主题：Labor Market Mobility: An External Governance Mechanism
主讲人：陆瑶教授（清华大学）
主持人：蒋海教授（太阳城集团）
会议时间：2022年11月17日（周四）上午10：00—11：30
会议工具：腾讯会议（ID：635-605-321 密码：221117）
摘要
In this paper, we propose that a liquid labor market can discipline firm managers and improve corporate governance by pushing firms to compete in the labor market. We use the state-level staggered changes of noncompete agreement enforceability as the variation in labor market mobility and conduct DID estimation. Applying the textual analysis approach to capture managers’ attention to labor, we show that higher labor market mobility makes firm managers care more about labor. We also find institutional investors sell firm stocks if the firm fails to retain employees. These results suggest that labor market mobility imposes pressure on firm managers and discipline them. We find that restricting labor market mobility leads to less efficient executive compensation schemes and investment decisions, indicating a positive link between labor market mobility and corporate governance. Further tests show that the impact of labor market mobility is more prevalent in firms relying more on skilled employees and firms facing fiercer product market competition, and labor market mobility is positively related to firm value. The above evidence suggests that labor market mobility can serve as an external governance mechanism.
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。教育部重大人才工程项目获得者；曾获“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 Journa (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）。
