劳动力市场比较优势与跨区域资本配置

Labor Market Comparative Advantages and Cross? regional Capital Allocation

文章使用手工收集和整理的2001-2013年我国上市公司设置分支机构的数据,考察了地区劳动力市场比较优势与上市公司跨区域资本配置行为之间的关系,以及劳动保护在上述关系中的作用。研究结果表明:(1)获取劳动力市场比较优势是上市公司跨区域资本配置的重要驱动因素之一,表现为上市公司更可能到劳动力资源丰富和劳动成本低的地区设置分支机构;(2)与上市公司注册地相比,一个地区的劳动力市场比较优势越明显,上市公司到该地区设置分支机构的可能性越大;(3)加强劳动保护强化了上市公司的上述行为。进一步研究发现,在民营性质和劳动密集度较高的上市公司中,为了获取劳动力市场比较优势,企业跨区域配置资本的可能性较大,劳动保护对上述关系的强化作用也较明显。

This paper investigates the relationship between regional labor market com-parative advantages and cross-regional capital allocation of listed companies,and the mod-erating role of labor protection in this relationship by using a hand-collected dataset of af-filiates established by listed companies from 2001 to 2013.It comes to the results as fol-lows：firstly,access to the labor market comparative advantages is an important driving factor of cross-regional capital allocation for listed companies,showing that listed compa-nies are more likely to set up affiliates in the areas with abundant labor resources and low labor costs;secondly,compared to the regions where listed companies are registered,the more comparative advantages of labor market an area has,the higher possibility that the listed firms set up affiliates in this area is;thirdly,the enhancement of labor protection strengthens the abovementioned behavior of listed companies.Further studies find that to obtain labor market comparative advantages,the possibility of cross-regional capital alloca-tion is bigger and the role of labor protection in strengthening this relationship is more pro-nounced in private-owned and high labor intensive listed companies.