会计信息可比性与企业劳动力投资效率

Accounting Information Comparability and Corporate Labor Investment Efficiency

以2011—2019年我国A股上市公司为样本,考察会计信息可比性对企业劳动力投资效率的影响。研究发现,会计信息可比性与企业劳动力投资效率显著正相关,且该结论在经过一系列稳健性检验后仍然成立。作用机制检验结果表明,缓解融资约束和减少代理问题是会计信息可比性改善劳动力投资效率的两条主要路径。进一步研究显示:会计信息可比性既能抑制劳动力投资过度(雇佣过度),又能缓解劳动力投资不足(包括雇佣不足和解聘过度);对于劳动力调整成本较高、所处地区法治水平较低的企业,会计信息可比性对劳动力投资效率的提升作用更显著;会计信息可比性与产品市场竞争在减少劳动力投资过度和投资不足上分别呈现替代和互补关系。

Based on a sample of China’s A-share listed companies from 2011 to 2019,the paper examines the impact of accounting information comparability on corporate labor investment efficiency.The study shows that accounting information comparability is significantly positively correlated with labor investment efficiency and conclusions are still valid after a series of robust tests.The results of the mechanism test indicate that alleviating financing constraints and reducing agency problems are two main ways for accounting information comparability to improve labor investment efficiency.Further analysis finds out that accounting information comparability can not only restrain labor overinvestment(overhiring),but also alleviate labor underinvestment(including underhiring and overfiring).Accounting information comparability has a greater effect on the improvement of labor investment efficiency for enterprises with higher labor adjustment costs or in regions with lower legalization levels.Accounting information comparability and product market competition show substitution and complement relationship in restraining labor overinvestment and underinvestment respectively.