企业金融化对就业规模的影响研究——基于上市公司的实证

The Effects of Corporate Financialization on Employee Scale——Empirical Evidence from the Listed Companies

利用中国2009—2016年沪深两市1400家A股上市公司的数据,研究了企业的金融化行为对就业规模的影响效应,以及金融化背景下的企业要素投入调整过程。研究发现,企业的金融化行为显著减少了劳动力需求,导致企业就业规模的缩减,而且劳动密集型企业中这种效应要高于资本技术密集型企业。研究还发现,企业的金融化主要是通过挤出固定资产投资来影响就业规模的,企业就业规模的调整明显滞后于资本投入调整。

Based on the data from 1400 Chinese A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2009 to 2016,this paper studies the effects of corporate financialization on employment scale and the adjustment process of enterprises factor input under the background of financialization.It finds that the financialization of enterprises significantly reduces the demand for labor,resulting in the reduction of their employment scales,and this effect is higher in labor-intensive enterprises than in capital and technology-intensive enterprises.It also finds that the financialization of enterprises mainly affects the employment scale by crowding out fixed asset investment,and the adjustment of employment scale lags far behind the adjustment of capital input.