Research On The Impact Of Labor Costs On Enterprise Intelligent Development Under Financing Constraint

Labor input,capital accumulation and technological progress are the sources of power for economic growth.Over the four decades of reform and opening up,China started from a relatively backward development level and gradually established a relatively complete industrial system.The level of economic development and the quality of life of the people have continued to improve.With the advantage of population,the agricultural sector provides a steady supply of labor for the development of the industrial sector.However,with the changes in the demographic structure,there has been a structural shortage of labor supply.Many studies have also confirmed that China’s demographic dividend is gradually disappearing,economic development has crossed the "Lewis turning point",and rising labor costs has become an irreversible trend.Obviously,economic growth driven by "cheap labor" and "rough investment" is unsustainable.In the context of the economic transition to high-quality development,many companies are also seeking new development paths.Intelligent technology is a labor-enhancing technology.The use of intelligent technology by enterprises can effectively improve enterprise production efficiency,change production methods,optimize production processes.Therefore,the rising labor cost may prompt enterprises to increase capital investment and choose to introduce intelligent technology,thus alleviating the pressure brought by rising labor cost.Based on the above background,from a micro perspective,this paper sorts out the mechanism by which changes in labor costs affect the intelligent development of enterprises,in order to combine labor costs and financing constraints and other factors to put forward reasonable suggestions for enterprise intelligent technology investment.Firstly,the relevant theories are sorted out,and on the basis of the existing research,a theoretical model of the impact of labor costs on the intelligent investment of enterprises is constructed,and the important role of financing constraints is revealed,and then research hypotheses are put forward.Secondly,an empirical model is constructed on the basis of theoretical analysis,and 3209 Chinese A-share listed companies are used as research samples for empirical analysis.In view of the lack of indicators for measuring the level of enterprise intelligence,this paper uses text analysis to construct an evaluation index for the degree of intelligent development of listed companies,uses KZ index and SA index to measure the degree of corporate financing constraints,and estimates based on fixed effects.The factors influencing the differences were also analyzed for heterogeneity.In addition,the robustness test in the empirical part weakens the influence of possible endogeneity on the estimated results.Finally,it further discusses the influence mechanism of labor cost and financing constraints,and introduces the threshold model to judge the difference of labor cost in different stages.The research finds: First,rising labor costs can effectively promote the level of intelligent development of enterprises.Enterprises with higher labor costs will use more intelligent technologies.After the robustness test has weakened the impact of endogeneity,the results are still significant;,through the threshold model regression,it is found that there are stage differences in this effect.Second,financing constraints will reduce this promotion,thereby hindering the improvement of the level of intelligent development of enterprises.Financing constraints will affect the investment behavior of enterprises.For enterprises with strong financing constraints,labor costs have a weaker impact on the intelligent development of enterprises.Reflected in production,when companies are constrained by financing,they may not be able to effectively improve the level of intelligence to cope with the negative impact of rising labor costs.Third,according to the results of the heterogeneity test,labor-intensive,secondary industry and private enterprises are more susceptible to changes in labor costs.Fourth,enterprises subject to financing constraints cannot achieve the ideal level of capital investment,which is one of the reasons for the adjustment effect of financing constraints.At present,the rapidly rising labor cost has become an important factor restricting the development of enterprises.Therefore,in order to help enterprises to transform and upgrade intelligently and effectively cope with the negative impact of rising labor costs,the following policy recommendations are further put forward: The government should focus on the vulnerable labor force.Enterprises affected by cost changes should actively guide their transformation and upgrading.At the same time,it is necessary to strengthen and improve the financial system to make the allocation of resources more reasonable and effective,so as to provide a sound system guarantee for enterprises to adjust their business strategies in a timely manner and open up new development paths.