We conduct a randomized controlled trial investigating Smart Voice Assistants (SVAs) in a full-service Shanghai hotel. Although intended to enhance productivity, SVA adoption increased front-desk calls by 19%, driven by frictions in voice-controlled amenities. This effect is most pronounced among older guests and those in premium rooms. Sentiment analysis of call transcripts reveals a decline in guest satisfaction, concentrated among younger rather than older guests, alongside negative spillovers into housekeeping and repair requests. Our results provide empirical evidence that adjustment costs, specifically user learning and interface frictions, can diminish the short-run productivity gains of general-purpose technologies in the service sector.

We analyze the indirect effect of a fixed asset investment incentive on firm innovation by estimating the influence of China’s value-added tax reform in 2004 using a difference-in-difference-in-differences approach. We find that the fixed asset investment incentive significantly reduces firm innovation. In a simple model, we show that the reduction could arise because some firms choose to upgrade their technology as a result of the investment incentive and advanced technology crowds out innovation. Consistent with the predictions, we find that this negative effect is evident in firms with intermediate-level financial constraints but not in firms with tight or loose financial constraints. Moreover, firms with intermediate-level financial constraints increase their fixed asset investments and technology costs after the reform, while other firms do not.

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Using exogenous shocks on the ability to issue seasoned equity offerings (SEOs), we show SEOs lead to a higher employee skill composition, i.e., a lower (higher) proportion of low (high) skilled workers. Low-skilled workers decrease more than high-skilled workers increase, leading to lower firm-level employment. These effects are more significant when firms invest more in technology following SEOs and face greater financial constraints before SEOs, suggesting SEOs relieve budget constraints on technology investments. These findings demonstrate that while external equity financing helps upgrade technology to improve productivity, it has a dark side for low-skilled workers.

Using an exogenous shock that drastically increased the liquidity of stocks listed in China, we find robust evidence that higher liquidity significantly increases the overall level of tax noncompliance. The increase is more substantial when controlling shareholders own more shares, and diversion for private benefits is less complementary to tax noncompliance. Liquidity has no significant impact on tax evasion-the most aggressive and risky tax noncompliance-and at the higher ends of the tax noncompliance distribution. The positive and significant effects are observed only at lower levels of tax noncompliance. We attribute the weaker impact of liquidity on aggressive tax noncompliance to diversion being more complementary to higher-risk tax noncompliance.

In this paper, we investigate the effects of labor market mobility on corporate governance. Using the state-level staggered changes of noncompete agreement enforceability as the variation in labor market mobility, we find that restricting labor market mobility leads to less efficient investment decisions and executive compensation schemes. The impact of labor market mobility is more prevalent in firms relying more on skilled employees and in firms facing fiercer product market competition. This suggests that labor market mobility imposes greater pressure on firm managers. Labor market mobility is also positively associated with stock price informativeness, and the impact of labor market mobility is more prevalent in firms with higher information acquisition costs. This suggests that a more liquid labor market can enhance information transparency between firms and outside investors. Overall, these findings imply that labor market mobility can serve as an important external governance mechanism and discipline firms’ behaviors.

本文利用2003-2015年我国A股上市公司数据,借助2008年新《劳动合同法》的实施对劳动密集度不同的行业影响不同,识别了劳动力保护对以股价波动性衡量的企业风险的因果影响.结果 显示,受新《劳动合同法》实施影响越大的企业,其股价波动性越小,即劳动力保护降低了企业风险.这一结论在经过平行趋势检验、排除同期其它政策的影响、使用不同方法计算企业风险和劳动密集度、使用平衡面板等一系列稳健性检验后,仍然成立.机制分析表明,新《劳动合同法》的实施会增加企业的杠杆率和违约概率,企业出于"风险规避"的动机会增加现金持有,以抓住未来的优良投资机会.由于国有企业对劳动力保护制度的执行度更强,杠杆率高和流动比率低的企业有更强的"风险规避"动机,因此新《劳动合同法》实施后,国有企业风险出现更大幅度的下降.本文的结论表明,在防范控制企业风险过程中,劳动力保护措施是可选的有效政策工具.

本文以2006-2015年A股上市公司为样本,采取双重差分模型检验融资融券对公司财务杠杆的影响,发现公司成为融资融券标的后,其财务杠杆显著降低.机制检验显示,融资融券通过三个渠道降低财务杠杆:(1)融资融券放大财务困境的负面影响、促使管理者降低财务风险;(2)融资融券促使管理者降低投资水平、债务融资需求减少;(3)融资融券使债务融资成本上升.进一步分析发现,融资融券可减少过度负债.将融资和融券机制分开检验发现,两者均可降低财务杠杆.异质性分析显示,融资融券的作用在非国有企业、小规模企业中更加显著.运用模糊断点回归和倾向得分匹配法排除样本选择偏差、考虑混杂效应、改变模型设置、更换样本区间后,结果依然显著.该结果说明融资融券可以有效降低公司财务杠杆.

推进大数据与实体经济的深度融合成为中国新一轮的经济增长点.本文通过对A股上市公司的年报进行文本分析,构建了衡量公司层面"大数据"应用程度的指标,探讨了企业大数据应用的发展状况及决定因素,检验了大数据应用对公司市场价值的影响.研究发现:第一,规模较大、有形资产比例较低、盈利能力较强,以及所在地区市场化程度较高的公司更可能在生产经营过程中应用大数据;第二,大数据的应用可以显著提高公司的市场价值;第三,主要的影响机制在于大数据的应用显著提高了公司的生产效率和研发投入,而相关技术和人才供给的不足可能会阻碍大数据对市场价值的积极影响.本文结论对中国未来大数据相关的政策设计具有参考价值,为推动实体企业生产经营与大数据的高效融合提供了经验证据和指导建议.

