口的市场价值变化分析,结果表明:无论是长期还是短期窗口内,市场都能对企业内迁决策做出积极反应。最后,采用DID的方法对企业内迁前、中、后财务指标进行对比分析,结果显示内迁决策有助于企业进行劳动力成本管理,改善企业业绩。研究将企业劳动力成本与产业转移行为相连接,从微观角度分析产业转移对企业价值的影响,丰富和发展了产业转移的相关理论研究,为处于劳动力成本快速上涨期的中国制造业企业产业转移提供实证借鉴。
[Abstract]:In recent years, with rising labor costs, rising labor costs and domestic and foreign scholars and its influence on the behavior of enterprises carried out a lot of empirical study, but few scholars use the method of event study to investigate the rising labor costs forced the enterprises industrial transfer effect on firm value. Taking Foxconn as the case, this paper analyzes the influence of internal migration decision on enterprise value caused by the rise of labor cost in coastal areas. First, by comparing the labor costs of the enterprises before and after the internal migration, the analysis of the internal migration may help the enterprises to relieve the cost pressure. Secondly, we analyze the market value change of five events in the short term and long term window in the decision making process. The results show that, whether in the long term or short term window, the market can make a positive response to the decision making in the enterprise's internal migration. Finally, we use the DID method to compare the financial indicators of the enterprises before, after and after the move. The results show that the decision of internal migration helps enterprises to manage labor costs and improve their performance. Study on the enterprise labor costs and industrial transfer behavior is connected, from the micro perspective analysis of influence of industry transfer on the enterprise value, enrich and develop the theory of industrial transfer, industrial manufacturing enterprises in China period the rapid rise in labor costs of the transfer provide empirical reference.
【作者单位】：南京财经大学会计学院;四川大学计算机学院;
【基金】：国家自然科学基金项目(71572073) 国家社会科学基金项目(16BGL061) 教育部人文社会科学青年项目(14YJC630108) 中国博士后基金面上项目(2014M560022);中国博士后基金特别项目(2015T80026)
【分类号】：F272.92;F406.7;F426.6
【正文快照】： 一、引言企业产业转移是企业进行区位调整以适应市场需求和外部环境变化的一种特殊决策形式(Pellenbarg et al.,2002)。相关研究表明,促使企业产业转移的原因之一就是为了节约成本(Liao and Chan,2011)。由此可见,地区间的要素禀赋差异及经营成本差异是企业产业转移的重要外部

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