Ex Ante Severance Agreements and Earnings Management

This research studies whether severance agreements may reduce fraudulent earnings management, and whether severance pay mitigates executives’ career concerns. In a sample of large U.S. firms, those with higher severance pay are less likely to be subject to accounting and auditing enforcement releases (AAERs) by the U.S. Securities and Exchange Commission (SEC). Among S&P 500 firms in the post‐SOX period with premanaged earnings below analyst forecasts, firms with higher severance pay are less likely to meet/beat the analyst forecast using abnormal accruals. Overall, these results suggest that fear of losing a lucrative severance package, and/or the insurance offered by such a package curbs earnings management.     

Do Foreign Investors Care about Labor Market Regulations?

This study investigates whether labor market flexibility affects foreign direct investment (FDI) flows across 19 Western and Eastern European countries. The analysis uses firm level data on new investments undertaken in the period 1998–2001. The study employs a variety of proxies for labor market regulations reflecting the flexibility of individual and collective dismissals, the length of the notice period and the required severance payment along with controls for business climate characteristics. The results suggest that greater flexibility in the host country’s labor market in absolute terms or relative to that in the investor’s home country is associated with larger FDI inflows. JEL no. F21, F23, J0     

经理人市场对高管薪酬的影响—来自高管跳槽现象的证据

基于2007－2014年A股上市公司数据，从高管跳槽现象的视角，对经理人市场如何影响高管薪酬进行探究。研究发现，公司在发生高管跳槽之后会显著提高现任高管的薪酬，尤其是基于股权的薪酬。现任高管的薪酬提升幅度与其在经理人市场上的流动性有关，也与跳槽高管的特征（对原公司的重要性、新工作的吸引力）有关。同时，通过引入倾向得分匹配（ PSM）模型，发现发生高管跳槽的公司在事前有显著的薪酬劣势，而事后的加薪使这些公司显著的薪酬劣势消失。另外，加薪措施能够有效地防止现任高管的跳槽。研究结果说明，经理人市场中的高管跳槽行为是公司薪酬政策的重要决定因素之一。     

日本内部劳动力市场衰败的理性分析

内部劳动力市场在日本经济高速增长中发挥了重要的作用,充分体现出其优势。然而,随着经济全球化、自由化的不断深化,日本内部劳动力市场的劣势更加明显,由外部劳动力市场替代的改革呼声越来越高。本文将以内部劳动力市场存在的理性基础为出发点,通过模型分析,阐述既要看到内部劳动力市场节约交易成本从而提高效率的一面,也要注意到内部劳动力市场保持有效运行的限制条件,以及最终将受到整个外部市场调节和影响的一面,由此深层次地探究了日本内部劳动力市场陷入困境的原因以及日本内外部劳动力市场转换的对策,为中国培育和构建内部劳动力市场提供了借鉴。     

政府推动的就近城镇化能够消除工资歧视吗

随着大中城市城镇化空间的逐渐饱和以及农民工回流现象的出现,就近城镇化成为推进我国新型城镇化进程的重要模式。文章基于2017年中国流动人口动态监测调查(CMDS)数据,研究政府推动的就近城镇化对农村劳动力工资收入的影响发现:政府通过征地、户口改革方式推动的就近城镇化并不能够消除工资歧视,实现就近城镇化的农村劳动力在其他条件相同的情况下其工资水平仍然低于城镇本地职工,这一结论在纠正自选择偏差和样本选择偏差后仍然成立。机制分析发现,城镇劳动力市场针对实现就近城镇化的农村劳动力在就业机会方面的歧视与隔离已不明显,同工不同酬成为实现就近城镇化者面临的主要歧视形式,而城乡劳动力之间教育回报率的差异是导致同工不同酬的主要原因。进一步讨论发现,就近城镇化对于农村劳动力参保城镇职工保险具有显著的提升作用,而自我雇佣的就业形式则有助于打破城镇劳动力市场对农村劳动力的收入歧视。文章拓展研究了就近城镇化对农村劳动力工资收入的影响,为政府进一步推进以县域城镇化为主要形式的就近城镇化提供了研究参考。未来应持续推进城乡基本公共服务均等化,进一步缩小城乡教育质量差异,加强农村劳动力"同工同酬"的保护力度,稳步推进农村劳动力的就近城镇化。     

Pay as incentive or pay as reward? The case of Taiwan

By the 1980s, Taiwan had gradually transformed itself from an economy in which labor was plentiful, while capital was in short supply, into an economy in which a surplus of capital was accompanied by a shortage of labor. For labor economists interested in rapidly evolving labor markets, there are many intriguing questions arising out of this transition. This study explores how conventional labor market and efficiency wage theories apply during this transformation. Based on monthly data over the period 1982–2007, we examine the linear causality between pay and productivity using Geweke's [Geweke, J. (1982). Measurement of linear dependence and feedback between multiple time series. Journal of the American Statistical Association, 77, 304–313] linear feedback technique. The results indicate that both pay as reward and pay as incentive behaviors are significant in the Taiwanese economy, with pay as incentive especially strong in the manufacturing sector.     

