股权质押与劳动力成本粘性:代理观抑或效率观  

Equity Pledge and Labor Cost’s Stickness:From the View ofAgency or Efficiency Problems

作　　者：方巧玲 徐慧[2] 郝婧宏 FANG Qiaoling;XU Hui;HAO Jinghong(School of Economics and Management,Fuzhou University,Fuzhou 350108,China;School of Accounting,Yunnan University of Finance and Economics,Kunming 650221,China)

机构地区：[1]福州大学经济与管理学院,福建福州350108 [2]云南财经大学会计学院,云南昆明650221

出　　处：《审计与经济研究》2021年第6期81-90,共10页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71862036、71902035);教育部人文社科项目(18YJC630210);云南省基础研究计划项目(202101AT070219);福建省自然科学基金项目(2019J01216)。

摘　　要：基于代理观与效率观的双重视角,研究股东的股权质押行为对劳动力成本调整的影响。研究结果表明:股权质押显著提高了劳动力成本粘性;在代理观与效率观理论的冲突下,股权质押通过激化股东与管理层之间的代理问题进而提高了劳动力成本粘性,而效率观视角下的融资约束对劳动力成本粘性的弱化效应甚微;股权质押主要影响劳动力成本中的价格即平均薪酬粘性,而对员工人数粘性的影响甚微;股权质押对劳动力成本粘性的提高作用仅在控制权转移风险较大、银行业竞争适中、股东持股比例较低、信息质量较差时显著;股权质押对劳动力成本调整效率产生的负面影响会导致企业整体的劳动经济效益下降。This paper studies the influence of shareholders’ pledge of stocks on the adjustment of labor costs. The results show that: equity pledge significantly reinforces the labor cost stickiness;In the conflict between the theory of “agency view” and the theory of “efficiency view”, equity pledge strengthens the stickiness of labor costs by intensifying the agency problem between shareholders and management, while financing constraints have little effect on the stickiness of labor costs;Equity pledge mainly affects the stickiness of “price” in the labor cost, but has little influence on the stickiness of the number of employees;Equity pledge has a stickiness reinforcing effect on labor cost, which is significant only when the risk of control transfer is large, the competition in the banking industry is moderate, the shareholding ratio of shareholders is low and the information quality is poor;Equity pledge has a negative impact on the efficiency of labor cost adjustment, thus leading to the decline of the overall labor economic efficiency of the enterprise. This study enriches the literature on equity pledge and labor cost stickiness.

关 键 词：股权质押 劳动力成本粘性 代理观 效率观 融资约束 控制权转移风险 信息质量 

分 类 号：F275[经济管理—企业管理]