固定资产加速折旧政策的就业效应

The Effects of the Accelerated Depreciation Policy of Fixed Assets on Employment

评估固定资产加速折旧政策的就业效应,有助于全面理解固定资产加速折旧政策的影响,又有助于探寻有效促进"稳就业"的政策措施。基于此,本文采用2011—2018年A股上市公司数据,将2014年和2015年固定资产加速折旧政策作为准自然实验,采用双重差分法考察了固定资产加速折旧政策对企业就业的影响。研究发现,固定资产加速折旧政策显著增加了企业雇佣劳动者的数量;进一步分析表明,相比资本对劳动的替代效应,固定资产加速折旧政策发挥了更强的产出效应,可通过促进企业扩大产量从而增加就业规模。异质性分析结果显示,固定资产加速折旧政策对资本密集型企业、中小企业、融资约束高的企业以及东部地区的企业影响显著;从人员结构看,就业的增加主要表现为对中高等技能劳动者需求的增加。本文研究对于全面认识固定资产加速折旧政策的就业效应具有重要的理论和现实意义。

Evaluating the employment effect of the policy of accelerated depreciation of fixed assets helps to fully understand the impact of the policy of accelerated depreciation of fixed assets and better design policies and measures to effectively ensure stability in employment.In order to examine how the policy of accelerated depreciation of fixed assets affects the enterprises’employment,we take the listed companies in the A-share market from 2011 to 2018 as research samples and employ the method of difference-in-difference.We find that this policy has significantly increased the number of employees.Further analysis shows that the policy exerts a stronger output effect relative to the substitution effect of capital on labor and increases employment by promoting enterprises to expand production.Heterogeneity analysis shows that this policy affects some types of enterprises more significantly,such as capital-intensive enterprises,small and medium-sized enterprises,enterprises with high financing constraints,and enterprises in the eastern region.Regarding the composition of employment,the increase in employment is mainly for middle and high-skilled workers.This research has important theoretical and practical significance for comprehensively understanding the employment effect of the accelerated depreciation policy of fixed assets.