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文章使用手工收集和整理的2001-2013年我国上市公司设置分支机构的数据,考察了地区劳动力市场比较优势与上市公司跨区域资本配置行为之间的关系,以及劳动保护在上述关系中的作用。研究结果表明:(1)获取劳动力市场比较优势是上市公司跨区域资本配置的重要驱动因素之一,表现为上市公司更可能到劳动力资源丰富和劳动成本低的地区设置分支机构;(2)与上市公司注册地相比,一个地区的劳动力市场比较优势越明显,上市公司到该地区设置分支机构的可能性越大;(3)加强劳动保护强化了上市公司的上述行为。进一步研究发现,在民营性质和劳动密集度较高的上市公司中,为了获取劳动力市场比较优势,企业跨区域配置资本的可能性较大,劳动保护对上述关系的强化作用也较明显。
The article uses the data collected by hand and collected from 2001 to 2013 by listed companies in our country to examine the relationship between the comparative advantage of regional labor market and the cross-regional capital allocation of listed companies and the role of labor protection in the above-mentioned relationship. The results show that: (1) Access to comparative advantages in the labor market is one of the most important drivers for the cross-regional capital allocation of listed companies, as listed companies are more likely to set up branches in areas with abundant labor resources and low labor costs; (2) The more obvious the comparative advantage of the labor market in a region is and the greater the probability that a listed company will set up a branch in the region; (3) The strengthening of labor protection strengthens the listed companies’ behavior. Further study found that in order to obtain the comparative advantages of the labor market, the listed companies with private properties and high labor intensity are more likely to allocate capital across industries and labor protection is more effective in strengthening the above relationship.