Study On The Impact Of Financial Resource Allocation On Labor Investment Efficiency Of Enterprise Group

The 19 th CPC National Congress proposed to improve total factors productivity and promote high-quality economic development.Labor force factor is the key factor of enterprise production and development,and efficient labor force investment is very important to enterprise operation performance and national economic development.However,not all enterprises have high labor investment efficiency.Under the influence of many factors such as complex enterprise management structure,mistakes in budget decision-making,lack of financial resources and the unpredictable market environment,the labor investment efficiency of enterprises will deviate from the optimal level.Therefore,it is of great value and necessity to study how to improve the efficiency of enterprise labor investment.The voice of optimizing the financial resource allocation of enterprise groups is becoming increasingly high in the practical circle and there are many scholars studying the economic consequences of different financial resource allocation strategies of enterprise groups in the theoretical circle.However,there is still no study on how the financial resource allocation strategy of enterprise groups will affect the efficiency of labor investment.Based on the above background,this paper takes group enterprises as objects and selects a-share group listed enterprises from 2008 to 2019 as research samples to investigate the impact of enterprise group financial resource allocation on enterprise labor investment efficiency.The test results show that the higher the concentration of financial resource allocation,the higher the labor investment efficiency,and this effect is more prominent in labor-intensive enterprises,enterprises with ineffective internal control and private enterprises.Further,this paper tests the mechanism of the impact of enterprise group financial resource allocation on labor investment efficiency,and verifies the mediating effect of information asymmetry and agency cost on the impact of enterprise group financial resource allocation on labor investment efficiency.The results show that the concentration degree of financial resources of enterprise groups affects the labor investment efficiency by affecting the degree of information asymmetry and agency cost of enterprises.The more dispersed the financial resources of enterprise groups are,the more serious the information asymmetry and agency problems of enterprises are,leading to the lower efficiency of labor investment of enterprises.The results of this paper are still robust after the robustness tests of controlling the individual fixed effect,considering the influence of the new labor contract law,replacing the measurement method of the concentration of enterprise group financial resources,and considering the systematic deviation of the estimation model of labor investment efficiency.Research of this paper broadens the scope of impact factors of enterprise labor investment efficiency,enriches the academic literature in the field of enterprise group financial resource allocation and labor investment efficiency,and thoroughly investigates the cross-sectional differences and influencing mechanism of the impact of enterprise group financial resource allocation on enterprise labor investment efficiency which is helpful to reveal the logical mechanism of influencing factors on labor investment efficiency.In terms of practical value,the conclusion of this paper has certain guiding significance for enterprise groups on how to optimize the allocation of financial resources,improve the labor investment efficiency,and then improve enterprise earnings and competitiveness.It also has a certain enlightenment significance on how regulators can effectively guide and supervise enterprise groups to felicitously allocate financial resources,and is of certain value to help enterprises to achieve value improvement and the country to achieve the goal of improving total factor productivity and high-quality economic development.