产品市场竞争与企业劳动投资效率
摘要
劳动投资效率问题是劳动经济学研究的重要方向，也是当前国内外公司金融领域
一个非常有价值的新兴研究领域。随着知识时代的到来，企业越来越重视对作为公司
价值增长根本源泉的人的投资，人力资本的配置问题越来越成为影响企业未来发展的
重要因素。良好的内部晋升机制、基础薪酬结构、绩效体系、各项员工权益保障机制
等都是企业未来长足发展的必要保障。在了解了企业劳动投资效率的重要性后，本文
研究了日益激烈的市场竞争环境对企业劳动投资效率的影响。一方面，产品市场竞争
可以通过施加竞争对手产品掠夺压力的方式促使企业提高自身产品内在价值，有助于
提高劳动投资效率；另一方面，在激烈的市场竞争条件下，企业为巩固自身地位要么
选择积极创新增强产品竞争优势的主动策略，要么选择直接削减职工和原材料成本的
被动防御策略，现实中第二种做法更普遍，损害了劳动投资效率。此外，结合我国产
业政策强调赶超、高附加值产业享受优惠和补贴的力度较大、针对中小企业的金融服
务体系不健全、保障企业平等竞争的法律法规有待完善以及国企规制化问题严重等现
实国情，我国当前竞争政策在实施过程中存在一定阻碍。因此，本文认为结合我国的
特殊国情，产品市场竞争是否能真正发挥其有效外部纪律机制的作用促进企业优化劳
动力资源配置提高劳动投资效率，是一个非常值得讨论的问题。
本文利用 2009-2020年沪深 A股上市公司数据，以企业劳动投资效率的反指标为被
解释变量，产品市场竞争为解释变量，选取合适的控制变量并构建相关模型探讨了产
品市场竞争与企业劳动投资效率之间的关系。结果表明，产品市场竞争对劳动投资效
率存在先增后减的倒 U型影响，二者间的这种关系主要存在于投资不足及雇佣不足的
企业中。调节效应检验发现融资约束与薪酬激励分别与产品市场竞争存在互补和替代
的关系，它们分别增强和减弱了产品市场竞争与劳动投资效率之间的倒 U型关系。分
组异质性回归发现，产品市场竞争与劳动投资效率之间的倒 U型关系在民营和无政治
关联、经济政策不确定较高、东部和中部地区的企业分组中更显著。本文的结论在进
行各种更换变量衡量方式和控制非劳动投资影响的稳健性检验后仍然成立，同时受内
生性影响不大。进一步分析中，结合我国当前市场竞争程度不足的现实情况，研究了
劳动投资效率对企业未来业绩表现的影响。同时，通过检验产品市场竞争对不同职位
员工劳动投资效率的影响，发现高管人员和行政管理人员等与内部控制部门联系紧密
的员工劳动投资效率对市场竞争不敏感。
基于文章的结论，本文从政府和企业层面出发，从多个维度提出了如何更好的发
挥市场竞争在资源配置中的基础作用，提高我国企业劳动投资效率的政策建议和意
见。政府方面包括继续完善各类竞争政策、丰富市场竞争操作工具、利用竞争政策与
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摘要
其他政策之间的共性在上层设计层面最大程度减少政策之间摩擦帮助扫除制度障碍
等。同时，继续推进国企混合所有制改革、减少政企关联、加快西部和东北地区市场
化改革步伐以保障各类型企业公平参与市场竞争。企业方面包括设置有竞争力的有效
内部薪酬激励制度，在竞争激烈的时期可以通过利润多留存的方式减少融资约束带来
的负面影响，以及根据不同员工的职能属性设置差异化的雇佣方案等。
关键词：产品市场竞争；劳动投资效率；融资约束；薪酬激励；异质性
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产品市场竞争与企业劳动投资效率
Abstract
Labor investment efficiency is an important research direction of labor economics, and
also a valuable new research field of corporate finance at home and abroad. With the advent of
knowledge era, enterprises pay more attention to the investment of employees which is the
fundamental source of the growth of corporate value. The allocation of human capital plays a
significant role in the future prospect of enterprises. Good internal promotion mechanism, basic
salary structure, performance system, various employee rights and interests protection
mechanisms are necessary guarantees for the long-term development of enterprises in the
future. After understanding the importance of labor investment efficiency, this thesis studies
the influence of increasingly fierce market competition on labor investment efficiency. On the
one hand, product market competition can promote enterprises to improve the internal value of
their products by exerting pressure of plundering products, which can help improve labor
investment efficiency; On the opposite, when in competitive environment, enterprises either
choose the active strategy of actively innovating to enhance the competitive advantage of
products, or choose the passive defense strategy of directly cutting the cost of workers and raw
materials to protect themselves. In reality, the second approach is more common, which
damages the efficiency of labor investment. In addition, according to our country's industrial
policy emphasizes the catch, high value-added industries enjoy preferential treatment and
subsidies larger efforts, financial service system for small and medium-sized enterprises has
not been perfect, laws and regulations ensure fair competition of enterprises need improvement,
the problem of soe regulation of realistic national conditions remains serious, there are some
obstacles in the implementation of current competition policy. Therefore, this thesis argues that
under the special background of China, whether product market competition as an effective
external discipline mechanism can promote enterprises to optimize labor resource allocation
and improve labor investment efficiency is very worthy of a discussion.
Using the data of listed companies in chinese A stock market from 2009 to 2020, this thesis
takes the inverse index of labor investment efficiency as explained variable, product market
competition as explanatory variable, selects appropriate control variables and constructs
relevant models to explore the relationship between product market competition and labor
investment efficiency. The results show that increasing market competition will first increase
labor investment efficiency and then decrease, there is an inverted U-shaped relationship
between them, and this kind of relationship mainly exists in enterprises with insufficient
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