Capital Market Opening And Labor Investment Efficiency Of Enterprise

Since the establishment of the socialist market economic system,the Chinese government has been committed to establishing a "standardized,transparent,open,dynamic and resilient" capital market.The continuous expansion of opening up is an important means for the development of China’s capital market.In order to realize this goal,promote the maturity of the capital market.China’s capital market opening has experienced beneficial exploration of QFII,RQFII and QDII systems.In recent years,in the wave of comprehensive linkage of resource allocation brought about by financial globalization,the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect",which connect the stock markets of Shanghai and Hong Kong and Shenzhen and Hong Kong,were officially launched in 2014 and 2016 respectively,greatly broadening the investment scope of Chinese mainland and overseas investors.At present,under the background of accelerating the construction of "a new development pattern of mutual promotion of domestic and international double circulation",the opening of the capital market has become the only way for the reform and development of China’s financial market.The "Shanghai,Shenzhen and Hong Kong Stock Connect" trading mechanism has been more mature in practice,and its impact on China’s micro-enterprises has become a focus of attention.With the transformation of the driving force of China’s economic growth and the emergence of the aging of the population,the competition faced by enterprises’ development is becoming more and more severe,and the growth model relying solely on the accumulation of factors in the past is no longer sustainable.In the business activities of modern enterprises,human capital is the most important factor to improve the competitiveness of enterprises.The efficiency of labor investment is the manifestation of the efficiency of human resources utilization of enterprises.Reasonable labor investment decisions provide protection for enterprises to win competitive advantages,improve performance and their own value.In the new era of "talent determines the future",efficient labor investment in micro-enterprises is not only of great significance to itself,but also of great importance to macroeconomic development and employment stability.This paper takes the financial data of listed companies in Shanghai and Shenzhen A shares in China from 2010 to 2018 as the research object,constructs a multi-period double difference model,empirically studies the impact of capital market opening on the efficiency of labor and investment of enterprises,and carries out relevant heterogeneity analysis on the company characteristics and external environment;Then,PSM-DID,changing samples,replacing explained variables,placebo test and other methods are used to alleviate the possible endogeneity in the empirical study and verify the robustness of the conclusions of this paper.Then,on the basis of theoretical analysis,select appropriate intermediary variables and empirically study the intermediary transmission mechanism of capital market opening on the efficiency of enterprise labor investment through the intermediary effect model.The research conclusions of this paper are as follows:First,under the premise of controlling other factors,the opening of the capital market has a significant effect on improving the efficiency of labor investment of enterprises,which is manifested in two aspects: alleviating the underinvestment of enterprises and restraining the over-investment of labor.Second,the opening of the capital market has heterogeneity in the improvement of labor and investment efficiency of state-owned enterprises and non-state-owned enterprises,enterprises with serious and non-serious agency problems,and enterprises with high and low level of marketization in the region where they are located.Among them,the opening of the capital market has significantly improved the labor investment efficiency of non-state-owned enterprises,but has no significant impact on the labor investment efficiency of state-owned enterprises;The opening of the capital market has significantly inhibited the over-investment of labor in enterprises with serious agency problems,but has no significant impact on the over-investment of labor in enterprises with no serious agency problems.The opening of the capital market has not shown heterogeneity in the aspect of the agency problem,that is,it can significantly alleviate the labor investment shortage of enterprises with serious or non-serious agency problems;The opening of the capital market has significantly improved the labor investment efficiency of enterprises with low marketization level,but has no significant impact on the labor investment efficiency of enterprises with high marketization level.Thirdly,the easing of enterprise financing constraints brought by the opening of the capital market is the intermediary mechanism to improve the problem of insufficient labor and investment in enterprises;The improvement of the quality of enterprise financial report brought by it is the intermediary mechanism to improve the problem of excessive labor investment in enterprises;The intermediary mechanism that attracts more attention of securities analysts is the improvement of the efficiency of these two types of labor investment.According to the research conclusions,this paper puts forward the following policy recommendations: First,for the government departments,we should further deepen the reform of the financial system,accelerate the high-level opening of the capital market in a deeper and broader field,and attract high-quality foreign investors to participate in the construction of China’s capital market.In addition,the role of the "Land and Port Link" trading system in improving the efficiency of labor and investment of enterprises is more obvious in non-state-owned enterprises,enterprises with high management cost rate and low marketization level in the region where the enterprises are located.Therefore,in the subsequent process of deepening the high-level opening of the capital market to the outside world,we can combine the labor and investment efficiency of enterprises with the characteristics of the property right nature of enterprises,the management cost rate and the marketization level of the region where the enterprises are located,and make targeted choices for the target enterprises of the next capital market opening policy,so as to better play the positive role of foreign investors.Second,for listed companies,they should fully integrate into the process of opening up of China’s capital market,actively introduce foreign investors with valuable investment ideas,improve the quality of information disclosure and corporate governance,optimize the efficiency of labor resource allocation,and achieve high-quality development of enterprises.