REVIEW OF FINANCIAL STUDIES·DOI: https://doi.org/10.1093/rfs/hhx070·Published: 27 July 2017

劳动力异质性与资产价格：熟练劳动力的重要性

作者：Frederico Belo(University of Minnesota and NBER), Jun Li(University of Texas at Dallas), Xiaoji Lin(Ohio State University), Xiaofei Zhao(University of Texas at Dallas)

摘要：以前的研究已经确定了公司招聘率与未来股票收益之间的负相关关系。我们认为，与依赖低技能工人的行业相比，在更依赖高技能工人的行业中，这种关系显著陡峭。基于公司聘用率排序来构造的多空投资组合在高技能产业中的平均年回报率为8.6%，而在低技能行业中的平均年回报率仅为0.9%。此外，这种模式不是由标准CAPM解释的。如果替代高技能人员比低技能工人更昂贵，那么本文的这些发现与劳动力异质性和劳动力市场摩擦的新古典主义模型是一致的。

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

Frederico Belo(University of Minnesota and NBER),Jun Li(University of Texas at Dallas), Xiaoji Lin(Ohio State University), Xiaofei Zhao(University of Texas at Dallas)

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/doi/10.1093/rfs/hhx070/3978889/Labor-Force-Heterogeneity-and-Asset-Prices-The?redirectedFrom=fulltext

翻译：何杉