| With the speeding up of aging process in our country,demographic dividend gradually disappears and the need to optimize labor distribution gradually highlights.Human capital is not only the basic factor for the development of macro-economy and the improvement of micro-enterprise efficiency,but also the creative living labor factor,which has the integration effect on other production factors.Labor investment efficiency is a direct reflection of whether human capital has been optimized at the enterprise level.Therefore,promoting the upgrading of human capital of enterprises and improving the efficiency of labor investment are the micro basic conditions for promoting China’s transformation from "population dividend" to "talent dividend" and achieving high-quality economic development.The rapid iteration and in-depth development of new generation digital technologies such as big data,cloud computing,artificial intelligence and the Internet of Things have accelerated the digitization process.In order to integrate into the digital economy,enterprises implement digital transformation,which will have a subversive impact on enterprises from organizational structure to investment structure,and the efficiency of labor investment will naturally be impacted.Therefore,this paper focuses on the following issues:(1)How digital transformation affects the labor investment efficiency of enterprises;(2)The mechanism of digital transformation affecting the efficiency of enterprise labor investment;(3)The impact of digital transformation on the efficiency of enterprise labor investment and the heterogeneity of its economic consequences.Based on this,the paper uses the micro-data of listed companies from 2008 to2020 to theoretically analyze and empirically test the impact of digital transformation on labor investment efficiency.Specific conclusions are shown as follows:Digital transformation improves the efficiency of labor investment in enterprises,and inhibits both under-investment and over-investment in labor.After robust endogeneity test using instrumental variable method,Heckman two-stage test,replacement of core variables,the conclusions of this study remain robust.Mechanism analysis results indicate that digital transformation can elevate the internal and external information environment of enterprises,reduce information asymmetry,improve the ability to obtain external resources and the efficiency of using internal funds,ease the financing constraints faced by enterprises,promote the upgrading of enterprise human capital,improve the utilization rate of high-quality human capital,and then improve the efficiency of labor investment.The heterogeneity analysis shows that the effect of digital transformation on the efficiency of enterprise labor investment is affected by internal and external factors:From the perspective of digital transformation,compared with practical application,the impact of underlying technology research and development on the efficiency of enterprise labor investment is more significant.At the micro-enterprise level,compared with the low labor-intensive sample,the effect of digital transformation on the efficiency of labor investment is more significant in the high labor-intensive sample,but this effect is not affected by the nature of property rights;from the perspective of macro environment,the promoting effect of digital transformation on labor investment efficiency is more significant in the sample group with good factor market development and weak government intervention intensity.And from the economic consequences,the improvement of labor allocation efficiency of enterprises in the digital transformation can promote innovative output and increase total factor productivity.Based on the above conclusions,this paper puts forward relevant suggestions from the three levels of "government","enterprises" and "workers". |
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