高管金融背景对企业劳动投资效率的影响研究
摘要
投资效率的研究一直是公司金融领域一个重要的前沿研究问题与实践问题，以往
关于公司投资效率的研究主要聚焦在传统的实物投资，如固定资产投资、研发创新等，
然而，对于人力资本投资的研究相对缺乏。宏观层面上，在出生率下降、人口老龄化
问题日益突出、人口红利逐渐消失的当下，提高劳动力资源的配置效率，是供给侧结
构性改革的必然要求；微观层面上，劳动力投资是企业投资最重要的组成部分，对企
业的短期经营和长期发展都有着十分重要的影响。基于高层梯队理论与烙印理论，本
文从高管金融背景的视角对企业劳动投资效率进行影响因素的研究。
本文选取我国 A股非金融行业上市企业 2008-2018年的相关数据作为研究样本，
通过建立多元回归模型进行实证分析，发现高管金融背景与劳动投资效率之间存在负
相关关系。得出以下几点主要结论：首先，高管的金融背景与企业的非效率劳动投资
呈正相关关系，即高管的金融背景会降低企业的劳动投资效率。并且相比于银行金融
背景，高管的非银行金融背景对劳动投资效率的影响更大。其次，高管金融背景对劳
动投资效率的负面影响主要是体现在劳动投资过度上。影响机制研究表明，风险偏好
是高管金融背景影响劳动投资效率的主要渠道，而非融资约束。良好的外部监督能够
减少高管金融背景对劳动投资效率的负面影响，发挥积极的治理作用。最后，拓展性
研究表明高管金融背景对劳动投资效率的负面影响可以持续数年，同时，低效率的劳
动投资会损害企业未来几年的盈利水平。
本文的主要贡献在于，从高管背景特征的角度去研究劳动投资效率的影响因素。
现有国内外学者对劳动力投资效率的研究主要是从信息披露质量、公司治理层面等角
度展开，较少有学者从高管特征层面进行研究，尤其是从业背景的角度。其次，高管
金融背景对企业的影响研究大多体现在对融资层面，对投资的影响也大多局限于实物
投资上，对企业人力资源的关注较少。本文丰富了相关领域的研究，同时也为企业在
管理人员的选聘以及对劳动投资的决策方面提供一些借鉴意义。
关键词：劳动投资效率；高管金融背景；公司治理
I

Abstract
Abstract
The research on investment efficiency has always been an important frontier research
issue and practical issue in the field of corporate finance. Previous research on corporate
investment efficiency mainly focused on traditional physical investment, such as fixed asset
investment, R&D innovation, etc. However, the research on human capital investment is
relatively lacking. At the macro level, at a time when the birth rate is declining, the problem
of population aging is becoming increasingly prominent, and the demographic dividend is
gradually disappearing, improving the allocation efficiency of labor resources is an
inevitable requirement for supply-side structural reform; at the micro level, labor investment
is the most important investment for enterprises. It has a very important impact on the
short-term operation and long-term development of the enterprise. Based on high-level
echelon theory and imprinting theory, this thesis studies the influencing factors of labor
investment efficiency of enterprises from the perspective of executives' financial
background.
This thesis selects the relevant data of my country's A-share non-financial listed
companies in the non-financial industry from 2008 to 2018 as the research sample,
establishes a multiple regression model for empirical analysis, and finds that there is a
negative correlation between executives' financial background and labor investment
efficiency.
The following main conclusions are drawn: First, the financial background of
executives is positively correlated with the inefficient labor investment of enterprises, that is,
the financial background of executives will reduce the labor investment efficiency of
enterprises.
And compared with the banking financial background, the non-banking
financial background of executives has a greater impact on labor investment efficiency.
Second, the negative impact of executives' financial background on labor investment
efficiency is mainly reflected in excessive labor investment. Research on the influence
mechanism shows that risk preference is the main channel through which executives'
financial background affects labor investment efficiency, rather than financing constraints.
Good external supervision can reduce the negative impact of executives' financial
background on labor investment efficiency and play a positive governance role.
Finally,
extended research shows that the negative impact of executives' financial background on
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高管金融背景对企业劳动投资效率的影响研究
labor investment efficiency can persist for several years, and that inefficient labor
investment can damage corporate profitability in the next few years.
The main contribution of this thesis is to study the influencing factors of labor
investment efficiency from the perspective of executives’ background characteristics. The
existing domestic and foreign scholars' research on labor investment efficiency is mainly
carried out from the perspectives of information disclosure quality and corporate
governance, and few scholars have carried out research on the characteristics of executives,
especially from a background perspective. Secondly, most of the research on the impact of
executives' financial background on enterprises is reflected in the level of financing, and the
impact on investment is mostly limited to physical investment, and less attention is paid to
corporate human resources. This thesis enriches the research in related fields, and also
provides some references for enterprises in the selection of managers and the
decision-making of labor investment.
Key Words: labor investment efficiency; executives’ financial background; corporate
governance
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