非金融企业金融化、货币政策宽松度与就业

Financialization of Non-financial Enterprises,Monetary Policy Looseness,and Employment

基于经济“脱实向虚”愈演愈烈的趋势,本文以2008~2019年中国A股上市公司为研究样本,研究了非金融企业金融化对就业的影响。研究发现:异质性动机驱动下的企业金融化对就业的影响及作用路径均不同,长期投机型金融化通过减缓资本积累进而抑制就业;短期储备型金融化则通过缓解融资约束进而促进就业,且该过程的前半路径受到货币政策宽松度的正向调节。此外,本文还发现长期投机型金融化对就业的抑制效应在劳动密集型企业中更强,而短期储备型金融化对就业的促进效应在资本密集型企业中更强。本文的研究深化了非金融企业金融化与就业的关系研究,对于政府促进实体经济与虚拟经济协调发展具有现实的指导意义。

Based on the increasing trend of economic transition from substantial to virtual,this paper takes the annual data of A-share listed companies from 2008 to 2018 as samples to study the impact of non-financial firms'financialization on employ⁃ment.It's found that enterprise financialization has different impact and transmission path on employment,driven by heterogeneous motivation.Long-term speculative financialization will slow down capital accumulation and thus inhibit employment.Conversely,short-term reserve financialization will facilitate employment by easing financing constraints,positively adjusted by the monetary policy looseness.In addition,it's also found that the inhibiting effect of long-term speculative financialization on employment is stronger in labor-intensive enterprises,whereas the facilitating effect of short-term reserve financialization on employment is stron⁃ger in capital-intensive enterprises.Overall,the research contributes to deepening the extant understanding of the relationship be⁃tween non-financial firms'financialization and employment,and has certain references for the government to harmonize the develop⁃ment of real economy and virtual economy.