数字普惠金融发展对企业劳动力需求的影响

The Impact of Digital Inclusive Finance on Enterprise Labor Demand

在数字技术与传统金融业融合的大背景下,探究企业如何通过数字普惠金融的发展来扩大就业容量、稳定就业形势具有重要意义。本文选取2011—2019年中国沪深A股非金融类上市公司数据,实证考察数字普惠金融发展对企业劳动力需求的影响。研究表明,数字普惠金融发展可以显著促进企业劳动力需求增加,这种促进作用主要通过缓解企业融资约束、提高企业生产效率和推动企业研发创新三条途径实现。异质性分析表明,国有企业、外部治理环境好以及劳动密集度高的企业,数字普惠金融发展对其劳动力需求促进作用更为显著。进一步研究发现,数字普惠金融提升了企业高、低等学历劳动力占比,降低了中等学历劳动力占比,影响了劳动力市场的就业结构。本文基于“六稳”和“六保”的背景,为数字普惠金融高质量服务于实体经济、增加社会就业岗位提供了政策启示。

Based on the integration of digital technology and traditional finance,it is of great significance to explore how enterprises can expand their employment capacity and stabilize their employment situation through the development of digital inclusive finance.This paper selects data on non-financial listed companies in China's Shanghai and Shenzhen A-shares from 2011 to 2019 to empirically examine the impact of digital inclusive finance development on corporate labor demand.The study shows that the development of digital inclusive finance can significantly contribute to the increase of corporate labor demand,and this promotion effect is mainly achieved through three ways:alleviating corporate financing constraints,improving corporate productivity,and promoting corporate R&D innovation.The heterogeneity analysis shows that state-owned enterprises,enterprises with a good external governance environment and high labor intensity have a more significant contribution to their labor demand from the development of digital inclusion finance.Further research found that digital inclusion boosted the share of high-and low-educated labor force in firms,reduced the share of middle-educated labor force,and affected the employment structure of the labor market.Based on the background of"six stability"and"six protection",this paper provides policy insights for digital inclusive finance to serve the real economy and increase social jobs with high quality.