企业价格加成、融资约束与劳动力资源错配

Firm price markup, financial constraint and labor resource mismatch

借助持续经营企业数据,从多维细化层面揭示企业价格加成和融资约束对劳动力资源错配的影响机制。研究发现:企业价格加成、融资约束及二者的交互项均会加剧劳动力资源错配;价格加成加剧劳动力资源错配的渠道为价格加成提升对劳动力边际产出的正向促进效应大于其对工资的正向促进效应,融资约束加剧劳动力资源错配的渠道为融资约束降低了劳动力的工资而倒逼了劳动力的边际产出递增;全要素生产率提升会加剧劳动力资源错配,出口、企业员工数、企业年龄和投入产出效率能缓解劳动力资源错配,而补贴和新产品对劳动力资源错配的作用力非常有限。研究结论对中国制定提升金融资源配置效率、激发劳动力活力和实现"量"的优势向"质"的优势转变方面的政策具有一定的参考价值。

This paper takes advantage of the data of firms with going concern to analyze the influencing mechanism of firm price markup and financial constraint on labor resource mismatch from many aspects. It is found that: firstly, firm price markup, financial constraint and their interaction item will aggravate labor resource mismatch. Secondly, the channel through which firm price markup aggravates labor resource mismatch is that the positive promotion effect of price markup on marginal output of labor force is greater than that of wages. The channel through which financial constraint aggravates labor resource mismatch is that financial constraint lowers the wages of labor force and forces the marginal output of labor force to increase. Thirdly, TFP(total factor productivity) improvement will aggravate labor resource mismatch. Export, quantity of employees in a firm, firm age and the efficiency of input and output will alleviate labor resource mismatch, while the subsidy and new products have little effects on labor resource mismatch. The results will provide a good reference for China to make the policy of improving financial resource allocation efficiency, stimulating energy of labor force and achieving the transformation from quantity advantages to quality advantages.