灵活用工成本如何影响企业绩效——来自制造业上市企业与兼职招聘工资的证据

The Impact of Flexible Labor Costs on Firm Performance : Evidence from Manufacturing Listed Companies and Part-time Wage Data

摘要:

随着人口老龄化持续深化和经济下行压力增大,越来越多的制造业企业采用灵活用工替代正式用工的方式来降低用工成本,以应对经济下行带来的经营压力。探究灵活用工成本如何影响制造业企业绩效,将企业所在城市制造业岗位的兼职招聘平均工资作为灵活用工成本的代理变量,并将其与制造业上市企业数据进行匹配,构建企业层面的面板数据。实证结果显示,灵活用工成本的提高会对制造业企业绩效产生显著的负面影响,城市制造业灵活用工平均工资每上升1%,企业总资产净利率约下降0. 032 个百分点。在经过内生性处理和一系列的稳健性检验后,该结论依然成立。机制检验表明,灵活用工成本上升不仅提高了企业的融资约束,还减少了企业的研发投入,从而导致企业绩效的降低。异质性分析结果表明,小型企业和劳动密集型企业的绩效受灵活用工成本的影响更大。本文不仅为企业合理制定用工策略提供了经验依据,也为政府完善劳动力市场政策、推动制造业高质量发展提供了政策指导。

Abstract:

As population aging continues to deepen and economic pressure intensifies , flexible employment is increasingly adopted by manufacturing firms as a substitute for formal employment to reduce labor costs and cope with operational pressure during economic downturns. The impact of flexible labor costs on the performance of manufacturing firms was examined. The average wage of part-time recruitment for manufacturing positions in the city where firms are located was used as a proxy variable for flexible labor costs. It is matched with data of listed manufacturing firms to construct a firm-level panel dataset. The empirical results show that an increase in flexible labor costs has a significant negative effect on firm performance . Specifically , a 1% increase in the average wage of flexible labor in urban manufacturing is associated with a decrease of about 0. 032 percentage points in return on assets. After endogeneity is addressed and a series of robustness tests are conducted , the conclusion remains valid. Mechanism analysis shows that rising flexible labor costs increase financing constraints and reduce R&D investment , which leads to a decline in firm performance . Heterogeneity analysis indicates that the negative impact is more pronounced in small firms and labor-intensive firms. It provides empirical evidence to inform firms in formulating rational employment strategies and offers policy guidance for governments to improve labor market regulations and promote high-quality development in the manufacturing sector.