劳动保护是否影响了企业价值?——基于《劳动合同法》实施的准自然实验

Does Labor Protect Legislation Affect Corporate Value?Evidence from the Quasi-Natural Experiment of"Labor Contract Law"

基于2005~2013年沪深A股上市企业的财务数据,以2008年《劳动合同法》的实施为准自然实验,本文采用广义双重差分模型研究了劳动保护对企业价值的影响。研究结果表明:第一,劳动保护强度的提高有利于企业价值的提升,在一系列稳健性检验之后,这一作用依然是显著的;第二,劳动保护对企业价值的作用主要存在于低劳动密集度企业中,对于劳动密集度过高的企业,劳动保护强度的提高对企业价值没有显著作用,此外,劳动保护强度的提高对外资企业的企业价值还有显著的抑制作用;第三,劳动保护对企业价值的提升作用部分是通过提高企业投资和要素生产效率传导过去的。

Based on the financial data of Shanghai and Shenzhen A-share listed companies from2005 to 2013 and the implementation of the"Labor Contract Law"in 2008 as a quasi-natural experiment,this paper constructed a generalized difference-in-difference model to empirically study the impact of labor protection on corporate value.The research results showed that:first,the increase in labor protection intensity is conducive to the improvement of corporate value,and this effect is still significant after a series of robustness tests;second,the effect of labor protection on corporate value mainly exists in low labor-intensive enterprises,and the increase in labor protection intensity has no significant effect on the value of corporates with high labor intensity.In addition,the increase in labor protection intensity has a significant inhibitory effect on the enterprise value of foreign-funded enterprises;third,the role of labor protection in boosting corporate value is transmitted in part by improving corporate investment and factor production efficiency.