主讲人Speaker: 许年行  教授  中国人民大学

时间Date & Time: 2025年6月19日（周四），上午10:00--11:30

地点Venue:粤海校区汇星楼565会议室

内容简介/ Abstract:

Leveraging exogenous upgrades of outdoor workers’ heat protection policy in 2010 in a large Chinese city, our research explores how employers respond to increasing human capital cost and, thus, harm the wage of employees. Using a micro-level employer-employee matched panel database with the annual total income information covering over two million workers between 2008 and 2013, and applying a differences-in-differences approach with two-way fixed effects, we find that: (1) Despite the policy raising the heat protection allowance standard twice for employees, the affected employers decreased the growth rate of employees’ total compensation by approximately 4.6%, especially for low-income employees. (2) affected employers also decreased their expanding rate in terms of employee number by approximately 5.0%. Both findings concentrate on private firms rather than state-owned firms. The results remain robust after applying alternative identification strategies and applying a series of alternative definitions of treatment firms using firm-name-based Chat-GPT textual analysis. The results also hold after expanding the single-city employee-level analysis to muti-city firm-level analysis by covering 25 provinces between 2009 and 2016. We also emphasize that affected employers do not take strategic responses to bypass the policy constraint, for instance, neither investing more on machines to substitute manpower, nor transferring their incumbent employees to labor dispatch firms without firing them. We also find a negative effect on firms’ total factor productivity by using a representative subsample of 1,508 large industrial firms. These results indicate that firms would generally perform worse after being asked to take on the whole costs of heat protection measure.

主讲人介绍/Biography of the speaker：

许年行，现任中国人民大学商学院财务与金融系主任，教授、博士生导师。主要研究方向是公司财务、气候金融和金融科技。先后获得国家自然科学基金“杰出青年科学基金项目”、“优秀青年科学基金项目”和“原创探索计划项目”、全国优秀博士学位论文，入选国家级青年人才计划和中组部首批“青年拔尖人才”（国家“WR计划”），荣获中国教师发展基金会首届“卓越青年研究生导师奖励基金”。已在本领域国内外一流期刊Journal of Financial Economics、Management Science、Journal of Financial and Quantitative Analysis 、Contemporary Accounting Research、Review of Finance、《经济研究》、《管理世界》、《管理科学学报》等发表论文50余篇。入选2020-2024年“爱思唯尔中国高被引学者”。学术成果先后获得中国高校人文社会科学研究优秀成果一等奖、二等奖和三等奖、中国金融学年会、China International Conference in Finance（CICF）、China Financial Research Conference（CFRC）、The Chinese Finance Association（TCFA）等国内外学术会议优秀论文奖。