【摘要】 本文研究了企业税负压力对劳动力投资效率的影响及其作用机制。研究发现，税负压力提高企业劳动投资效率，并通过两个传导路径实现：一是企业更关注冗余劳动力的成本控制，显著抑制冗余雇佣以提升劳动力资源配置效率；二是企业强化成本效益导向，致力于提升单位劳动投入的产出效益，并提高单位劳动生产率，最终提升劳动投资效率。异质性分析显示，在低技能劳动力占比高的企业、非国有企业、以及所处行业竞争更激烈的企业，劳动力资源配置优化效应更为显著；而政治晋升激励则削弱上述效应。更多还原

【Abstract】 This research examines the impact of tax pressure on the labor investment efficiency of local firms and the underlying mechanisms. Our findings indicate that higher tax pressure positively influences labor investment efficiency. This effect is primarily achieved through two channels. First, firms under greater tax pressure are more likely to scrutinize redundant labor costs, leading to a significant reduction in excessive employment, which enhances the efficient allocation of labor resources. Second, tax pressure encourages firms to prioritize cost-benefit analysis and improve the output efficiency of their labor inputs. By increasing unit labor productivity, these firms ultimately achieve higher labor investment efficiency. Heterogeneity analysis shows that the above effect is more significant in firms with a high proportion of low-skilled labor, non-state enterprises, more intense competition, and in regions with less political promotion incentives.更多还原