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学者姓名：高艺红
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Abstract ：
Social insurance premiums (SIPs) raise labor costs, particularly in labor-intensive firms. The growing body of literature has examined SIPs and labor costs in the context of declining demographic dividends; however, the influence of these factors on corporate underinvestment in emerging markets remains underexplored. Using data from A-share listed firms spanning 2006-2016 and a difference-in-differences methodology within China's Social Insurance Law, this study finds that SIPs enhance corporate underinvestment. Moreover, operating and financing costs exacerbate this effect, especially for state-owned enterprises and firms with high operating pressure, large labor recruitment, and low artificial intelligence application. Labor-intensive firms face significant challenges stemming from operational burdens, underscoring the need for government support during their transformation. This study advances the theoretical and empirical discourse within the fields of corporate finance and labor economics.
Keyword ：
Difference-in-differences approach Difference-in-differences approach Labor cost Labor cost Social insurance premiums Social insurance premiums Underinvestment Underinvestment
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| GB/T 7714 | Gao, Yihong . How do social insurance premiums influence corporate underinvestment? Evidence from an emerging market [J]. | ECONOMIC MODELLING , 2025 , 149 . |
| MLA | Gao, Yihong . "How do social insurance premiums influence corporate underinvestment? Evidence from an emerging market" . | ECONOMIC MODELLING 149 (2025) . |
| APA | Gao, Yihong . How do social insurance premiums influence corporate underinvestment? Evidence from an emerging market . | ECONOMIC MODELLING , 2025 , 149 . |
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Abstract ：
Green credit regulation may increase the operating uncertainty and worsen the financial reporting quality for pollution intensive firms. Literature mentions that enhanced information asymmetry would trigger more irrational trading and lead to a decrease in the market efficiency, which is worth investigating under green credit regulation. Using the data of China's A-share listed firms from 2009 to 2015, we study the relationship between green credit regulation and market efficiency based on a difference-in-differences analysis. It finds that green credit regulation reduces market efficiency of pollution intensive firms. Mechanism tests show that policy effects are more pronounced in firms with higher operating uncertainty, greater information asymmetry and stocks with more irrational traders. This study not only contributes to a deeper understanding of the impact of green credit policies on business and stock markets based on irrational theory, but also provides valuable guidance for green finance and economic development.
Keyword ：
Emerging markets Emerging markets Green credit regulation Green credit regulation Irrational trading Irrational trading Market efficiency Market efficiency
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| GB/T 7714 | Gao, Yihong , Gao, Jiayan , Li, Haili . Green credit regulation and market efficiency: A perspective of irrational trading [J]. | ECONOMIC ANALYSIS AND POLICY , 2024 , 82 : 199-219 . |
| MLA | Gao, Yihong 等. "Green credit regulation and market efficiency: A perspective of irrational trading" . | ECONOMIC ANALYSIS AND POLICY 82 (2024) : 199-219 . |
| APA | Gao, Yihong , Gao, Jiayan , Li, Haili . Green credit regulation and market efficiency: A perspective of irrational trading . | ECONOMIC ANALYSIS AND POLICY , 2024 , 82 , 199-219 . |
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State-owned enterprises (SOEs) play critical roles in China's economy. This paper employs difference-in-differences method to explore the corporate governance effect of state asset protection based on China's Law on State-owned Assets of Enterprises. The study finds that state asset protection reduces the real earnings management of SOEs by increasing their corporate governance level. This policy effect occurs mostly in firms with non-Big4 auditing, lower analyst following and weaker internal control quality. This paper enriches research in law and finance, expands the literature on property rights theory, and provides empirical evidence for governments to complete policies to clarify ownership in the future.
Keyword ：
Corporate governance Corporate governance Property rights theory Property rights theory Real earnings management Real earnings management State asset protection State asset protection
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| GB/T 7714 | Gao, Yihong , Pan, Xingyu , Ye, Qiaoyan . Corporate governance effects of state asset protection: A perspective on real earnings management [J]. | FINANCE RESEARCH LETTERS , 2023 , 58 . |
| MLA | Gao, Yihong 等. "Corporate governance effects of state asset protection: A perspective on real earnings management" . | FINANCE RESEARCH LETTERS 58 (2023) . |
| APA | Gao, Yihong , Pan, Xingyu , Ye, Qiaoyan . Corporate governance effects of state asset protection: A perspective on real earnings management . | FINANCE RESEARCH LETTERS , 2023 , 58 . |
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This paper investigates the impact of employee protection on trade credit on the basis of the implementation of China's "Social Insurance Law". The relationship between trade credit and employee protection by social insurance regulations has not been thoroughly investigated. Hence, to explore the impact of employee protection on the trade credit redistribution, we adopt a difference-in-differences model that is based on the implementation of China's 2011 Social Insurance Law. We find a negative effect of employee protection on trade credit redistribution based on the data of listed firms in China from 2007 to 2015, which is motivated by growing performance pressure and cash holdings. Moreover, the negative effect is more pronounced in SOEs and in firms that face stricter local law enforcement, greater financial constraints, and higher financial costs. Our study sheds light on the real effect of employee protection and the factors influencing trade credit redistribution, expanding the prior literature.
Keyword ：
Difference-in-Differences Difference-in-Differences Employee protection Employee protection Social insurance law Social insurance law Trade credit Trade credit
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| GB/T 7714 | Gao, Yihong , Gao, Jiayan . Employee protection and trade credit: Learning from China's social insurance law [J]. | ECONOMIC MODELLING , 2023 , 127 . |
| MLA | Gao, Yihong 等. "Employee protection and trade credit: Learning from China's social insurance law" . | ECONOMIC MODELLING 127 (2023) . |
| APA | Gao, Yihong , Gao, Jiayan . Employee protection and trade credit: Learning from China's social insurance law . | ECONOMIC MODELLING , 2023 , 127 . |
| Export to | NoteExpress RIS BibTex |
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