人口老龄化对跨区域投资决策的影响：来自中国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-07 DOI:10.1016/j.frl.2025.107911

Yaorui Chen , Hua Wang

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引用次数: 0

摘要

鉴于人口老龄化的快速发展及其战略意义，本研究探讨了企业对人口变化的主观感知如何影响跨区域投资决策。实证结果表明，人口老龄化意识的增强显著提高了跨区域投资的可能性。这种关系在工具变量估计和可选模型规范中保持稳健。机理分析表明，劳动力成本上升和劳动效率下降是主要的传导渠道。通过将公司层面的投资行为与人口变化联系起来，本研究为战略管理文献做出了贡献。

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Firm perceptions of population aging and cross-regional investment decisions: Evidence from China

Given the rapid pace of population aging and its strategic implications, this study investigates how firms’ subjective perceptions of demographic change influence cross-regional investment decisions. The empirical findings show that stronger perceptions of population aging significantly increase the likelihood of cross-regional investment. This relationship remains robust across instrumental variable estimation and alternative model specifications. Mechanism analysis suggests that rising labor costs and declining labor efficiency serve as key transmission channels. By linking firm-level investment behavior with demographic shifts, this study contributes to the strategic management literature.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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