资本市场扭曲与劳动力市场结构非均衡

Distortions in the Capital Market and Disequilibrium of the Labor Market

高校毕业生就业难与"民工荒"为特征的劳动力市场结构非均衡是制约中国产业结构升级和社会经济稳定性提升的重要因素之一,本文使用微观企业数据检验要素市场扭曲的一个重要方面——资本市场扭曲与企业部门技能员工雇佣比例间的关系,实证结果显示:资本市场扭曲及其纠偏措施降低了企业部门的技能员工雇佣比例,主要渠道可总结为:资本市场扭曲的整体受益者将长期债务短期化为不利于技能员工雇佣的短期债务;资本市场扭曲的所有制受益者国有企业具有不利于技能员工雇佣的短期化特征;资本市场扭曲的规模受害者中小企业技术水平较为低下尚没有跨越"去技能化"阶段。当然我们也发现,资本市场扭曲中存在一些被整体效应掩盖的正面技能员工雇佣因素。在此基础,本文构建减少要素市场政府干预和加快国有企业改革的政策建议。

The overstock of college graduates and shortage of unskilled labor are difficult problem in China＇s economic growth. This paper uses micro-enterprise data to test the relationship between capital market distortions and skill labor employment in the corporate sector. The empirical results show that： the capital market distortions and its corrective reduce the skills employment. The main channel can be summarized as： beneficiaries of the capital market distortions converts long-term debt into short-term debt which is not conducive to hire skills employees; ownership beneficiaries of capital market distortions have the bad characteristics to skills hires; scale victims of capital market distortions SME still not crossed＂de- skilling＂ stage. But we also found that there are some positive skills hires factors under the overall effect. On this basis, we build policy recommendations to reduce government intervention and speed up the reform of SOE.