企业金融化的就业效应:是促进还是抑制?

The Employment Effects of Enterprises Financialization:Facilitation or Suppression?

企业是提供就业的主体,本文选取2012—2019年非金融上市企业数据,考察企业金融化对就业的影响。研究发现:企业金融化行为显著缩减了劳动雇佣规模,而员工配置效率并未提升。进一步研究发现:企业未来主业业绩的提升有助于削弱企业金融化对劳动雇佣的“挤出”效应。机制检验表明,企业金融化会通过增加融资成本和缩减实业投资,抑制企业劳动雇佣水平。异质性分析表明,对劳动雇佣的抑制作用主要体现在影子银行水平较高的地区及中长期配置过多金融资产的企业。拓展性分析发现:金融强监管政策的实施能够有效抑制企业金融化,提升企业劳动雇佣意愿,扩大就业规模。本文通过研究企业金融化对劳动雇佣的影响,结合监管外生冲击探讨企业“脱虚向实”所产生的就业促进效应,从企业实践和政府引导两个层面为缓解经济“脱实向虚”和稳定就业提供政策参考。

Enterprises play a crucial role in employment and stabilizing job markets.This study aims to analyze the effect of enterprises financialization on employment and explore the underlying mechanisms.Utilizing data from domestic non-financial listed companies from 2012 to 2019,the empirical results indicate that corporate financialization has intensified financing costs and reduced investments in real industries.This transition has suppressed labor employment without improving staff allocation efficiency.However,improvements in main business performance can mitigate the"crowding out"effect of financialization on labor demand.Heterogeneity analysis indicates that the dampening effect on labor hiring is mainly found in regions with higher levels of shadow banking and in firms with excessive allocations to medium-term and long-term financial assets.Additionally,extended analysis finds that strong financial regulation can effectively curb corporate financialization,thereby enhancing the willingness of enterprises to hire and expanding employment opportunities.This study offers policy insights from two perspectives:corporate practice and government regulation.Enterprises should establish correct operational models,utilize financial assets as supportive tools,and improve internal control systems and incentive mechanisms.The government should strengthen its supervision over high-risk financial investments by non-financial enterprises,guiding them towards a"shift from fictitious to real"economic activities.