企业持有现金如何影响劳动力需求?——来自上市公司的经验证据

How Does Corporate Cash Holdings Affect Labor Demand Empirical Evidence from Listed Companies

企业的流动性管理如何影响劳动力需求是一个关系到宏观流动性政策是否能够稳定就业形势的重要问题。本文通过构建一个包含流动性约束的工作搜寻模型,认为企业需要持有流动性资产应对经营不确定性和工作匹配冲击,这将会降低企业创造岗位和雇佣员工的数量。基于上市公司数据和工具变量识别策略的回归结果表明,企业持有现金比率显著降低了员工雇佣规模,表明企业基于经营和谨慎预防动机而持有一定比率的现金会抑制劳动力需求。异质性分析表明,低固定资产密集型、高劳动成本密集型企业和民营企业的抑制性效应相对较显著。进一步回归分析发现,企业的销售人员、技术人员等岗位都因现金持有策略而被相对缩减。宏观层面降低不确定性和提升劳动力市场匹配效率缓解企业流动性偏好的政策有助于促进更加充分就业。

How the liquidity management of enterprises affects labor demand is an important issue related to whether the macro-economic policy for liquidity can stabilize the employment.By constructing a job search model with liquidity constraints,this paper argues that companies need to hold liquid assets to cope with operational uncertainty and job matching shocks,which will reduce the number of job creation and employees employed.The regression results based on the data of listed companies with the identification strategy of instrumental variables show that the ratio of corporate cash holdings significantly reduces the scale of employee employment,indicating that companies holding a certain ratio of cash based on business and prudent precautionary motives will inhibit labor demand.Heterogeneity analysis shows that the inhibitory effect of low intensive of fixed-asset,highly intensive of labor-cost and private enterprises is relatively significant.Further regression found that sales staff,technical staff,and other positions of the company were relatively reduced due to the cash holding strategy.At the macro level,policies to reduce uncertainty and improve labor market matching efficiency to ease corporate liquidity preferences can help promote full employment.