市场化进程、地区失业率与上市公司社会性负担

Marketization,local unemployment rate and Social burdens of China Listed Companies

与以往过多关注公司内部治理的研究不同,本文以上市公司雇佣规模作为社会性负担的代理变量,研究了公司外部环境对上市公司受政府干预的影响。经验证据表明,市场化进程越快的地区,上市公司相对雇员数越少;而失业率越高的地区,上市公司相对雇员数越多。此外,在减少社会性负担的方面,市场化进程对国家控股公司的影响显著大于对非国家控股公司的影响。

Different from many studies＇ focusing on internal corporate governance, this paper tests whether exter hal circumstances had any effect on political interventions assumed by listed companies, with the corporate employee scale as a proxy of its social burdens. My evidence shows that the higher the local marketization level was, the less employees the companies hired, and the higher the local unemployment rate is, the more employees the companies hired. What＇s more, the effect of local marketization on less ening social burdens of state-controlled companies was significant, while such effect did not appear among the nonstate - controlled companies.