机构投资者持股会提高劳动投资效率吗？——基于中国A股上市公司的经验证据

Will Institutional Ownership Improve Labor Investment Efficiency? Empirical Evdence from China's A-share Listed Companies

中文关键词:  机构投资者  劳动投资效率  投资过度  投资不足  代理成本  融资约束

英文关键词:institutional investors  labor investment efficiency  over-investment  under-investment  agency costs  financing constraints

中文摘要:

      培育机构投资者是建设高质量资本市场的重点,对推动供给侧结构性改革和优化企业资源配置起着关键作用。基于2010—2018年中国A股上市公司样本,从公司治理的角度出发,考察了机构投资者持股对劳动投资效率的影响。研究结果表明,机构投资者持股能够显著提高企业劳动投资效率,具体表现为机构投资者持股抑制了雇佣冗余,缓解了雇佣不足和解雇过度。中介效应检验结果显示,两类代理成本的降低和融资约束的缓解是机构投资者提高企业劳动投资效率的重要机制。进一步研究发现,在市场化程度高的地区,机构投资者持股对劳动投资效率的影响更显著,劳动密集度则对两者关系无显著影响。因而,吸引优质机构投资者、健全上市公司信息披露制度和加强市场化建设是提高企业劳动力资源配置效率的关键。

英文摘要:

      Promoting the growth of institutional investors is a priority task in building a high-quality capital market and it plays a critical role in deepening the supply-side structural reform and optimizing the resource allocation of enterprises. Based on the sample of China's A-share listed companies from 2010 to 2018, this paper examines the impact of institutional ownership on labor investment efficiency from the perspective of corporate governance. The results show that institutional ownership can significantly improve the labor investment efficiency of enterprises, thanks to its role in restraining the problem of over-hiring and mitigating the problems of under-hiring and over-firing. The mediating effect test shows that the reduction of two types of agency costs and the easing of financing constraints are important mechanisms through which institutional ownership can improve the labor investment efficiency of enterprises. Furthermore, researchers find that institutional ownership's effect on labor investment efficiency is more significant in regions with high degree of marketization while labor intensity's influence on the relationship between institutional ownership and labor investment efficiency is insignificant. The paper concludes that attracting high-quality institutional investors, improving the information disclosure system of listed companies and deepening market-oriented reforms are the keys to improve the efficiency of labor resource allocation of enterprises.