Will Cleaner Air Reduce CorporateLabor Cost?  

作　　者：Shen Yongjian Yu Shuangli Jiang Dequan 沈永建;于双丽;蒋德权(School of Accounting,Nanjing University of Finance and Economics,Jiangsu,China;DongWu Business School,Soochow University,Jiangsu,China;School of Accountancy,Shanghai University of Finance and Economics,Shanghai,China)

机构地区：[1]School of Accounting,Nanjing University of Finance and Economics,Jiangsu,China [2]DongWu Business School,Soochow University,Jiangsu,China [3]School of Accountancy,Shanghai University of Finance and Economics,Shanghai,China

出　　处：《China Economist》2020年第6期101-125,共25页中国经济学人（英文版）

摘　　要：With China’s listed companies from 2005 to 2015 as samples, this paperinvestigates how air quality influences labor cost based on city-level air quality data. Ourstudy finds a significant negative correlation between air quality and corporate employeecompensation - such a negative correlation is particularly strong in regions whereemployees are more rights-conscious and for companies that are non-labor-intensive. Byadjusting employee compensation according to air quality, firms will increase their futurecorporate value. In addition, air quality has significantly differentiated effects on employeecompensation for firms of different ownership nature and different level of cash on hand.Further research reveals that the effects mainly stem from poor air quality. In general,extreme air quality changes will lead to a difference of 14,210 yuan in the annual averagecompensation to employees from sample companies, or a labor cost difference of around23 trillion yuan for all companies nationwide during the sample period. Our researchconclusions have broadened the scope of research on how air quality influences firmbehavior, and provide empirical reference for employee motivation and cost management,as well as empirical evidences for China’s policy principle that “lucid waters and lushmountains are invaluable assets”.

关 键 词：air quality labor cost employee motivation non-monetary benefit 

分 类 号：F832.51[经济管理—金融学] F272.92[环境科学与工程—环境工程] X51