民营企业融资难与我国劳动力市场的结构性问题

Financing Constraints of Private Firms and the Structural Problem in China’s Labor Market

民营企业融资难、融资贵是我国金融市场的普遍现象,而劳动力市场存在"中小企业招工难"与"大学生就业难"并存的结构性问题,本文尝试用"资本技能互补"假说将两者相联系。理论分析指出,国有企业的融资成本低于民营企业,因而使用更加资本密集的生产方式;根据"资本技能互补"假说,国有企业也需要更多的高技能劳动。民营企业与此相反。民营企业主导着劳动力市场,压低了对高技能劳动的需求,而扩张了对低技能劳动的需求,从而导致"中小企业招工难"与"大学生就业难"并存。实证分析表明,融资约束通过企业投资影响其高技能工人比重;反事实分析表明,如果民营企业的融资成本能降低到国有企业的水平,市场将需求更多的高技能劳动和更少的低技能劳动,从而同时缓解"中小企业招工难"和"大学生就业难"的问题。

Private firms have difficulty to get external finance in China;and there are structural problems in labor market.This study aims at linking the problems in financial market and labor market through"capital-skill complementarity".Theoretical analysis shows that domestic private enterprises(DPEs)get finance at higher cost than state-owned enterprises(SOEs),and therefore produce in a more labor-intensive way.Because of"capital-skill complementarity",DPEs employ low-skill labors and SOEs employ high-skill labors.Since DPEs employ more than SOEs,the demand for low-skill labor is enlarged and for high-skill labor is depressed,and that explains grim employment situation of college graduates and labor shortage for middle and small-sized DPEs.Empirical practice testifies the hypotheses and finds that financial constraints impede DPEs to invest,which in turn decreases employment share of high-skill workers.Counterfactual analysis predicts higher demand for high-skill workers and lower demand for low-skill workers if DPEs are fairly treated in financial market.