制造业企业金融约束对劳动力需求的影响分析

Analysis of the Impact of Financial Constraints on Labor Demand in Manufacturing Enterprises

首先借助包含金融约束的数理模型,来解释金融约束对就业影响的行业差异性。进而,针对我国制造业企业的相关数据,基于自回归分布滞后模型和误差修正模型,测度了不同周期金融约束对劳动力需求影响的差异性。实证结果表明:不论长期还是短期,金融约束的缓解对制造业企业的就业都有一定程度的促进作用。同时,金融约束的缓解对私有制和公有制企业的就业促进效果具有一定差异性。因此,我国政府应尽可能增加金融市场的活力,降低企业融资的难度。特别地,对于我国私有制造业企业应该实施更优惠的扶持政策,帮助企业降低融资的难度,充分调动他们的积极性,从而为社会提供更多的就业岗位。

This study first employs a mathematical model incorporating financial constraints to explain the industry variability of the impact of financial constraints on employment.Subsequently,based on rel⁃evant data from Chinese manufacturing enterprises,the study utilizes autoregressive distributed lag mod⁃els and error correction models to measure the variability of the impact of financial constraints on labor demand across different periods.The empirical results demonstrate the following:Firstly,both in the long run and the short run,the easing of financial constraints has a positive effect on employment in man⁃ufacturing enterprises.Secondly,the employment promotion effect of easing financial constraints varies between privately-owned and state-owned enterprises.Therefore,the government should enhance the vi⁃tality of the financial market and reduce the difficulty of corporate financing as much as possible.Specifi⁃cally,more favorable support policies should be provided for privately-owned manufacturing enterprises to assist them in alleviating financing difficulties and fully inspire their enthusiasm,to provide more em⁃ployment opportunities for society.