时间：1月10日（周五）15:30 - 17:00

地点：后主楼1722

报告人：黄毅博士，瑞士日内瓦高等国际金融研究院

题目：Labor Market Risk and Corporate Policies -- Evidence from Minimum-Wage Law Reform in China

内容简介：This paper studies the impacts of the labor-market risk on corporate policies using a “quasi experiment” of minimum-wage law reform in China. We provide evidence of significant changes on firm financing and investment decisions after the reform by employing variation in minimum-wage enforcement across regions. Using hand-collected data from a largely representative industry survey as well as city-level macro data, we investigate the real effect of labor market shocks. The importance of our findings is how it highlights the sizable effect of labor friction on corporate policies.