Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2135555
Capital market opening and labour investment efficiency
Suyuan Tian
Wenqing Bai
Wenlei Shi
Sažetak
The purpose of this research is to explore the impact of capital
market opening on inefficient labour investment of enterprises
and its impact path. This paper takes 2010–2019 A-share nonfinancial
listed companies in Shanghai Stock Exchange (SSE) and
Shenzhen Stock Exchange (SZSE) as research objects and samples,
and uses DID method to examine the impact of capital market
opening on labour investment efficiency of listed companies.We
collected 22567 pieces of data.The results show that the capital
market opening system significantly reduces inefficient labour
investment of enterprises, mainly through reducing the information
asymmetry and the agency costs as the main paths. This
research shows that the capital market opening is of positive significance
to the sustainable development of enterprises, and it
proposes targeted suggestions for the government, listed companies
and market investors to effectively reduce the inefficient
labour investment of enterprises. The research provides more
feasible references for capital market opening and corporate governance,
and also offers theoretical evidence for the implementation
of ‘Shanghai-Hong Kong Stock Connect’ program.
Ključne riječi
Capital market opening; labor investment efficiency; Shanghai-Shenzhen-Hong Kong Stock Connect; information asymmetry; agency costs
Hrčak ID:
306695
URI
Datum izdavanja:
30.4.2023.
Posjeta: 153 *