高管本地任职与企业劳动投资效率

摘要/Abstract

摘要： 劳动力资本是企业生产经营过程中不可或缺的要素资源，优化劳动力资源配置对微观企业保持竞争力与宏观经济高质量发展具有重大意义。本文以2008—2020年A股上市企业为样本，实证考察了高管的家乡归属对企业劳动投资效率的影响及其作用机制。研究结果表明：高管本地任职能够显著提高企业劳动投资效率；作用机制分析表明，降低外部环境不确定性和缓解代理冲突是高管本地任职提升企业劳动投资效率的主要路径；异质性分析表明，高管本地任职对企业劳动投资效率的促进作用受到微观企业、中观市场以及宏观环境特征的影响。本文从高管本地背景这一微观层面拓展了企业劳动投资效率影响因素的研究，为企业在选聘高管以及优化劳动资源配置方面提供了新的证据支持。

关键词: 要素配置, 本地高管, 劳动投资效率

Abstract: Labor capital is an indispensable resource factor in the process of enterprise production and operation. Optimizing the allocation of labor resources is of great significance for micro-enterprises to maintain competitiveness and for macroeconomic high-quality development. This study, based on the sample of A-share listed companies from 2008 to 2020, empirically examines the influence of executives’ hometown affiliation on the efficiency of labor investment in enterprises and its mechanisms. The research indicates that local executives can significantly improve the efficiency of labor investment in enterprises. Mechanism analysis shows that reducing external environmental uncertainty and alleviating agency conflicts are the main pathways through which local executives enhance the efficiency of labor investment in enterprises. Heterogeneity analysis demonstrates that the promotion effect of local executives on the efficiency of labor investment in enterprises is influenced by the characteristics of micro-enterprises, medium-sized markets, and macro-environment. Economic consequence analysis suggests that optimizing the allocation of labor resources by local executives helps reduce enterprises’ excessive employment and significantly inhibits the stickiness of labor costs. This study expands the literature on factors influencing enterprise labor investment efficiency from the micro perspective of executive local background, providing new evidence support for enterprises in recruiting high-level talents and optimizing labor resource allocation.

Key words: factor optimization allocation, local executives, labor investment efficiency

刘星河, 胡沛文, 陈文瑞, 余鹏翼, 刘欣怡. 高管本地任职与企业劳动投资效率[J]. 管理评论, 2025, 37(8): 195-207.

Liu Xinghe, Hu Peiwen, Chen Wenrui, Yu Pengyi, Liu Xinyi. Local Executive Appointments and Corporate Labor Investment Efficiency[J]. Management Review, 2025, 37(8): 195-207.

