财经理论与实践2024，Vol.45Issue(1)：34-40,7.DOI:10.16339/j.cnki.hdxbcjb.2024.01.005
货币政策对企业劳动投资效率的影响研究
Research on the Influence of Monetary Policy on Firms'Labor Investment Efficiency
摘要
Abstract
Based on the data of A-share listed companies in China from 2010 to 2020,this pa-per explores the relationship between monetary policy and the efficiency of corporate labor invest-ment.It is found that the efficiency of corporate labor investment increases significantly when monetary policy is tight,and the improvement of accounting robustness and the decrease of free cash flow are the main mechanisms of action of tight monetary policy affecting the efficiency of corporate labor investment.Further research finds that a higher quality level of corporate govern-ance will dampen the impact of tight monetary policy on the efficiency of corporate labor invest-ments.The results of the inefficient labor investment subgroup test indicate that the promotional effect of tight monetary policy on the efficiency of corporate labor investment is more likely to be manifested as a disincentive to over-invest in labor.关键词
货币政策/劳动投资效率/会计稳健性/自由现金流量Key words
monetary policy/labor investment efficiency/accounting robustness/free cash flow分类
管理科学引用本文复制引用
张长海,耿歆雨,王帅旗..货币政策对企业劳动投资效率的影响研究[J].财经理论与实践,2024,45(1):34-40,7.基金项目
海南省高层次人才项目(2019RC099) （2019RC099）
海南省哲学社会科学规划课题项目(HNSKZD22-02) （HNSKZD22-02）
