提高全要素生产率能够抑制盈余波动吗?  

Can Enhancing Total Factor Productivity Mitigate Earnings Volatility?

作　　者：汪猛 张璋 Meng Wang;Zhang Zhang(School of Accounting,Shanghai Lixin University of Accounting and Finance,Shanghai 201620,China;Board Office,China Construction Bank,Beijing 100033,China)

机构地区：[1]上海立信会计金融学院会计学院,上海201620 [2]中国建设银行董事会办公室,北京100033

出　　处：《会计与经济研究》2024年第3期53-75,共23页Accounting and Economics Research

基　　金：国家社会科学基金项目(19BGL061)。

摘　　要：提高全要素生产率、推动经济高质量发展是当前经济发展的主旋律。研究采用2007-2020年中国A股非金融上市公司作为样本,检验全要素生产率是否以及如何影响盈余波动,并探究技术创新、劳动力投入、资本投入以及产权性质的调节效应。研究发现,提高全要素生产率能够显著抑制盈余波动。当采用员工人数衡量劳动密集度时,全要素生产率对盈余波动的抑制作用在非劳动密集型企业更显著,而当采用劳动力成本衡量劳动密集度时,该抑制作用在劳动力成本高的企业中更突出。此外,全要素生产率对盈余波动的抑制作用在创新能力弱、资本投入低和非国有企业中更显著。研究结果表明,提高全要素生产率能够增强企业盈利能力的稳定性,有利于推动经济高质量发展;依靠增加要素投入的粗放式发展模式既未提升全要素生产率,也无法抑制企业盈余波动。Enhancing total factor productivity(TFP)to promote high-quality eco-nomic development has been a predominant theme in current economic progress.This study employs a sample of China's A-share listed companies from 2007 to 2020 to empir-ically examine whether and how TFP affects earnings volatility,while investigating the moderating effects of technological innovation,labor input,capital investment,and own-ership structure.The findings reveal that improving TFP significantly mitigates earnings volatility.When labor intensity is measured by the number of employees,the mitigating effect of TFP on earnings volatility is more pronounced in non-labor-intensive enter-prises.Conversely,when labor intensity is measured by labor costs,this effect is more prominent in enterprises with higher labor costs.Furthermore,the mitigating effect of TFP on earnings volatility is more significant in enterprises with weaker innovation cap-abilities,lower capital investment,and non-state ownership.The results demonstrate that enhancing TFP can strengthen the stability of corporate profitability and facilitate high-quality economic development.The extensive development model relying on increased factor inputs neither improves TFP nor further mitigates corporate earnings volatility.

关 键 词：全要素生产率 盈余波动 技术创新 劳动力投入 资本投入 

分 类 号：F234.4[经济管理—会计学]