财务与金融系学术讲座系列2022年第5讲

主 题：Stock Market and Demand for Labor Skill

主讲人: 陆瑶(清华大学经管学院教授)

协调人: 任泓霖，许年行

时 间：2022-04-01 10:00

地 点：线上会议室

语 言：中英文

讲座摘要:

Stock price movements, even when driven by non-fundamental factors, can have pronounced effects on firms’ investment decisions. We use detailed job posting data to examine changes in demand for skills around the 2015 A-share stock market crash in China, which was caused by deleveraging fire sales from speculative investors. Firms affected by these adverse shocks shift skill composition downward and replace high-skilled workers with low-skilled workers. The effect is stronger for financially constrained firms. The downward shift in skill composition coincides with an increase in wage premium demanded by high-skilled workers. The increase in skill premium is more substantial in locations that labor supply is lower and high-skilled workers have more bargaining power. Firms that are more adversely affected by the stock market crash also cut their technology investments and have worse performance in productivity and sales growth. Our results are robust when we adopt a fuzzy regression discontinuity design (RDD) in an instrumental variable approach to address the potential endogeneity concern. Our findings suggest that the stock market has real impacts on firm decisions and is far from a sideshow.

主讲人简介:

陆瑶，清华大学经管学院, 金融系，教授（长聘），副系主任。曾获国家自然科学基金委，“优秀青年科学基金”，“清华大学学术新人奖”，国家自然科学基金 “特优” 结题。2009年获得美国密歇根大学-安娜堡分校(University of Michigan -- Ann Arbor)罗斯商学院(Ross School of Business) 博士Ph.D. in Business Economics; 在这之前获得美国纽约大学斯特恩商学院 (New York University, Stern School of Business) 统计学-金融工程方向硕士学位，中央财经大学经济学学士学位。主要研究领域为公司治理，企业并购与重组，劳动与金融，技术变革对企业投融资以及发展的影响，资本市场改革与发展等。曾经在国内外顶级权威学术期刊发表（或接收）论文44篇。其中，包括《Journal of Finance》，《Management Science》，《Journal of Financial Economics》，《Journal of Financial and Quantitative Analysis》，《Review of Economics and Statistics》《Review of Finance》，《Journal of Corporate Finance》，《经济研究》，《管理世界》，《管理科学学报》,《金融研究》，《经济学（季刊）》，等顶级国内外学术期刊。主持纵向研究课题11项。其他学术兼职还包括：中国金融学会理事；清华大学产业创新与金融研究院，研究员；清华大学国家治理与全球治理研究院，研究员；中国交叉科学研究会金融量化分析与计算机专业委员会，常务委员；清华大学现代管理研究中心，兼职研究员，等。另外，她的多篇文章被哈佛大学公司治理论坛所收录。主要学术兼职包括担任《Pacific-Basin Finance Journal》(SSCI)亚洲太平洋地区最主要的金融学学术期刊，副主编。 担任《Corporate Governance: An International Review 》(SSCI) 的编委会成员(Editorial Board）。