“稳金融”与“稳就业”冲突吗——基于债务融资与企业劳动力雇佣视角

Does “Stable Finance” Conflict with “Stable Employment”——From the Perspectives of Debt Financing and Firm Labor Employment

以2004—2020年中国A股上市公司为样本,考察了债务融资对企业劳动力雇佣的影响。研究发现,债务融资会显著增加企业的劳动力雇佣规模,且在大规模企业、劳动密集型企业和劳动力供给较多的地区该效应更明显。从债务期限结构来看,短期债务融资会增加企业劳动力雇佣规模,而长期债务融资则表现为抑制作用。机制检验表明,债务融资与企业劳动力雇佣的关系会受到企业成长前景、融资约束、政府干预、信贷政策的影响。拓展研究表明,债务融资对企业劳动力雇佣的影响存在边际递减效应,且对企业劳动力雇佣质量和劳动生产率改善具有正向溢出效应。

We used the sample of Chinese A-share listed companies from 2004 to 2020 to examine the impact of debt financing on firm labor employment. We found that debt financing could significantly increase the scale of firm labor employment, which was more significant in large-scale and labor-intensive firms, and the regions with more labor supply. Considering debt maturity structure,short-term debt financing increased the scale of firm labor employment, while long-term debt financing had an inhibiting effect.Mechanism test suggested that, firm development prospect, financing constraints, government intervention and credit policy all exerted an influence on the relationship between debt financing and firm labor employment. The extended research showed that, debt financing had a marginally decreasing effect on firm labor employment, and a positive spillover effect on the improvement of firm labor quality and productivity.