劳动力成本上升对制造业企业高质量发展的影响分析

The Influence of Rising Labor Cost on the High-quality Development of Enterprises

伴随着人口结构变化和劳动力成本持续上升,劳动力资源禀赋不再成为我国经济发展优势。在国内经济发展寻求转型大背景下,劳动力成本上升给企业带来挑战的同时,能否倒逼企业提升生产率,促进企业高质量发展,成为人们关注的话题。本文基于2011-2017年制造业上市公司数据,检验了劳动力成本上升对企业高质量发展的促进作用,探究了劳动力成本上升的作用机制、异质性影响及滞后效应。结果表明:(1)劳动力成本上升显著提升了企业全要素生产率与劳动生产率,推动企业高质量发展;(2)中介机制分析发现,劳动力成本上升通过增加研发投入、提升员工素质、加强企业内控力度促进企业高质量发展。(3)进一步研究发现,劳动力成本上升的激励效应在非国企、两职合一、机构持股比例高的企业中更显著,作用效果具有滞后效应并伴随时间推移减弱。结论对于提升制造业企业经济发展质量有一定的理论与现实意义,为劳动力成本上升如何影响企业发展质量提供了经验依据,对企业有效应对薪酬上升引发的问题提供了借鉴和启示。

As demographics change and labor costs continue to rise,The low price of labor force is no longer the advantAge of China’s economic development.In the context of economic development mode seeking for transformation,the rise in labor costs bring challenges to enterprises,while it can force enterprises to boost productivity and promote high-quality development has become the focus of people’s attention.Taking listed manufacturing companies from 2009 to 2017 as the research sample,we empirically examine the impact of rising labor costs on the high-quality development of enterprises,and establish an intermediary effect model to investigate the mechanism、heterogeneity and lagging effects.The results show that:(1)The increase of labor cost significantly improves the total factor productivity and labor productivity of enterprises,promotes the high-quality development of enterprises;(2)It plays a role by increasing R&D investment,improving the quality of employees,and strengthening internal control of enterprises;(3)The incentive effect of rising labor costs is more significant in non-state-owned,Chair-CEO duality and high proportion of institutional shareholding enterprises,and the effect has lagging effect and weakens with the passage of time.The conclusion has important theoretical and practical significance in improving the quality of enterprise development.And It provides an empirical basis for the incentive effect of rising labor costs.It also supplies reference and enlightenment for enterprises to deal with the problems caused by rising salaries.