货币政策对企业劳动投资效率的影响研究  

Research on the Influence of Monetary Policy on Firms’Labor Investment Efficiency

作　　者：张长海[1] 耿歆雨 王帅旗 ZHANG Changhai;GENG Xinyu;WANG Shuaiqi(International Business School,Hainan University,Haikou,Hainan 570228,China;Pan-China CertifiedPublic Accountants,Hangzhou,Zhejiang 310000,China)

机构地区：[1]海南大学国际商学院,海南海口570228 [2]天健会计师事务所,浙江杭州310000

出　　处：《财经理论与实践》2024年第1期34-40,共7页The Theory and Practice of Finance and Economics

基　　金：海南省高层次人才项目(2019RC099);海南省哲学社会科学规划课题项目(HNSKZD22-02)。

摘　　要：基于2010—2020年我国A股上市公司的相关数据,对货币政策与企业劳动投资效率之间的关系进行探讨。研究发现,在货币政策紧缩时,企业劳动投资效率会有明显的提高,会计稳健性的提高以及自由现金流量的减少是紧缩性货币政策影响企业劳动投资效率的主要作用机制。进一步研究发现,高质量的公司治理水平会抑制紧缩性货币政策对企业劳动投资效率的影响。非效率劳动投资分组检验结果表明,紧缩性货币政策对企业劳动投资效率的促进效应,更多地表现为抑制劳动投资过度。Based on the data of A-share listed companies in China from 2010 to 2020,this paper explores the relationship between monetary policy and the efficiency of corporate labor investment.It is found that the efficiency of corporate labor investment increases significantly when monetary policy is tight,and the improvement of accounting robustness and the decrease of free cash flow are the main mechanisms of action of tight monetary policy affecting the efficiency of corporate labor investment.Further research finds that a higher quality level of corporate governance will dampen the impact of tight monetary policy on the efficiency of corporate labor investments.The results of the inefficient labor investment subgroup test indicate that the promotional effect of tight monetary policy on the efficiency of corporate labor investment is more likely to be manifested as a disincentive to over-invest in labor.

关 键 词：货币政策 劳动投资效率 会计稳健性 自由现金流量 

分 类 号：F820.1[经济管理—财政学] F272.92