劳动投资效率、企业性质与资产收益率

发布时间：2018-04-28 14:26

本文选题：劳动投资效率 + 企业性质　；参考：《金融研究》2017年03期

【摘要】：本文考察我国上市公司的劳动投资效率对企业股票收益率的影响。研究发现:第一、劳动投资效率高的公司,其股票收益率显著高于劳动投资效率低的公司。FamaMac Beth回归显示,劳动投资效率作为风险因子显著地影响股票收益率。第二、劳动投资效率与股票收益率显著正相关,且民营企业尤为明显。第三、劳动密集型企业的劳动投资效率上升显著地提升了股票收益率。最后,为了解决潜在的内生性问题,本文使用劳动合同法作为工具变量,发现结论依然不变。整体上,本文从新的角度对资产定价影响因素进行了探索,并给监管部门提供了清晰的政策参考,即在提高就业率的同时,要兼顾微观企业的劳动投资效率,才能更好地优化就业资源配置。
[Abstract]:This paper investigates the effect of labor investment efficiency on stock returns of listed companies in China. The results show that: first, the return rate of stock of the company with high labor investment efficiency is significantly higher than that of the company with low labor investment efficiency. FamaMac Beth regression shows that the labor investment efficiency as a risk factor significantly affects the stock return rate. Second, labor investment efficiency and stock returns are significantly positive correlation, and private enterprises are particularly obvious. Third, the labor investment efficiency of labor-intensive enterprises increased significantly. Finally, in order to solve the potential endogenous problem, this paper uses labor contract law as a tool variable and finds that the conclusion remains unchanged. On the whole, this paper explores the influencing factors of asset pricing from a new perspective, and provides a clear policy reference for the regulatory authorities, that is, while increasing employment rate, the labor investment efficiency of micro-enterprises should be taken into account. In order to better optimize the allocation of employment resources.
【作者单位】：中南财经政法大学金融学院;华中科技大学经济学院;
【基金】：国家自然科学基金项目(71372130;71602074;71173078) 中组部“青年拔尖人才”计划的资助
【分类号】：F271;F832.51;F275

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