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本文以2008年开始实施的新《劳动合同法》为切入点,采用双重差分模型考察了劳动保护法律的变化对上市公司创新决策的影响。研究发现,新《劳动合同法》实施以后,国有企业、劳动密集型企业的创新产出显著增加,在排除了企业上市、股权分置改革等可能原因之后,上述结果依然存在。这表明2008年实施的《劳动合同法》明显改善了上市公司的创新投资,而新《劳动合同法》的实施效果与企业所有制性质、企业劳动密集程度和所处地区市场化环境密切相关。
Based on the new “Labor Contract Law” which was implemented in 2008, this paper examines the impact of changes in labor protection laws on the innovation decisions of listed companies by adopting a double-difference model. The study found that after the implementation of the new Labor Contract Law, the output of innovation of state-owned enterprises and labor-intensive enterprises increased significantly. After excluding possible reasons such as the listing of enterprises and the non-tradable share reform, the above results still exist. This shows that the “Labor Contract Law” implemented in 2008 has obviously improved the innovative investment of listed companies. The implementation effect of the new “Labor Contract Law” is closely related to the nature of enterprise ownership, labor intensity of enterprises and the market environment in the region where they are located.