Stock Market Liberalization, Foreign Investors, and Firm Labor Investment: Evidence From China

IF 2.3 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2026-03-12 DOI:10.1111/irfi.70069

Changyu Hu, Zhan Jiang, Xiaojia Zheng, Bing Zhu

引用次数: 0

Abstract

Analyzing the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect (SHSZ-HK Connect) programs as quasi-natural experiments, our study reveals that stock market liberalization increases labor investment efficiency. The effect is more pronounced in firms with higher foreign ownership, as liberalization enhances their information environment and reduces capital costs. However, the impact is weaker in regions with higher minimum wages, highlighting the importance of labor market conditions in shaping outcomes. Additionally, firms exposed to liberalization promote labor investment efficiency through human capital upgrading by recruiting high-skilled workers and enhancing employee training to improve labor productivity.

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股票市场自由化、外国投资者与企业劳动力投资：来自中国的证据

通过对沪港通和深港通的准自然实验分析，我们发现股市自由化提高了劳动力投资效率。这种影响在外资持股比例较高的公司中更为明显，因为自由化改善了它们的信息环境，降低了资本成本。然而，在最低工资较高的地区，这种影响较弱，这突显了劳动力市场状况在形成结果方面的重要性。此外，受自由化影响的企业通过招募高技能工人和加强员工培训来提高劳动生产率，从而通过人力资本升级来提高劳动投资效率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.