中文摘要：

近年来,随着劳动力成本不断上涨,国内外学者围绕劳动力成本上涨及其对企业行为的影响进行了大量实证探讨,但鲜有学者利用事件研究的方法探讨劳动力成本上升倒逼的企业产业转移对企业价值的影响。以富士康为案例对象,分析因沿海地区劳动力成本上涨导致的企业内迁决策对企业价值的影响。首先,通过比较内迁前后企业劳动力成本,分析内迁可能有助于企业缓解成本压力。其次,对内迁决策中五次事件进行短期、长期窗口的市场价值变化分析,结果表明：无论是长期还是短期窗口内,市场都能对企业内迁决策做出积极反应。最后,采用DID的方法对企业内迁前、中、后财务指标进行对比分析,结果显示内迁决策有助于企业进行劳动力成本管理,改善企业业绩。研究将企业劳动力成本与产业转移行为相连接,从微观角度分析产业转移对企业价值的影响,丰富和发展了产业转移的相关理论研究,为处于劳动力成本快速上涨期的中国制造业企业产业转移提供实证借鉴。

英文摘要：

In recent years, along with the rising cost of labor, domestic and foreign scholars have carried out a large number of empirical discussions on labor costs and their impact on business behaviors. But few people discussed the impact of enterprise industrial transfer caused by labor costs on firm value. Taking case of Foxconn, this paper analyzes the impact of internal migration caused by labor costs on firm value in coastal areas. First of all, this paper analyzes the changes in labor costs before and after the internal migration, and initially speculates that the internal migration may help to ease the cost pressures. Secondly, the analysis on the market value in short- term and long- term windows of five events of internal migration decision-making shows that the market makes a positive response to the internal migration decision-making. Finally, the DID method is used to analyze and compare financial indexes before, during and after the internal migration. The results show that the internal migration helps manage labor costs and improve firm value. This study connects the enterprise labor costs with the industrial transfer behavior, analyzes the influence of the industrial transfer on the enterprise value from a micro perspective, enriches and develops the relevant theoretical literatures on the industrial transfer, and provides an empirical reference for Chinese manufacturing enterprises in transition period.