普通职工工薪报酬偏低的危害和对策

企业普通职工工薪报酬偏低是我国收入分配领域存在的一个突出矛盾,它不仅损害了职工权益,而且给经济社会发展带来了极大危害,它使劳动力价值被低估,劳动力再生产萎缩;造成“内需”不足,国内市场疲软;导致贫富差距扩大,激化劳资矛盾;造成对外贸易中摩擦增多,损失增大;还可能造成技术停滞。因此,必须尽快改变职工工薪报酬偏低状况。坚持与落实以人为本和按劳分配为主的分配方式,逐步提高劳动报酬在GDP和国民收入中的比重,提高工资标准与劳动要素的报酬;不断完善劳动力市场、健全工会组织、转变政府职能以及健全由政府行政部门、工会、雇主协会组成的三方利益协调机制和工资集体谈判机制是提高劳动要素的报酬的可行途径。     

影响高质量FDI因素的实证分析——以珠三角为例

加入WTO后,环境保护和国际竞争的双重压力让中国越来越重视引进外资的质量,本文从实证研究的角度分析影响外资质量的经济因素。本文通过对珠江三角洲截面数据进行计量分析,讨论影响FDI质量的因素,发现市场规模、技术水平、劳动力成本和经济波动的影响并不显著;而集聚效应、对外依存度、基础设施和工业结构对FDI质量的影响比较显著。     

Marginalization Revisited: Women's Market Work and Pay,and Economic Development

A substantial literature argues that women have been left out of economic development, but evidence from labor force surveys in middle-income developing countries suggests otherwise. Women's participation rates in the market labor force have been increasing, women have shifted into white-collar occupations, and certain previously male-dominated occupations have become female-dominated (clerical work in Asia, for example). Women's relative pay has risen somewhat faster in Asia and Latin America than occurred during industrialization in the United States. Although inequalities remain, there is no evidence that women on average are being marginalized.     

Long-term effects of labor market conditions on family formation for Japanese youth

This study aims to examine how each cohort’s family formation is affected by labor market conditions experienced in youth in Japan. Although the deterioration in youth employment opportunities has often been blamed for Japan’s declining fertility rate, the effect of slack labor market conditions on fertility is theoretically unclear. We estimate the effects of regional labor market conditions at entry to the labor market and contemporaneous conditions on fertility, controlling for nation-wide year effects and prefecture fixed effects, and find the following. First, high school-educated women who experienced a recession while entering the labor market are less likely to have children. In contrast, a recession rather increases fertility among college-educated women. When summed up, the aggregate impact of labor market conditions experienced in youth on fertility is weak. Second, the unemployment rate at entry to the labor market is positively correlated with the probability of having two or more children conditionally on having at least one child. Third, the contemporaneous unemployment rate is negatively correlated with marriage of women in the local labor market, although the correlation is weak and concentrated on the less educated group.     

经理人市场隐性激励机制探析

经理人市场隐性激励,是指通过经理人市场竞争与声誉机制,而形成的一种内生于企业经营者的自我驱动性激励。目前,在企业经营者激励问题的研究上,我国理论界对于国企经营者的年薪、奖金、期权、期股等显性激励手段已有较为充分的探讨,而针对激励机制的另一重要方面——通过经理人市场这只无形的手而实现的隐性激励的系统研究却显相对不足。本文将在概述隐性激励理论的基础上,分析经理人市场对我国企业经营者隐性激励的作用现状,并对如何构建合理的经理人市场隐性激励机制进行对策探讨。     

户籍歧视对劳动报酬差异的影响

在我国，户籍歧视是形成劳动力市场分割的重要原因，它不但通过阻碍劳动力流动造成城乡收入差异，也会促成农民工和城镇工人之间劳动报酬的差异。本文利用中国健康与营养调查（CHNS）多年的数据，对我国户籍歧视影响劳动报酬差异的程度进行计算和分析。结论表明，近几年户籍歧视现象并没有明显改观，政府在制定相应政策时，仍需关注这方面的问题。     

The Effect of Child Care Costs on the Employment and Welfare Recipiency of Single Mothers

This paper considers the effect of child care costs on two labor market outcomes for single mothers—whether to work for pay and whether to receive welfare. Hourly child care expenditures are estimated using data drawn from the 1992 and 1993 panels of the Survey of Income and Program Participation (SIPP). These expenditures are then used to predict the probability of welfare recipiency and employment. While the direction and significance of key variables are robust to changes in specification, the quantitative results are found to be sensitive to identification restrictions. All results show a substantial positive effect of child care costs on welfare recipiency, with the child care price elasticity of welfare recipiency varying from 1.0 to 1.9. Similarly, we find a significant negative effect of child care price on employment with elasticity estimates from -.3 to -1.1, showing that controlling for the welfare choice does not reduce the price elasticity of employment found in other studies.     

