媒体报道与劳动投资效率——来自中国的证据*

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE Asia-Pacific Journal of Financial Studies Pub Date : 2023-02-05 DOI:10.1111/ajfs.12408

Jin Liu, Tingwei Li, Lei Wang

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引用次数: 2

摘要

利用2006-2019年期间209万条与中国企业相关的媒体报道，我们发现媒体报道与劳动力投资效率之间存在显著的正相关关系。报纸和网络媒体的报道都可以有效地减少企业过度投资和投资不足的劳动力。在解决了一系列内生性问题后，我们的结果是稳健的。进一步的分析表明，对于劳动力成本粘性较高的企业或人力资本对企业商业模式更重要的企业，媒体报道与劳动力投资效率之间的正相关关系更为明显。机制分析表明，媒体报道通过薪酬激励机制、监督机制和信息披露机制来提高劳动投资效率。

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Media Coverage and Labor Investment Efficiency: Evidence from China*

Using 2.09 million pieces of media coverage associated with Chinese firms during 2006–2019, we find a significantly positive relationship between media coverage and labor investment efficiency. Both newspaper and online media coverage can effectively reduce firms' labor over-investment and under-investment. Our results are robust after addressing a range of endogeneity concerns. Further analyses show that the positive relationship between media coverage and labor investment efficiency is more pronounced for firms with higher labor cost stickiness or when human capital is more important to the firm's business model. Mechanism analyses reveal that media coverage improves labor investment efficiency through the compensation incentive mechanism, supervision mechanism, and information disclosure mechanism.

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