外部融资对就业状况和工资报酬的影响——源自异质性制造行业的证据

Impact of External Financing on the Employment and Wage——Evidence from the Heterogeneity Manufacturing Industry

如何实现金融资源在异质性行业间的合理配置,确保国内制造业就业状况的改善和工资收入的逐步提高始终是在制定经济发展中长期战略中必须兼顾的重要命题。研究发现,就国内整体制造业而言,外部融资规模的扩大会直接引致就业状况的改善;而外部融资对员工工资报酬则不存在直接的显著性影响,最低契约工资对劳动力的实际收入水平存在较大约束,隐含"中国整体制造业的刘易斯拐点已经到来"极有可能是假象。对干技术密集型制造业来说,外部融资规模的扩大不但明显改善了相关行业的就业状况,而且企业家对经济前景预期的改善显著提高了外部融资的边际影响程度。根据"对于受信贷约束影响较大行业的企业家个体而言,其对良好经济发展前景的诉求将更为强烈"的推论,我们认为技术密集型企业面临的信贷约束问题相对更为严重,优化其外部融资环境显得尤为重要和紧迫。

How to achieve the optimal allocation of financial resources within different industry sectors, it is the impor tant proposition to ensure the gradual improvement of the domestic employment situation and wage in the process of stable economic development. For the overall manufacturing sectors, the results have shown that the expansion of external finan- cing in various sectors would be directly attributable to improve the employment situation and increase the number of enter prises. But at the same time,there should not exist a direct significant influence on the wage, which being prompted by the minimum contractual constraint. It is worth noting that, the view ＂Due to the structural imbalances between supply and de mand in the talent market, the Lewis turning point of the overall manufacturing industry has come＂ may be inaccurate. For the technology-intensive manufacturing industry, the expansion of external financing would not only improve the employ ment situation, but also the affirmative expected economic outlook of entrepreneurs will enhance the marginal impact of the external financing. From the inference ＇ for the larger credit constraints affected industry,the aspirations of good economic development prospects will be more intense＇, we believe that the technology-intensive enterprises are facing relatively more severe credit constraint problems. Optimizing its external financing environment seems particularly important and urgent.