Stock Market Liberalization and Firms'Labor Investment Efficiency:A Qusai-natural Experiment from Shanghai/Shenzhen-Hong Kong Stock Connect
In recent years,China has been committed to deepening the reform of the financial system and enhancing the abili-ty of finance to serve the real economy.As an important innovative system for the opening of China's stock market,the imple-mentation of the Shanghai/Shenzhen-Hong Kong Stock Connect mechanism has attracted attention from all walks of life.Based on the quasi-natural experiment scene of the implementation of Shanghai/Shenzhen-Hong Kong Stock Connect Pro-gram,we use multi-period difference in differences method to study the relationship between the opening of Chinese stock market and the firms'labor investment efficiency.We find that the interconnection mechanism significantly improves the firms'labor investment efficiency.Specifically,stock market liberalization reduces under-hiring and over-hiring in employ-ees.Group tests based on labor adjustment cost show that the Shanghai/Shenzhen-Hong Kong Stock Connect Program has a more significant influence on the firms'labor investment efficiency in firms with higher labor intensity,more R&D personnel and higher financing constraints.Further channel tests find that the role of stock market opening in improving the firms'labor investment efficiency is more significant in firms with more serious agency problems,weaker external supervision and higher information asymmetry.This paper enriches the research on the economic consequences of China's capital market opening,expands the research perspective of firms'labor investment efficiency,provides the theoretical basis and reference for further strengthening the orderly opening of the capital market in China.
Stock Market LiberalizationLabor Investment EfficiencyShanghai/Shenzhen-Hong Kong Stock ConnectHuman Resource Allocation
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