2026年第33期(总第1177期)

演讲主题：Failure To Jettison: The Cost of Labor on the Path to Recovery

主讲人：廖冠民 中国人民大学商学院教授

主持人：钟宇翔 会计与财税系讲师

活动时间：2026年5月16日（周六）10:00-12:00

活动地址：管院大楼412教室

主讲人简介：

廖冠民，中国人民大学商学院教授，博士生导师，党委副书记，国家级高层次人才项目青年学者。主要研究会计与公司治理、人力资本与公司财务、国有企业高管激励与监管等领域，论文发表于Journal of Finance、Journal of Accounting and Economics、Journal of International Business Studies、Review of Finance、《会计研究》、《审计研究》等学术期刊，主持四项国家自然科学基金项目，获得孙冶方金融创新奖、Review of Finance公司金融最佳论文、北京市优秀博士论文等奖励，担任Management Science、Journal of Financial and Quantitative Analysis、Contemporary Accounting Research、Review of Accounting Studies等期刊的审稿人，担任Pacific-Basin Finance Journal副主编。

活动简介：

We study how workforce composition and labor cost affect the recovery of financially distressed firms. Following an increase in worker displacement costs, distressed firms decelerate the layoff rate of less skilled employees and avoid mass layoffs. Their inability to offload low-quality labor leads to higher debt financing costs and reduced profitability, prompting more aggressive asset sales and wage cuts. Consequently, these firms experience prolonged recovery period, lower survival rates, greater likelihood of becoming zombie firms, and significant productivity setbacks. Delays in financial recovery exacerbate the departure of highly skilled workers and intensify resource entrenchment in distressed firms. At the regional level, a larger share of distressed firms crowds out resource allocation to healthy enterprises, elevates unemployment rates, suppresses new firm entry, and escalates population outflows. Our findings identify the mechanism by which labor cost rigidity impedes the resolution of financial distress and highlights its broader implications for local economy and labor market dynamics.