资本结构是否影响公司雇员规模的宏观经济敏感性?——基于493家上市公司的实证分析

Does Capital Structure Affect the Macroeconomic Sensitivity of Employee Size?——An Empirical Research Based on 493 Listed Companies

宏观经济增长带动就业增加,这一现象在微观层面上体现为雇员规模的宏观经济敏感性。本文以2003年至2009年间493家A股上市公司为样本,实证检验了公司资本结构是否对其雇员规模的宏观经济敏感性产生影响。无论是基准模型还是销售加速器模型的回归结果均验证了高杠杆总体上增加了公司雇员规模的宏观经济敏感性,并且这一效应在民营公司中更为强烈与显著。本文结论表明资本结构与宏观经济状况均对公司的雇员规模产生影响,政府在制定就业政策时必须配套以相应的财务扶持。

The development of macro-economy decreases the unemployment rate, which is reflected by the macro-economy sensitivity of employee size in the micro level. This paper empirically examines whether capital structure affected the sensitivity between employee size and macro economical conditions by 493 listed companies＇ data from 2003 to 2009. Both reduced-form regression and accelerator model proves high leverage increased the macro economical sensitivity of employee size, and this effect is more obvious and significant in private firms. Our finding concludes both capital structure and macro economical conditions can influence employee size, which means government should pay attention to the financial situation of firms when setting up employment policy.