以2008～2024年A股民营上市公司为样本，考察国有资本参股对民营企业劳动力成本黏性的影响。研究发现，国有资本参股显著提升民营企业劳动力成本黏性，且主要表现为劳动力数量黏性增强，而非薪酬黏性变化。机制分析表明，国有资本参股通过增加民营企业的劳动力调整成本、强化管理层乐观预期发挥作用。异质性分析发现，该效应在高管股权激励占比较低、人力资本密集度较低的企业中更显著；当国有股东为战略投资者或实体行业经营者时，作用更强。经济后果检验表明，国有资本参股提高的劳动力成本黏性有利于改善民营企业未来业绩。

Using a sample of A-share private listed companies from 2008 to 2024, this study examines the impact of state-owned capital participation on labor cost stickiness in private enterprises. The results show that state-owned capital participation significantly increases labor cost stickiness, mainly by enhancing labor quantity stickiness rather than wage stickiness. Mechanism analysis indicates that state-owned capital participation exerts this effect by increasing labor adjustment costs and strengthening management’ optimistic expectations. Heterogeneity analysis further reveals that the effect is more pronounced in firms with lower proportions of executive equity incentives and lower human capital intensity. Moreover, the effect is stronger when state-owned shareholders are strategic investors or operators in real-economy industries. The analysis of economic consequences shows that the labor cost stickiness induced by state-owned capital participation contributes to the long-term improvement of private firms’ performance.