劳动保护制度与公司资本结构关系研究——基于中国资本市场的经验证据  

Research on the Relationship between Employment Protection Legislation and Capital Structure:Evidence from Chinese Capital Market

作　　者：黄炳艺[1] 陈书璜 蔡欣妮 Huang Bingyi

机构地区：[1]厦门大学会计发展研究中心/管理学院会计系,361005 [2]中信建投证券股份有限公司,518038 [3]对外经济贸易大学国际商学院,100029

出　　处：《会计研究》2020年第9期71-84,共14页Accounting Research

基　　金：国家自然科学基金(71672162,71972161,71972162);教育部人文社会科学重点研究基地重大课题(16JJD790035);中央高校经费资助项目(20720191087)的资助。

摘　　要：2008年我国《劳动合同法》的正式实施,极大提升了我国劳动保护的水平,也给我国劳动保护制度的经济后果研究提供了契机。本文采用双重差分模型,以2001-2014年中国上市公司为样本,实证研究劳动保护制度与公司资本结构的关系,并考虑企业产权性质以及所处地区的法律执行效率对两者关系的影响。本文研究发现:劳动保护水平显著降低了公司负债水平,并且公司所处地区的法律执行效率越高,以及在非国有企业中,该负向关系越显著。The enforcement of Labor Contract Law in 2008 has improved Chinese labor protection greatly,and made a chance for the analysis of economic consequences of Employment Protection Legislation in China.This papers empirically study the relationship between Employment Protection Legislation and capital structure using Chinese listed firms with Difference in Difference Model and investigate the effect of ownership structure and the enforcement efficiency of law on the relationships.The empirical evidence indicates the level of labor protection has a negative impact on the capital structure of a company and the negative relation between employment protection legislation and capital structure is more pronounced for private-controlled firms and the firms that locate in the area where the efficiency of law enforcement is higher.

关 键 词：劳动保护制度 资本结构 双重差分模型 

分 类 号：D922.52[政治法律—民商法学] F832.51[政治法律—法学] F275[经济管理—金融学]