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東財·會計與財務論壇:廖冠民

報告題目:The Labor Cost on the Road of Distress Recovery

報 告 人:廖冠民

報告時間: 2020年12月08日(周二)09:00-11:00

報告地點:騰訊會議(會議ID:281 807 222)

主辦單位:東北財經大學會計學院 中國內部控制研究中心

【報告摘要】

We examine the effect of labor protection on the recovery of distressed firms. Exploiting the introduction of the New Labor Contract Law in 2008 in China, we show that there is a sharp increase in employment growth and decrease in layoffs in financially distressed firms following the stricter labor regulation. This impact is more pronounced for non-SOEs and for firms located in regions with more labor unrests and higher corporate winning rate in labor disputes. Differentiating employees by education levels, we find that the impact of labor regulation on firms’ employment decisions is mainly driven by the retention of less educated employees. This reduced ability of laying off low-quality labor damages firm performance during financial distress, resulting in a longer recovery time and a lower hazard rate to recover from financial distress. These results are robust to various measures of financial distress, and to an extensive set of robustness tests. Overall, our evidence suggests that the reduced ability to make flexible labor adjustment, due to the stronger labor protection, impedes firms from recovering financial distress.

【報告人簡介】

廖冠民,中國人民大學商學院會計學教授。1998—2007年就讀于中國人民大學商學院,獲經濟學學士、管理學碩士與管理學博士學位,2007—2018年曾任職于中央財經大學會計學院。主要研究興趣為會計信息、公司治理與公司財務,學術成果發表于Journal of Finance、Journal of Accounting and Economics、Review of Finance、Journal of Money, Credit and Banking、《會計研究》、《審計研究》等國內外學術期刊,曾獲孫冶方金融創新獎、北京市優秀博士學位論文、財政部全國高端會計人才、北京高等學校青年英才等獎勵與榮譽。


撰稿:曲琦 審核:劉行 單位:東北財經大學會計學院 中國內部控制研究中心

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