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金融研究  2023, Vol. 517 Issue (7): 154-172    
  本期目录 | 过刊浏览 | 高级检索 |
空气污染与企业人力资本结构升级 ——基于逆温现象IV估计的实证检验
刘孟鑫, 许敬轩, 马光荣
中国人民大学财政金融学院,北京 100872;
北京工商大学经济学院,北京 100048
Air Pollution and the Upgrading of Corporate Human Capital Structure: Empirical Test Based on IV Estimation of Temperature Inversion
LIU Mengxin, XU Jingxuan, MA Guangrong
School of Finance, Renmin University of China;
School of Economics, Beijing Technology and Business University
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摘要 人力资本作为企业赖以生存和发展的基础,其结构的改善和升级会显著影响企业的生产效率。从理论上看,空气质量的恶化可能会加速人才的流失从而对企业人力资本结构产生影响,明确空气污染对企业人力资本结构的影响路径有助于更好地理解空气质量在企业人力资本调整中发挥的作用。本文采用上市公司与地级市空气污染相匹配的面板数据,利用气象学逆温现象发生的天数作为空气污染的工具变量,研究发现PM2.5浓度平均每提升1个标准差会使上市公司的技能劳动力占比降低2.7个百分点,稳健性检验依然支持研究结论。机制分析表明,空气污染会提高员工流动到低污染地区的可能性,从而抑制企业人力资本结构升级。与此同时,企业实施薪酬激励不能有效降低空气污染对企业人力资本结构升级的抑制效应,但企业资本密集型特征会对这一抑制效应产生正向的调节作用。在当前绿色发展背景下,本文结论对于加强我国空气污染治理和提升企业人力资本具有重要启示,也为相关治理政策的制定以及企业人才战略的实施提供了有效借鉴。
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刘孟鑫
许敬轩
马光荣
关键词:  空气污染  企业人力资本结构  逆温现象  员工流失    
Summary:  Human capital is an indispensable source of national economic growth and wealth accumulation and an important factor of production for supply-side structural reform to improve quality and efficiency. China is currently in a state of economic transition, which highlights the contradiction between people's need for a better life and unbalanced and insufficient development. Moreover, technological progress has raised the requirements for coordination between physical and human capital. Therefore, upgrading the human capital structure of firms is important to promote high-quality development of China's economy and meet the material and cultural needs of its people.
Since China embarked on the process of reform and opening up, its economy has grown rapidly, but this growth has come at a high environmental price. Air pollution is known to adversely affect human health by reducing life expectancy and public awareness. Scholars have increasingly focused on the impact of air pollution on enterprises; researchers believe that air pollution reduces labor supply and firm productivity and increases labor costs. Theoretical discussions on the factors affecting firm human capital have helped to expand and deepen the knowledge in this area; scholars have argued that air pollution profoundly affects human capital. However, there are some shortcomings in the research on the impact of air pollution on the human capital structure of firms. This study investigates this issue using data from Chinese listed firms.
This study investigates the effect of air pollution on the upgrading of firm human capital structure using panel data from listed firms and air pollution levels in prefecture-level cities in China from 2011 to 2020. It uses the number of days when temperature inversions occur as an instrumental variable for air pollution to mitigate possible endogeneity. The results show that, on average, a one standard deviation increase in the PM2.5 concentration reduces the share of skilled labor in public firms by 2.7 percentage points, significantly inhibiting the upgrading of firms' human capital structure. Mechanism analysis shows that air pollution increases the likelihood of employee mobility to less polluted areas and increases turnover among skilled employees, which inhibit the upgrading of firms' human capital structure. The results of heterogeneity analysis find that the inhibitory effect of air pollution on human capital structure is more pronounced in private firms, high-tech industries, and listed firms located in areas with severe air pollution than in public firms, industries other than high-tech industries, and listed firms located in areas with less air pollution. The study also finds that firms' compensation incentives do not effectively reduce the inhibitory effect of air pollution on the upgrading of firms' human capital structure; however, firms' capital-intensive characteristics have a positive moderating effect on this inhibitory effect.
This study makes the following contributions. First, it deepens understanding of the mechanism through which air pollution affects firms' human capital structure. This study uses data from the National Survey on Health and Family Planning Dynamics of the Mobile Population and explores the mechanism of the effect of air pollution on firms' human capital structure from the perspective of employee mobility by matching air pollution data at the county level and conducting a heterogeneity analysis based on the education level of the individuals interviewed. This provides a new explanation for the differences in the exit behavior of employees in firms with different levels of human capital. Second, it provides a reference for enterprises to cope with the adverse effects of air pollution. This study demonstrates that firms' pay incentives cannot effectively reduce the inhibitory effect of air pollution on the upgrading of firms' human capital structure. It is more beneficial for firms to increase the importance of highly skilled employees than to increase pay incentives to address the challenges posed by air pollution.
Keywords:  Air Pollution    Enterprise Human Capital Structure    Inversion of Temperature    Employee Turnover
JEL分类号:  P28   Q53   M51  
基金资助: * 本文感谢国家自然科学基金青年项目“中国式政府竞争对空气污染时空分布的影响研究”(编号:71903008)和国家社会科学基金重大项目“现代财政—金融结合框架下的地方债务管理研究”(编号:21&ZD095)的资助。感谢匿名审稿人的宝贵意见,文责自负。
通讯作者:  许敬轩,经济学博士,副教授,北京工商大学经济学院,E-mail:xujingxuan@btbu.edu.cn.   
作者简介:  刘孟鑫,博士研究生,中国人民大学财政金融学院,E-mail:mxliu@ruc.edu.cn.
马光荣,经济学博士,教授,中国人民大学财政金融学院,E-mail:grma@ruc.edu.cn.
引用本文:    
刘孟鑫, 许敬轩, 马光荣. 空气污染与企业人力资本结构升级 ——基于逆温现象IV估计的实证检验[J]. 金融研究, 2023, 517(7): 154-172.
LIU Mengxin, XU Jingxuan, MA Guangrong. Air Pollution and the Upgrading of Corporate Human Capital Structure: Empirical Test Based on IV Estimation of Temperature Inversion. Journal of Financial Research, 2023, 517(7): 154-172.
链接本文:  
http://www.jryj.org.cn/CN/  或          http://www.jryj.org.cn/CN/Y2023/V517/I7/154
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