连锁股东与企业劳动力成本粘性  

Cross-ownership and Labor Cost Stickiness

作　　者：邬烈岚[1] 吴悠 Wu Lielan;Wu You(School of Management,Shanghai University,Shanghai 201800,China)

机构地区：[1]上海大学管理学院,上海201800

出　　处：《工业技术经济》2024年第12期123-132,共10页Journal of Industrial Technology and Economy

基　　金：上海市哲学社会科学规划中青班专项课题“上海自贸区平台企业人力资本定价对特别合约的作用机制研究”(项目编号:2014JG005-FGL009)。

摘　　要：基于治理协同与竞争合谋双重效应,连锁股东在企业劳动力成本决策中发挥着重要作用。而劳动力成本决策直接关系到劳动力成本粘性的高低,最终对企业高质量发展产生深刻影响。本文采用2013~2023年沪深A股上市公司样本,从微观企业视角研究连锁股东对企业劳动力成本粘性的影响作用,探索连锁股东影响企业劳动力成本粘性的中介效应。研究发现:连锁股东与企业劳动力成本粘性之间呈负相关关系,连锁股东通过降低企业代理风险、降低企业调整成本和减少管理层乐观预期偏差来抑制企业劳动力成本粘性。连锁股东能够抑制企业劳动力成本中的数量粘性,而对劳动力平均薪酬粘性没有影响。连锁股东对企业劳动力成本粘性的抑制作用在国有企业、透明度更高的企业和行业垄断程度更高的企业中更为明显。本文丰富了连锁股东与企业劳动力成本粘性的关系研究,对于加强连锁股东治理与制定企业劳动力成本决策具有参考价值。Based on the dual effects of governance synergy and competitive collusion,cross-owners play an important role in corporate labor cost decisions.And the labor cost decision is directly related to the level of labor cost stickiness,which ultimately has a profound impact on the high-quality development of enterprises.Using the sample of A-share listed companies in Shanghai and Shenzhen from 2013 to 2023,the paper analyzes the influence of cross-ownership on the labor cost stickiness from the perspective of micro enterprises and explores the intermediary effect of cross-ownership on the labor cost stickiness of enterprises.The research finds that there is a negative correlation between cross-ownership and labor cost stickiness,and cross-ownership inhibits labor cost stickiness by reducing corporate agency risk,adjustment costs and management's bias of optimistic expectations.Crossowners can inhibit the quantity stickiness of labor costs,while they have no effect on the average salary stickiness of labor costs.The inhibitory effect of cross-ownership on labor cost stickiness is more significant in state-owned enterprises,more transparent firms,and firms with a higher degree of industry monopoly.The paper enriches the research on the relationship between cross-ownership and labor cost stickiness,which is informative for strengthening cross-owners'governance and making corporate labor cost decisions.

关 键 词：连锁股东 劳动力成本粘性 代理风险 调整成本 预期偏差 市场竞争 治理协同 劳动力成本决策 

分 类 号：F832.51[经济管理—金融学] F272.92