劳动成本粘性与股票收益——基于A股上市公司的经验证据

Labor Cost Stickiness and Return on Stock——Empirical Evidences from the China's A-Share Listed Companies

本文研究劳动成本粘性和企业股票收益率的关系。数据显示中国上市公司的劳动成本粘性近年呈现上升趋势。本文的回归分析表明企业劳动成本粘性与股票收益率存在显著的正向关系,同时高劳动成本粘性的企业具有更高的股票收益风险。研究还发现,劳动成本粘性与工资粘性相比是预测股票收益率更直接和有效的指标。

This paper presents an analysis of the relationship between labor cost stickiness and return on stock of firms.The data indicate an upward trend in the labor cost stickiness of China＇s listed companies in recent years. The regression analysis of the paper shows that there is a significant positive relationship between labor cost stickiness and return on stock of firms, and the enterprises with high labor cost stickiness have higher risks of return on stock. The study shows that the labor cost stickiness is a more direct and effective indicator to predict return on stock than the wage rigidity.