人口老龄化、要素成本变动与企业产品市场表现  

Aging Population,Changes in Factor Costs,and Corporate Product Market Performance

作　　者：杜英 张雯 齐保垒[1] DU Ying;ZHANG Wen;QI Bao-lei(School of Management,Xi'an Jiaotong University,Xi'an 710049,China)

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《山西财经大学学报》2024年第12期120-134,共15页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(72172116)。

摘　　要：基于2007-2021年沪深A股上市公司数据,实证考察人口老龄化对企业产品市场表现的影响。研究发现,人口老龄化对企业产品市场表现具有显著的负面冲击。机制检验表明,人口老龄化引致的劳动供给减少显著提升了企业劳动要素雇佣成本及其流动性约束,从而对企业产品市场竞争带来不利影响。异质性分析发现,人口老龄化对企业产品市场表现的不利影响在劳动要素密集度较高、客户结构较为分散、行业市场竞争较为激烈以及所处地区金融发展水平较低的企业中更加明显。拓展性分析显示,数字技术创新有助于消减人口老龄化对企业产品市场表现的不利影响。Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2021,this paper empirically explored the impact of aging population on corporate product market performance.The results found that,aging population had a significant negative impact on corporate product market performance.Mechanism test indicated that the decrease in labor supply caused by aging population significantly increased corporate employment costs and liquidity constraints,thereby exerting a negative impact on corporate product market competition.Heterogeneity analysis found that the adverse effects of aging population on corporate product market performance was more pronounced in companies with high labor intensity,more dispersed customer structure,more intense industry market competition,and lower financial development levels in their regions.Further analysis showed that,digital technology innovation could help mitigate the adverse effects of aging population on corporate product market performance.

关 键 词：人口老龄化 产品市场表现 劳动雇佣成本 流动性约束 数字技术创新 

分 类 号：F270[经济管理—企业管理]