参考文献

[1] Jung B., Lee W. J., Weber D. P. Financial Reporting Quality and Labor Investment Efficiency[J]. Contemporary Accounting Research, 2014,31(4):1047-1076
[2] 李小荣,万钟,陆瑶.劳动力市场与公司金融关系研究进展[J].经济学动态, 2019,(3):120-133 Li X. R., Wan Z., Lu Y. Research Progress on the Relationship between Labor Market and Corporate Finance[J]. Economic Perspectives, 2019,(3):120-133
[3] 李宪印,王凤芹,杨博旭,等.人力资本、政府科技投入与区域创新[J].中国软科学, 2022,(11):181-192 Li X. Y., Wang F. Q., Yang B. X., et al. Human Capital, Government Investment in Science and Technology and Regional Innovation[J]. China Soft Science, 2022,(11):181-192
[4] 胡望斌,焦康乐,张亚会,等.创业者人力资本与企业绩效关系及多层次边界条件研究——基于经验视角的元分析[J].管理评论, 2022,34(7):81-94 Hu W. B., Jiao K. L., Zhang Y. H., et al. A Meta-analysis on the Multilevel Boundary Conditions of the Relationship between Entrepreneurs'Human Capital and Business Performance[J]. Management Review, 2022,34(7):81-94
[5] Hambrick D. C., Mason P. A. Upper Echelons:The Organization as a Reflection of Its Top Managers[J]. Academy of Management Review, 1984,9(2):193-206
[6] Allen F., Qian J., Qian M. Law, Finance, and Economic Growth in China[J]. Journal of Financial Economics, 2005,77(1):57-116
[7] 胡珺,宋献中,王红建.非正式制度、家乡认同与企业环境治理[J].管理世界, 2017,(3):76-94 Hu J., Song X. Z., Wang H. J. Informal Institution, Hometown Identity and Corporate Environmental Governance[J]. Journal of Management World, 2017,(3):76-94
[8] 曹春方,刘秀梅,贾凡胜.向家乡投资:信息、熟悉还是代理问题?[J].管理世界, 2018,34(5):107-119 Cao C. F., Liu X. M., Jia F. S. Invest to the Hometown:Information, Familiarity or Agency Problem?[J]. Journal of Management World, 2018,34(5):107-119
[9] 蓝紫文,李增泉,胡智渊.社会资本的公司治理效应——来自公司高管本土化与会计信息质量关系的经验证据[J].管理科学学报, 2023,26(2):130-158 Lan Z. W., Li Z. Q., Hu Z. Y. Corporate Governance Effect of Social Capital:Empirical Evidence from the Relationship between Localization of Corporate Executives and Accounting Information Quality[J]. Journal of Management Science in China, 2023,26(2):130-158
[10] 李小荣,温伟荣.高管本地任职与企业价值:基于家乡认同视角[J].金融评论, 2022,14(1):45-65 Li X. R., Wen W. R. Local Executives and Corporate Value:An Analysis from the Perspective of Hometown Attachment[J]. Chinese Review of Financial Studies, 2022,14(1):45-65
[11] Yonker S. E. Do Managers Give Hometown Labor an Edge?[J]. The Review of Financial Studies, 2017,30(10):3581-3604
[12] Hodler R., Raschky P. A. Regional Favoritism[J]. The Quarterly Journal of Economics, 2014,129(2):995-1033
[13] Dang J., Motohashi K. Patent Statistics:A Good Indicator for Innovation in China?Patent Subsidy Program Impacts on Patent Quality[J]. China Economic Review, 2015,35:137-155
[14] 李吉园,邓英雯,张敏.本地CEO与企业避税:家乡认同还是寻租?[J].会计研究, 2020,(7):119-130 Li J. Y., Deng Y. W., Zhang M. Local CEOs and Corporate Tax Avoidance:Home Identity or Rent-Seeking?[J]. Accounting Research, 2020,(7):119-130
[15] Ren S., Sun H., Tang Y. CEO's Hometown Identity and Corporate Social Responsibility[J]. Journal of Management, 2023,49(7):2455-2489
[16] Khedmati M., Sualihu M. A., Yawson A. CEO-Director Ties and Labor Investment Efficiency[J]. Journal of Corporate Finance, 2020,65:101492
[17] 申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究, 2012,47(7):113-126 Shen H. H., Yu P., Wu L. S. State Owenrship, Environment Uncertainty and Investment Efficiency[J]. Economic Research Journal, 2012,47(7):113-126