要素市场扭曲、交通基础设施改善与企业出口

文章基于Melitz（2003）企业异质性理论构建厂商出口决策模型，利用2005-2007年工业企业数据库，从要素市场扭曲角度分析交通设施影响企业出口的微观机制。研究发现，交通基础设施对企业出口倾向和出口数量具有显著的促进作用，在进入国内市场固定成本大于进入国际市场成本时，地区要素市场扭曲程度越高，交通基础设施的促进作用越明显。聚焦不同所有制的企业可以进一步发现，要素市场扭曲对非国有部门企业的抑制作用更突出，改善交通基础设施通过优化资源配置更有助于带动非国有企业的出口。研究结果还显示，交通基础设施和要素市场扭曲对企业出口的影响存在地区差异，交通基础设施和要素市场扭曲对中西部地区企业出口数量的促进作用比东部地区企业更大。这一结论不受内生性的影响。     

工资对个人劳动供给的非线性影响：部门市场化程度差异视角

从市场经济体制的建立到经济社会高质量发展，我国不同部门市场化程度有所差异，劳动供给的部门异质性随之体现。基于中国劳动力动态调查数据，结合汉森门槛回归模型和劳动供给模型，依托部门市场化程度的差异性，文章探讨了工资对劳动力个人供给的非线性影响及其部门异质性。主要得出以下研究结论：第一，我国市场部门与公共部门劳动力的个人劳动供给有所差异。第二，工资与个人劳动供给呈现非线性关系并且存在部门异质性。实证分析结果显示，工资对个人劳动供给的影响存在三个"突变点"，工资门槛均使得工资"激励效应"加强并呈现逐步增加的趋势。第三，劳动供给的工资门槛存在性别、城乡和行业异质性。第四，随着年龄增长、人力资本积累，个人劳动时间供给趋于降低，签署书面劳工合同使得市场部门劳动力工作时间显著增加，而政治面貌显著影响公共部门劳动供给。总体来看，无论是市场部门还是公共部门，我国劳动力个人供给曲线均未"向后弯曲"，国民经济高质量发展、改善收入分配格局、提升居民幸福感等议题需持续关注。     

Firm Size and Work Compensation in China

Remarkably, recent research on the Chinese labor market has suggested that the situation in China is inconsistent with the stylized fact that large firms pay higher wages and offer more generous benefits. Expanding the empirical basis from 78 to 300 000 industrial firms, I overturn theprevious result andshow that wage determination in the averagefirmfits the international norm. Exploring subsamples of firms I also point to a likely source for the conflictingfindings： firm size is positively correlatedwith the average wage in private firms, but negatively correlated with the average wage in the state-owned sector. These novel results couM guide future studies aiming to understand the sources of the firm size wage premium, and, in particular, studies that target the largest industrial labor market in the world     

Labor market concentration and heterogeneous effects on wages: Evidence from Japan

This study provides empirical evidence of the impact of labor market concentration on wages. We find that (1) wages are suppressed in more concentrated labor markets, (2) labor rigidity is associated with wage responsiveness to labor market concentration, (3) the impact of labor market concentration on wages is smaller for firms with more competitive downstream product markets, and (4) greater job opportunities outside the manufacturing sector weaken the relationship between concentration and wages. In sum, our findings indicate that labor rigidity and the degree of competition in downstream product markets, as well as outside options, affect the relationship between market concentration and wages.     

The Manpower Law of 2003 and its implementing regulations: Genesis,key articles and potential impact

This paper reviews Indonesia's Manpower Law 13/2003 and related regulations, against a backdrop of slow employment growth, business concerns about the legislation and government attempts to change it in 2006. The paper focuses on severance rates and dismissals, short-term contracts and out-sourcing, and minimum wages, also briefly discussing other articles, and comparing the law with those in neighbouring countries. It suggests that certain articles have contributed to significantly higher wage costs and reduced flexibility in the management of labour in Indonesia's formal sector, even though compliance is by no means universal within the private sector. Key provisions, especially large increases in severance rates, and needs criteria imposed for the purpose of setting minimum wages, are also out of step with labour market policies in other developing countries. Circumstantial evidence suggests that these measures have adversely affected the investment climate and damaged prospects for a recovery in employment.     

A labor force competition model of racial discrimination in the labor market

Conclusion This paper has developed a model of discrimination based on the standard maximization hypotheses. This model assumes an imperfectly competitive labor market. In particular, net differences in the benefits of jobs are not competed away, and labor market coalitions of workers exist. As we have indicated, the model is able to explain the major phenomena associated with labor market discrimination.     

公共政策与社会排斥问题研究——农村剩余劳动力转移过程中的社会排斥问题探析

由于二元劳动力市场的存在,农民工在城市劳动力市场上并没有取得平等的就业资格,他们仍然是社会排斥的对象.文章以社会排斥为中心概念,通过定性分析和研究发现,户籍制度、就业制度和社会保障体制等要素构成了独特复杂的社会排斥主体系统,共同作用于社会排斥客体即农村剩余劳动力.文章最后得出了解决好农村剩余劳动力转移问题的基础是法制与公共政策要先行的结论.