劳动力市场与公司金融关系研究进展

Research Progress on the Relationship between Labor Market and Corporate Finance

员工是企业的利益相关者之一,对公司的金融决策有重要影响,同时,公司的金融决策或行为亦会影响劳动力需求。本文选取国外劳动经济学与公司金融领域的最新文献,全面梳理和分析了该领域的研究热点和未来方向。劳动力市场与公司金融相互影响:关于劳动力市场因素对公司金融的影响,已有文献主要涉及劳动力市场摩擦、劳动保护、工会、员工技能差异、员工待遇和福利等因素对企业资本结构、融资成本、现金持有、投资、公司治理、信息披露等方面的影响;关于公司金融对劳动力市场的影响,已有文献主要关注企业融资方式、公司治理、信息披露、内部劳动力市场等对劳动力投资规模、效率的影响。基于国外研究现状,本文指出了当前研究的不足以及中国学者的后续研究展望。

As one of the corporate stakeholders,employees have important impacts on corporate financial decisions.Meanwhile,corporate financial policies and behavior affect labor demand.This paper reviews the latest literature in labor economics and corporate finance,and categorizes and analyzes hot research topics and directions for future research in this field.On the one hand,labor-related factors have effects on corporate financial decisions.Existing literature mainly focuses on the impacts of labor market frictions,labor protection,labor unions,labor skills,employee welfare on capital structure,financing cost,cash holdings,investment,corporate governance,information disclosure,etc.On the other hand,as for the impact of corporate finance on the labor market,existing literature mainly focuses on the impact of financing methods,corporate governance,information disclosure and internal labor markets on the scale and efficiency of labor hired by firms.After examining past foreign research,this paper also discusses the limitations of the current research and points the way for further research for Chinese scholars.