货币政策对企业劳动投资效率的影响研究OA北大核心CHSSCDCSTPCD

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.