首页|多个大股东并存对企业劳动投资效率的影响:同心协力还是难以协调?

多个大股东并存对企业劳动投资效率的影响:同心协力还是难以协调?

Multiple Large Shareholders and Firm's Labor Investment Efficiency:Working Together or Difficult to Coordinate?

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人力资本的有效配置是企业提升价值的关键.理论上,多个大股东并存既可能发挥监督治理作用从而提高劳动投资效率,也可能因为协调成本恶化代理问题,导致低效率的劳动投资.本文研究表明,多个大股东并存发挥了监督治理作用,提高了企业劳动投资效率.该结论在控制内生性和一系列稳健性检验后仍然成立.进一步的研究表明,非控股大股东数量越多和第二大股东相对持股力量更强时,多个大股东并存能更有效发挥监督治理作用.基于劳动力调整成本的分组检验发现,多个大股东并存对劳动投资效率的提升作用在融资约束程度较高、无形资产占比较高和国有企业中更加显著.监督治理机制检验发现,在股票流动性较差、产品市场竞争较激烈、分析师关注较少、机构投资者持股较低等外部治理较弱的情况下,多个大股东并存对劳动投资效率的提升作用更加显著.本文从劳动投资决策的视角证实了多个大股东并存具有监督治理效应,对改善企业劳动投资效率具有政策启示.
Taking the A-share Chinese listed companies in Shanghai and Shenzhen from 2008 to 2020 as a sample,this paper examines the influence of multiple large shareholders on firms'labor investment efficiency.The results show that multiple large shareholders have played a monitoring role and improved firms'labor investment efficiency,which is reflected in reducing under-employment.The results still hold after controlling for endogenous and a series of robustness tests.Further studies have shown that the greater the number of non-controlling shareholders,the higher the degree of equity separation,and the stronger the relative shareholding power of the second largest shareholder,the monitoring of multiple large shareholders is more effective.We also find that the monitoring effect is stronger for firms facing higher labor adjustment costs,which have more financing constraints,higher proportion of intangible asset and state-owned enterprises.We further investigate the potential mechanism.The results show that the monitoring role of multiple large shareholders in enhancing firms'labor investment efficiency is more important for firms with weak external governance,which have lower stock liquidity,fiercer product market competition,less analysts attention and fewer institutional investors.From the perspective of labor investment decision-making,this paper confirms that multiple large shareholders play the role of corporate governance.The conclusion of this paper has enlightening significance on how to improve the efficiency of labor investment.

Multiple large shareholdersLabor investment efficiencyCorporate governance

余德淦、董雨琪、黎文飞

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广东省社会科学院省人才发展研究中心

中国海洋大学管理学院

广州大学管理学院

广州大学管理学院会计系

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多个大股东并存 劳动投资效率 公司治理

教育部人文社会科学青年项目广东省哲学社会科学规划学科共建项目广东省社会科学院2022年度重大项目广东省社会科学院2024年度学术体系创新计划广东省哲学社会科学规划2023年度人才研究专项特别委托项目

21YJC630055GD23XGL0692022D00232024X0001GD23RCZ10

2024

新经济
广东省社会科学院港澳研究中心

新经济

影响因子：0.036
ISSN：1009-8461
年,卷(期)：2024.(4)
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