上财陕晨煜老师在金融顶刊 Review of Finance 上发表论文

由上财金融学院青年常任轨教师陕晨煜老师与合作者撰写的论文“The Value of Employee Satisfaction in Disastrous Times: Evidence from COVID-19”（《危机时期“士气”的价值：来自新冠疫情的证据》）目前已经在国际顶级期刊 Review of Finance（《金融评论》）上发表。

Chenyu Shan , Dragon Yongjun Tang, The Value of Employee Satisfaction in Disastrous Times: Evidence from COVID-19, Review of Finance, Volume 27, Issue 3, May 2023, Pages 1027–1076, https://gfbic1b13095ec5284139sbvqvoqnpv6bx6co0fiac.eds.tju.edu.cn/10.1093/rof/rfac055

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摘要：Employee treatment is an important but challenging element of corporate environmental, social, and governance policies. Satisfying employee needs can increase corporate productivity, but is also costly to shareholders. Using unique data of Chinese publicly listed firms, we show that having satisfied employees is valuable to the firm. Specifically, firms with higher employee satisfaction scores withstand COVID-19 better, in terms of stock market performance. Such an effect is more pronounced for firms with more intangible assets and in knowledge-based industries. Moreover, higher employee satisfaction scores predict better operating performance. While not fully revealed in tranquil times, the effect of employee satisfaction is materialized when the firms experience negative shocks, such as COVID-19. Our findings suggest that firms can do well in crisis periods by doing good in normal times.

员工待遇是ESG中一个重要但具有挑战性的元素。满足员工的需求会提升企业生产率，但对股东而言也增加了成本。运用中国上市公司的独特数据，我们发现提升员工满意度对公司是有价值的。具体而言，员工满意度高的企业能更好的对抗疫情，股价表现更好。这个效应对于无形资产较多的企业和知识型企业更为显著。同时，我们发现员工满意度高的企业，其经营业绩表现更好。尽管在平稳时期员工满意度对公司没有显著影响，但该影响会在公司遭受负面冲击时（例如疫情时期）会体现出来。本文的发现证实了公司在平稳时期的善举有助于公司度过危机时期。

陕晨煜

上海财经大学金融学院副教授，中美福布赖特学者，香港大学金融学博士。研究领域为信用市场、公司金融和企业社会责任。研究论文发表于Journal of Accounting and Economics，Review of Finance等顶级期刊，论文曾多次西部金融年会（WFA），欧洲金融年会（EFA），中国国际金融年会（CICF），金融中介研究年会（FIRS）等国际会议接收，并多次获得中国国际金融年会最佳论文奖（CICF Best Paper），华人金融协会最佳论文奖（TCFA Best Paper），金融市场与公司治理年会最佳论文奖（CFMCG Best Paper），亚太金融市场年会杰出论文奖（CAFM Outstanding Paper）等。其研究项目获得国家自科基金青年项目、面上项目资助。

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