世界经济 ›› 2019, Vol. 42 ›› Issue (1): 76-94.

• • 上一篇    下一篇

劳动力成本上升、融资约束与企业全要素生产率变动

肖文, 薛天航   

  1. 浙江大学经济学院 浙江省杭州市浙大路38号 310027
  • 出版日期:2019-01-10 发布日期:2019-01-26
  • 作者简介:肖文,电子信箱:xiao_w80@hotmail.com;薛天航,电子信箱:xueth97@zju.edu.cn
  • 基金资助:
    本文系国家社科基金重点项目(16AJY002)的研究成果。

Rising Labour Costs, Financial Constraints and Changing TFP of Enterprises in China

Xiao Wen, Xue Tianhang   

  • Online:2019-01-10 Published:2019-01-26

摘要: 本文构建劳动力成本上升影响企业全要素生产率(TFP)变动的理论模型,指出劳动力成本上升对不同融资约束程度的企业存在非对称影响。在此基础上,利用2007-2016年中国上市企业数据进行经验检验。结果表明:(1)劳动力成本上升有助于企业TFP的提高,这一结论在区分要素密集度、产业结构和地区差异后仍然成立;(2)相比融资约束严重的企业,劳动力成本上升对融资约束宽松的企业TFP产生更为积极的影响;(3)劳动力成本上升对企业TFP的促进作用随企业融资成本的提高而减弱,随企业流动性风险的降低而增强;(4)融资约束降低企业资产设备更新速度和创新投入水平,进而导致劳动力成本上升下企业TFP的非对称变动。本文进一步利用1998-2007年工业企业数据库数据进行检验,结果表明上述结论具有稳健性。

关键词: 劳动力成本上升, 融资约束, 全要素生产率, 技术投入

Abstract: This paper constructs a theoretical model of increasing labour costs and fluctuating TFP of enterprises, highlighting that the increase in labour costs presents an asymmetric influence on enterprises, with varying degrees of financing constraints. On this basis, we empirically check this theory using micro data from listed Chinese firms between 2007 and 2016, and we obtain the following results:(i) the increasing cost of labour contributes to the improvement of TFP, which is still consistent after distinguishing factor intensity, industrial structure and regional difference; (ii) rising labour costs have a more positive effect on the TFP of enterprises with lax financing constraints, compared to those with more severe constraints; (iii) the promotion effect of the increased labour costs on the TFP of enterprises decreases with the increase in the financing cost of the enterprises and increases with the decrease in the liquidity risk of enterprises; (iv) financing constraints reduce the speed of equipment renewal for enterprise assets and the investment level in innovation, leading to an asymmetric variation in the TFP of enterprises, alongside a growing labour cost. Furthermore, we perform robustness tests by using the Annual Survey of Chinese Industrial Firms between 1998 and 2007, which shows that the conclusion is robust.

Key words: rising labour costs, financing constraints, total factor productivity (TFP), technical investment

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