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国外学者对劳资和谐问题有着长期而深入的研究,国内的相关研究似乎局限于法学领域,鲜有从经济学和财务学角度进行分析。以上海望春花实业股份有限公司为对象,分析了望春花停工事件对企业短期和长期价值的影响。首先采用Difference in Difference方法,对望春花停工前后公司主要财务指标进行分析,初步确定停工对公司财务表现的影响;然后通过停工发生日和复工日前后短期的市场超额累计回报率指标分析市场对停工的反应。结果表明,停工在短期内对公司价值有负面影响,并且市场能够及时对停工事件做出反应。但从长期来看,停工在一定程度上推动了公司战略转型,促进了公司价值提升。研究为正处于经济转型的中国企业劳资关系管理提供实证借鉴。
Foreign scholars have long-term and in-depth research on the issue of labor-capital harmony. The domestic research seems to be confined to the field of jurisprudence with few analyzes from the perspective of economics and finance. With Shanghai Wangchunchun Industrial Co., Ltd. as an object, this paper analyzes the impact of the shutdown of Wangchunhua on the short-term and long-term value of the enterprise. Firstly, the Difference in Difference method was used to analyze the main financial indexes of the Company before and after the suspension of the business operation, so as to initially determine the effect of suspension work on the financial performance of the Company; and then analyze the market halt due to the over-cumulative return rate indicators before and after the shutdown day, Reaction. The results show that work stoppage has a negative impact on the value of the company in the short term, and the market can respond to the lockout in time. However, in the long run, stoppage to a certain extent promoted the strategic transformation of the company and promoted the improvement of the company’s value. The study provides empirical evidence for the management of the labor-capital relations of Chinese enterprises in economic restructuring.