劳动力成本、融资约束与企业智能化发展

Labor Costs,Financing Constraints and Intelligent Development of Enterprises

智能化发展是企业应对劳动力成本上升的有效途径,也是我国制造业发展的重要方向之一。文章首先在融资约束视角下研究劳动力成本上升对企业智能化发展的影响,并使用中国A股上市公司2009—2019年数据进行实证分析。研究结果表明:第一,劳动力成本上升能够有效促进企业智能化发展水平,这种促进作用一部分来自资本投入与研发投入的增加;第二,劳动密集型、第二产业以及民营企业更易受到劳动力成本变动的影响;第三,融资约束会降低劳动力成本对企业智能化发展的促进作用。研究结果将为企业应对智能化转型升级与劳动力成本上升带来的负面影响提供帮助。

Intelligent development is an effective way for enterprises to cope with rising labor costs,and it is also one of the important directions for the development of China’s manufacturing industry.This paper first studies the impact of rising labor costs on the intelligent development of enterprises from the perspective of financing constraints,and uses the data of China’s A-share listed companies from 2009 to 2019 for empirical analysis.The research results are as follows:first,rising labor costs can effectively promote the level of intelligent development of enterprises,and part of this promotion comes from the increase in capital investment and R&D investment;second,labor-intensive and secondary industries and private enterprises are more vulnerable to changes in labor costs;third,financing constraints will reduce the promotion of labor costs to the intelligent development of enterprises.The research results will provide help for the intelligent transformation and upgrading of enterprises and to cope with the negative impact of rising labor costs.