Abstract As the economic connection among enterprises in the capital market, whether cross-ownership shareholders can play a positive role as a factor of production in the process of enterprise human capital structure adjustment deserves attention. From the perspective of excess employees, this paper examines the relationship between cross-ownership shareholders and the adjustment of human capital structure bansed on samples of A-share listed companies in Shanghai and Shenzhen from 2008 to 2020. The result shows that cross-ownership shareholders have a significant inhibitory effect on excess employees. And the above results remain robust after dealing with endogenous problems and a series of robustness tests. The mechanism analysis shows that cross-ownership shareholders restrain the excess employees by improving the level of corporate governance, thus playing a role in the adjustment of human capital structure. In addition, heterogeneity test states that the inhibitory effect of chain shareholders on excess employees is more significant in the context of low financial risk and state-owned enterprises. The results provide new evidence for the coordinated development effect and supervision and governance of chain shareholders, expand and enrich the related research on the economic consequences of chain shareholders, and provide supporting evidence and practical suggestions for the external governance of enterprise human capital structure adjustment.
WANG Xinguang,SHENG Yuhua. Cross-ownership Shareholders and the Adjustment of Enterprise Human Capital Structure:From the Perspective of Excess Employees. Economic Survey, 2022, 39(5): 0110.
2022, Vol. 39 
