就业、社会目标与资本资源配置

Employment, Social Objectives and Capital Resource Allocation

本文研究政府的社会目标（就业）如何影响资本资源配置。利用1998-2008年的中国工业企业数据库构建具有上市资格的非上市企业样本，本文发现：企业上市前对地方的就业贡献越大，上市的成功率越高；区分产权性质后，这一结果只在民营企业中显著，在国有企业中不显著；地区就业压力也会影响这一结果，就业压力较大时，为提高上市成功率，当地民营企业需要加大就业投入。进一步的分析发现，金融支持是政府扶持就业贡献企业上市的重要手段，上市前就业贡献较大的企业，政府给予了更多的补贴和融资便利，这提高了民营企业的上市成功率。最后，从上市后的业绩来看，上市前就业贡献越大的民营企业在上市后的业绩越差。本研究有助于理解转型期我国资本资源配置中政府与企业的利益博弈及由此带来的非效率后果。

This paper investigates how the capital resource allocation would be affected by the governments who pursue social objectives, particularly on employment. By using the database of Chinese nonpublic industrial enterprises during 1998 to 2008, we identify a sample of firms which are eligible for going public. We find that, the more the eligible firm contributes to the local employment, the more likely it would succeed in going public. This result holds only in non-stateowned firms, while not in state-owned firms. The employment pressure could also affect this result. When the employment pressure becomes larger, the eligible firm has to contribute more to the em- ployment in order to succeed in going public. The further research finds that, financial support may be an important channel through which the government helps those firms. The more the eligible firm contributes to the local employment, the more subsidies and bank loans it receives before going to public. However, after going public, those firms who contribute more to the employment before going public perform worse.