[18] 卜君,孙光国.环境不确定性会影响企业劳动投资效率吗?[J].经济管理, 2020,42(10):23-38 Bu J., Sun G. G. Does Environmental Uncertainty Affect the Labor Investment Efficiency?[J]. Business and Management Journal, 2020,42(10):23-38
[19] Guenther C., Johan S., Schweizer D. Is the Crowd Sensitive to Distance?-How Investment Decisions Differ by Investor Type[J]. Small Business Economics, 2018,50(2):289-305
[20] Ashforth B. E., Mael F. Social Identity Theory and the Organization[J]. Academy of Management Review, 1989,14(1):20-39
[21] Ghaly M., Dang V. A., Stathopoulos K. Institutional Investors'Horizons and Corporate Employment Decisions[J]. Journal of Corporate Finance, 2020,64:101634
[22] Lai S., Li Z., Yang Y. G. East, West, Home's Best:Do Local CEOs Behave Less Myopically?[J]. The Accounting Review, 2020,95(2):227-255
[23] Tan Y. C., Xiao J., Zeng C., et al. What's in a Name?The Valuation Effect of Directors'Sharing of Surnames[J]. Journal of Banking&Finance, 2021,122:105991
[24] Knyazeva A., Knyazeva D., Masulis R. W. The Supply of Corporate Directors and Board Independence[J]. The Review of Financial Studies, 2013,26(6):1561-1605
[25] Akerlof G. A., Kranton R. E. Economics and Identity[J]. Quarterly Journal of Economics, 2000,115(3):715-753
[26] 陶欣欣,江轩宇,谢志华,等.社会责任履行影响企业劳动投资效率吗[J].会计研究, 2022,(6):120-133 Tao X. X., Jiang X. Y., Xie Z. H., et al. Does Corporate Social Responsibility Affect the Labor Investment Efficiency?[J]. Accounting Research, 2022,(6):120-133
[27] 谢志明,易玄.产权性质、行政背景独立董事及其履职效应研究[J].会计研究, 2014,(9):60-67 Xie Z. M., Yi X. Ownership Nature of Ultimate Controller and Effect Analysis of Former Government Officials Directors[J]. Accounting Research, 2014,(9):60-67
[28] 苏坤.政治关联对公司股价崩盘风险的影响[J].管理评论, 2021,33(7):54-67 Su K. The Effect of Political Connection on Stock Price Crash Risk[J]. Management Review, 2021,33(7):54-67
[29] 申丹琳,江轩宇.社会信任与企业劳动投资效率[J].金融研究, 2022,(9):152-168 Shen D. L., Jiang X. Y. Social Trust and Corporate Labor Investment Efficiency[J]. Journal of Financial Research, 2022,(9):152-168
[30] 丁从明,吉振霖,雷雨,等.方言多样性与市场一体化:基于城市圈的视角[J].经济研究, 2018,53(11):148-164 Ding C. M., Ji Z. L., Lei Y., et al. Dialect and Market Segmentation:Evidence from the Synthetic Metropolitan Area[J]. Economic Research Journal, 2018,53(11):148-164
[31] 陈婧,方军雄,秦璇.证券分析师跟踪与企业劳动投资效率的改善[J].投资研究, 2018,37(12):80-99 Chen J., Fang J. X., Qin X. Will Analysis Following Improve Corporate Labor Investment Efficiency?[J]. Review of Investment Studies, 2018,37(12):80-99
[32] 许晨曦,董启琛,许江波.自贸区政策的收入分配效应——来自中国上市公司的经验证据[J].管理评论, 2023,35(2):38-51 Xu C. X., Dong Q. C., Xu J. B. The Income Distribution Effect of Free Trade Zone-Empirical Evidence from China's Listed Companies[J].Management Review, 2023,35(2):38-51
[33] 潘越,翁若宇,纪翔阁,等.宗族文化与家族企业治理的血缘情结[J].管理世界, 2019,35(7):116-135 Pan Y., Weng R. Y., Ji X. G., et al. Clan Culture and the Blood Complex of Family Firm Governance[J]. Journal of Management World, 2019,35(7):116-135
[34] 廖冠民,沈红波.国有企业的政策性负担:动因、后果及治理[J].中国工业经济, 2014,(6):96-108 Liao G. M., Shen H. B. Policy Burdens of State-owned Enterprises:Reason, Consequence, and Governance[J]. China Industrial Economics, 2014,(6):96-108
[35] 梁上坤.机构投资者持股会影响公司费用粘性吗?[J].管理世界, 2018,34(12):133-148 Liang S. K. Will Institutional Investor Ownership Affect Companies'Stickiness of Cost?[J]. Journal of Management World, 2018,34(12):133-148