外资在华并购的劳动力市场效应:基于匹配与双重差分的企业层面估计Wage,Employment and Foreign Acquisitions in China:Firm Level Evidence Based on PSM-DID Estimation
吕若思,黄灿,刘青,胡海燕
摘要(Abstract)：
本文研究外资在华并购对我国劳动力市场的影响。通过人工合并两个数据库,我们构建了独有的包含详细外资在华并购信息和我国企业运营信息的1998—2007年面板数据库。实证分析分别采用OLS固定效应模型以及倾向性评分匹配和双重差分的组合计量方法。不同实证模型的结果稳健地表明,外资在华并购对我国企业工资和就业均有显著的正向水平效应,但对就业有显著的负向增长效应,对工资无显著增长效应。进一步分析显示,外资并购的工资和就业效应在资金来源国、行业,以及并购方式方面具有异质性。员工培训、固定投资和市场扩张则是并购后实现工资和就业效应的潜在渠道。
关键词(KeyWords)： 劳动力市场;外资并购;内生性
基金项目(Foundation): 国家自然科学基金(项目批准号71302009);; 国家社科基金青年项目(16CJL047)的资助
作者(Author): 吕若思,黄灿,刘青,胡海燕
DOI: 10.16513/j.cnki.cje.2017.01.008
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- (1)另外有文献研究外资所有权(而非外资并购)和工资溢价的相关性,例如,Aitken et al.(1996)、Feliciano and Lipsey(2006)。目前仅见Chen et al.(2010)研究了在华外资所有权(而非外资并购)与工资水平的关系,但未能识别两者间的因果关系。
- (1)“促进跨国公司对华投资政策”课题组(2001)调研发现人员安置是外商在华直接投资反映最强烈的问题。
- (1)例如Heckman et al.(1998)、Blundell and Dias(2005)、Smith and Todd(2005)等研究以社会随机实验的估计量为参照系,发现在没有合适工具变量的情况下,PSM和DID组合对非实验数据的估计结果较OLS回归和Matching等方法稳健。
- (2)参见文献,如Dehejia(2005)、Smith and Todd(2005)等。
- (1)仅列举了控制并购前2年特征变量均值的结果,其他年份结果可根据要求提供。
- (1)以上结果对敏感性检验同样稳健。
- (1)未包括7 .3%来自英属维尔京、开曼群岛等避税天堂但实质上与上述国家地区密切相关的并购案。
- (1)我们通过并购交易完成后外资持股量和本次交易量识别外资是否采取渐进式(toeholds)策略。Bulow et al.(1999)认为,渐进式是并购的一种有效策略,它有利于在竞标中战胜竞争者,因为竞标的股价越高对持股人越有利。