Tackling financialization amidst rising labor cost in China

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Zhuo-Ya Du , Qian Wang
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引用次数: 0

Abstract

Suppressing corporate financialization exacerbated by rising labor costs is an important micro-level issue for revitalizing the manufacturing industry. This research investigates the interaction mechanism among labor costs and financialization, using panel data of Chinese listed companies from 2007 to 2022 in the context of the disappearance of the demographic dividend. The results of the moderated mediation model show that rising labor costs worsen financialization by reducing corporate profitability and increase financialization through negative earnings manipulation, whereas digitization suppresses both the direct and indirect effect of labor costs. Therefore, measures should be taken to enhance the profitability and accounting transparency of companies undergoing the process of accelerating digitization.

在中国劳动力成本上升的背景下应对金融化问题
抑制因劳动力成本上升而加剧的企业金融化是振兴制造业的一个重要微观问题。本研究在人口红利消失的背景下,利用 2007 年至 2022 年中国上市公司的面板数据,研究了劳动力成本与金融化之间的互动机制。调节中介模型的结果表明,劳动力成本上升会通过降低企业盈利能力来恶化金融化,并通过负收益操纵来增加金融化,而数字化则会抑制劳动力成本的直接和间接影响。因此,在加速数字化的过程中,应采取措施提高企业的盈利能力和会计透明度。
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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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