我国劳动力市场化程度日益加深导致劳动者职业转换愈加频繁,失业保险的作用日益突出.本文探究了失业保险金水平对企业财务杠杆的影响.运用2009-2019年上市公司数据进行实证分析,结果发现失业保险金上升会导致公司财务杠杆下降.渠道检验显示,提高失业保险金可以降低员工失业风险溢酬,公司劳动力成本下降,公司有更多自由现金流和盈利进行内源融资和偿还债务,公司财务杠杆下降.进一步分析发现,失业保险金的作用在失业率高的地区更加显著.主要结果在分别运用《社会保险法》和《关于调整失业保险金标准的指导意见》构造双重差分模型和工具变量解决内生性问题、更改模型设置、排除投资水平影响、删除特殊省份、更换样本期间后,依然成立.本文结果说明加大失业保险保障力度有助于降低企业财务风险.

本文以1990年到2014年中国上市公司数据作为样本,实证发现地区劳动力流动越强,当地企业获得的专利授权数量越多,其中创新质量最高的发明专利受到最显著的促进作用.劳动力流动对企业创新绩效的促进作用主要来源于地区劳动力成本的上升给企业带来更强的创新激励.在异质性分析中,实证发现国有企业的创新绩效会受到更加显著的促进作用.本文研究结论说明劳动力市场因素是影响企业创新效率的重要因素,对提高我国企业创新产出有重要意义,同时也为户籍政策的制定、国有企业的改革提供了合理的参考方向.

In recent years, many manufacturing enterprises in China have implemented international strategies through cross-border mergers and acquisitions(MA), and expect to enhance their core competitiveness by acquiring external knowledge and technical resources. Accompanying them are merger and acquisition risks. The purpose of this article is to analyze the impact of cross-border MA on corporate risk, and provide reference opinions for corporate MA decisions and investors' future investment. This article analyzes the impact of cross-border MA on the risks of Chinese listed companies by conducting empirical research on mainland Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges and participating in cross-border MA from 2008 to 2013. It is concluded that the highest percentage of security companies in the manufacturing industry in the year before the merger is 72.41%, and the lowest rate in the year of the merger is 48.28%. One to two years after the merger, the ratio of security companies has increased, but has not been able to return to the level before the merger. It shows that after cross-border MA, manufacturing enterprises caught in different degrees of bankruptcy increased by 10-20%. The safety ratio of non-manufacturing companies has not changed before and after the merger. Taken together, cross-border MA will have a negative impact on the financial status of enterprises, increase their financial risks, and increase their difficulty in managing financial risks.

We study how short-selling pressure affects tax aggressiveness using the pilot program on short sales in Regulation SHO. Using a difference-in-differences approach, we find that higher short-selling pressure significantly reduces tax aggressiveness. To explain the reduction, we offer a simple agency-theoretic model and provide evidence that when short-selling pressure increases, the likelihood of detecting questionable tax shelters increases, discouraging tax aggressiveness. Corroborating this evidence, we also find stronger (weaker) effects of short-selling pressure on firms subject to fewer (more) audits by the IRS before the pilot program. These findings suggest that short-sellers help reduce aggressive tax avoidance schemes.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">本文使用2000-2016年我国沪深A股上市公司数据,实证研究了公司被并购对其劳动力结构的影响。研究发现,公司被并购带来公司的劳动力结构优化升级,即公司会增加非常规高技能劳动力占比和高学历劳动力占比,降低常规低技能劳动力占比。渠道检验发现,并购会通过降低企业融资约束,促进企业生产技术升级来促进企业的劳动力结构优化升级。异质性分析发现并购对劳动力结构优化升级的影响在非完全换股并购和低绩效企业中更为显著。</span>

We analyze the spillover effect of a fixed asset investment incentive on firm innovation by estimating the impacts of China’s value-added tax reform in 2004 with a difference-in-differencein-differences approach. We find that the fixed asset investment incentive significantly reduces firm innovation. This negative effect appears in firms with intermediate-level financial constraints, but not in firms with very tight and loose financial constraints. Firms with intermediate-level financial constraints also increase fixed asset and intangible asset investment more than other firms after the reform. As innovation is a major economic growth driver with positive externalities, fiscal incentives for fixed asset investment may have unintended consequences for firms with a certain level of financial constraints. (JEL O31, O32, G31)

在目前的公司治理文献中,大部分的高管特征研究一方面仅关注单一的高管特征与公司业绩之间的关联,缺乏全面的高管特征分析;另一方面主要围绕因果推断进行研究,缺乏从预测能力出发的系统定量的结论.本文首次采用机器学习算法中的Boosting回归树,全面考察了多维度高管特征对公司业绩的预测性.以我国2008年～2016年的上市公司为样本,研究了高管的多维个人特征是否能预测公司业绩,并进一步分析了对公司业绩预测能力较强的高管个人特征及其预测模式.研究发现:1)整体而言,在我国公司CEO和董事长的特征对公司业绩的预测能力较弱;2)在众多高管个人特征之中,高管持股比例和年龄对公司业绩的预测能力较强;3)高管持股比例和年龄与公司业绩之间的关联都呈现出非线性的特点,与以往的理论较为吻合.本研究不仅利用机器学习方法从一个更为全面的视角对中国的高管特征进行了研究,也为公司高管聘任和激励机制设计等方面提供了有益的启发.