Review of Financial Studies · VOL30. , NO. 10 · October 2017

劳动力的异质性和资产价格:熟练工人的重要性

作者：Frederico Belo（University of Minnesot）

Jun Li（The Ohio State University）

Xiaoji Lin（University of Texas）

Xiaofei Zhao（University of Texas）

摘要：之前的研究已经发现公司的雇佣率和未来的股票回报之间在横截面上存在负相关关系。我们发现，相对于依赖低技能工人的行业，这种关系在那些依赖高技能工人的行业中明显更显著。按照公司的雇佣率排序所得到的多空投资组合中，高技能行业年均回报率为8.6%，而低技能行业只有0.9%。此外，这个现象并没有被标准的CAPM解释。如果取代高技能工人比低技能工人成本更高，那么这些发现与劳动力异质性和劳动力市场摩擦的新古典模式是一致的。

Labor-Force Heterogeneity and Asset Prices: The Importance of Skilled Labor

Frederico Belo（University of Minnesot）; Jun Li（The Ohio State University）; Xiaoji Lin（University of Texas）; Xiaofei Zhao（University of Texas）

ABSTRACT

Previous studies have identified a negative relation between firms’ hiring rates and future stock returns in the cross-section. We document that this relation is significantly steeper in industries that rely relatively more on high-skill workers than low-skill workers. A long-short portfolio sorted on firm-level hiring rate earns an average annual return of 8.6% in high-skill industries, and only 0.9% in low-skill industries. Moreover, this pattern is not explained by the standard CAPM. These findings are consistent with a neoclassical model with labor force heterogeneity and labor market frictions if it is more costly to replace high-skill than low-skill workers.

原文链接：https://academic.oup.com/rfs/article-abstract/30/10/3669/3978889/Labor-Force-Heterogeneity-and-Asset-Prices-The?redirectedFrom=fulltext

翻译：黄涛