基地首席专家石劲教授的合作论文“Employee Education Level and Efficiency of Corporate Investment”，在Journal of Accounting Literature发表。

JAL是ABS三星期刊，中南财经政法大学认定的B类期刊。

目的：In this study, the authors explore the association between employee education level and the efficiency of corporate investment using data from a sample of Chinese listed firms during the period from 2011 to 2018. By examining the impact of education on investment efficiency, the authors’ study provides valuable insights that contribute to a deeper understanding of the underlying economic mechanisms related to education.

研究方法：The authors conduct multivariate regression analyses to examine the relationship between investment efficiency (following Richardson, 2006) and the level of employee education, along with a series of control variables. To ensure the reliability of the authors’ findings, the authors subject the their results to a comprehensive set of robustness tests, such as a staggered difference-in-difference (DID) regression approach, an instrumental variable (IV) method and the use of alternative employee education level and investment efficiency measurements.

研究发现：The findings offer compelling evidence that higher levels of education have a positive impact on firms’ investment efficiency, and this effect remains robust across various model specifications and endogeneity considerations. Moreover, the influence of education is more pronounced in firms that prioritize employee training, maintain effective internal communication and offer attractive financial rewards. Furthermore, the results suggest that the relationship between education and investment efficiency is influenced by the firms’ business nature and competitive environment. Factors such as business complexity, labor intensity and business location also play a role in shaping the impact of education on investment outcomes.

学术价值：The study emphasizes the crucial role of education in influencing investment decisions and performance within firms. By delving into this previously unexplored area, the authors’ research contributes to the existing literature, establishing that the level of employee education is a significant determinant of corporate investment efficiency. This valuable insight has substantial implications for firms aiming to enhance their investment decision-making processes and overall performance. Understanding the positive impact of education on investment efficiency can empower organizations to leverage their human capital effectively and achieve better investment outcomes, ultimately contributing to long-term success and competitiveness in the market.

关键词：Human capital;mployee education level; Investment efficiency

论文链接：https://www.emerald.com/jal/article/47/2/277/1243301/Employee-education-level-and-efficiency-of

教师简介

石劲，现任中南财经政法大学金融学教授、数字技术与现代金融学科创新引智基地首席专家，入选国家级高层次人才计划，澳大利亚国立大学金融学博士毕业。现为澳大利亚和新西兰会计和金融协会会士，亚洲金融协会理事， SSCI来源期刊《Accounting and Finance》副总编、《Journal of Accounting Literature》领域主编和《Research in International Business and Finance》副主编。研究领域包括金融科技、实证公司金融、公司治理、债券评级和企业经营战略等，主要研究对象是中国经济和金融市场，已在American Economic Review, Journal of Political Economy, Administrative Science Quarterly, Strategic Management Journal， Management Science, Review of Finance,《经济研究》等国内外学术期刊发表论文70余篇。