资本市场定价对企业劳动投资效率的影响研究

Research on the Impact of Capital Market Pricing to Labor Investment Efficiency

理论分析发现,资本市场定价偏离其内在价值会影响企业劳动投资效率,但在影响方向上存在促进还是抑制的不确定性。基此,利用2007—2019年中国A股非金融上市公司数据研究发现:实证结果支持了效率促进假说,资本市场错误估值每增加一个标准差,企业劳动投资效率将提高4.51%;机制检验表明,股价信息性和股权融资成本是两条促进作用渠道,前者表明管理者可以从股价中学习新的信息进而提高劳动投资决策效率,后者表明股价通过影响企业融资成本而提高劳动投资效率;资本市场错误估值既会抑制劳动过度投资,又会抑制劳动投资不足,对企业劳动投资效率的异质性影响表现为在股价高估、融资约束高和低壳溢价促进效应更显著。

This study uses a simple model to outline the relationship between stock mispricing and labor investment efficiency.Based on a sample of listed companies in China from 2007 to 2019,this paper shows that a higher mispricing of the capital market is associated with lower deviations of labor investment from the level justified by economic fundamentals,i.e.higher labor investment efficiency.Further research shows that the mechanisms are the managerial learning channel,which suggests that managers can learn new private information from their stock prices,and the financing channel,under which stock price affects labor investment efficiency through the cost of capital.This article also reports evidence suggesting that market mispricing significantly positive effects both labor over-investment and labor under-investment firms.Only the higher financial constraints and overvaluation firms significantly positive affect the labor investment efficiency.The positive relationship between market mispricing and labor investment efficiency is less pronounced in firms from high shell-value group.