空气污染与企业人力资本结构升级——基于逆温现象IV估计的实证检验  

Air Pollution and the Upgrading of Corporate Human Capital Structure:Empirical Test Based on IV Estimation of Temperature Inversion

作　　者：刘孟鑫 许敬轩 马光荣[1] LIU Mengxinn;XU Jingxuann;MA Guangrong(School of Finance,Renmin University of China;School of Economics,Beijing Technology and Business University)

机构地区：[1]中国人民大学财政金融学院,北京100872 [2]北京工商大学经济学院,北京100048

出　　处：《金融研究》2023年第7期154-172,共19页Journal of Financial Research

基　　金：国家自然科学基金青年项目“中国式政府竞争对空气污染时空分布的影响研究”(编号:71903008);国家社会科学基金重大项目“现代财政一金融结合框架下的地方债务管理研究”(编号:21&ZD095)的资助。

摘　　要：人力资本作为企业赖以生存和发展的基础,其结构的改善和升级会显著影响企业的生产效率。从理论上看,空气质量的恶化可能会加速人才的流失从而对企业人力资本结构产生影响,明确空气污染对企业人力资本结构的影响路径有助于更好地理解空气质量在企业人力资本调整中发挥的作用。本文采用上市公司与地级市空气污染相匹配的面板数据,利用气象学逆温现象发生的天数作为空气污染的工具变量,研究发现PM_(2.5)浓度平均每提升1个标准差会使上市公司的技能劳动力占比降低2.7个百分点,稳健性检验依然支持研究结论。机制分析表明,空气污染会提高员工流动到低污染地区的可能性,从而抑制企业人力资本结构升级。与此同时,企业实施薪酬激励不能有效降低空气污染对企业人力资本结构升级的抑制效应,但企业资本密集型特征会对这一抑制效应产生正向的调节作用。在当前绿色发展背景下,本文结论对于加强我国空气污染治理和提升企业人力资本具有重要启示,也为相关治理政策的制定以及企业人才战略的实施提供了有效借鉴.Human capital is an indispensable source of national economic growth and wealth accumulation and an important factor of production for supply-side structural reform to improve quality and efficiency.China is currently in a state of economic transition,which highlights the contradiction between people's need for a better life and unbalanced and insufficient development.Moreover,technological progress has raised the requirements for coordination between physical and human capital.Therefore,upgrading the human capital structure of firms is important to promote high-quality development of China's economy and meet the material and cultural needs of its people.Since China embarked on the process of reform and opening up,its economy has grown rapidly,but this growth has come at a high environmental price.Air pollution is known to adversely affect human health by reducing life expectancy and public awareness.Scholars have increasingly focused on the impact of air pollution on enterprises;researchers believe that air pollution reduces labor supply and firm productivity and increases labor costs.Theoretical discussions on the factors affecting firm human capital have helped to expand and deepen the knowledge in this area;scholars have argued that air pollution profoundly affects human capital.However,there are some shortcomings in the research on the impact of air pollution on the human capital structure of firms.This study investigates this issue using data from Chinese listed firms.This study investigates the effect of air pollution on the upgrading of firm human capital structure using panel data from listed firms and air pollution levels in prefecture-level cities in China from 2011 to 2020.It uses the number of days when temperature inversions occur as an instrumental variable for air pollution to mitigate possible endogeneity.The results show that,on average,a one standard deviation increase in the PM_(2.5) concentration reduces the share of skilled labor in public firms by 2.7 percentage points,significantly inhibit

关 键 词：空气污染 企业人力资本结构 逆温现象 员工流失 

分 类 号：X51[环境科学与工程—环境工程] F272.92[经济管理—企业管理] F832.51[经济管理—国民经济] F224