Effect of Enterprise Financialization on Labor Skill Composition
How to upgrade labor skills is a crucial issue in the context of the strategy of develo-ping a quality workforce.From the perspectiveof corporate financialization,this paper examines the effect of corporate financialization on thecomposition of labor skills and its mechanisms.Based on the theory of"capital skills complementation",this paper develops an analytical frame-work for the demand for high-and low-skilled labor given the difference between internal and ex-ternal financing,and theoretically illustrates the impact of financial asset investment on thecom-position of labor skills and its mechanism and heterogeneity.This paper finds that corporate fi-nancialization leads to a significant decrease in theshare of high-skilled labor.Corporate finan-cialization tightens financing constraints and displaces physical and R&D expenditure,resulting in restraining the upgrading of labor skills.This negative correlation is greaterfor firms with poor core performance,CEOs without financial backgrounds,and poor credit ratings.The negative effect of investment in financial assets on labor skill composition is largerwhen firms have a stron-ger arbitrage motive.By inhibiting the upgrading of labor skills,financialization considerably lowers firm value and productivity.This paper provides theoretical mechanisms and empirical evi-dence for the impact of corporate financialization on labor skill composition.This paper enriches literatureon the influencing factors of the labor skill composition from the perspective of financial-ization and broadens the research scope in the field of financialization at the labor market level.
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