金融供给改善与企业劳动力投资效率:商业银行网点分布的证据

Financial Supply Improvement and Corporate Labor Investment Efficiency:Evidence from the Distribution of Bank Branches

劳动力作为企业生产经营过程中的关键性投入要素,其有效配置在塑造微观企业核心竞争力和促进宏观经济高质量发展中起着重要作用。基于放松商业银行市场准入引发的商业银行网点分布扩张视角,考察其带来的金融供给服务改善对企业劳动力投资效率的影响效应及作用机理,研究发现:商业银行网点扩张能够有效提高企业的劳动力投资效率,即企业周围分布的银行网点数量越多,劳动力投资效率越高;商业银行网点扩张主要通过信贷可得效应和监督治理效应促进企业劳动力投资效率的提升,且这种影响在民营、抵押物价值低、劳动密集型企业以及市场分割程度低的地区表现得更为明显。商业银行网点扩张通过改善劳动力要素配置效率提升企业的研发创新和全要素生产率,实现了对企业高质量发展的赋能作用。研究结论为进一步发挥金融供给侧改革在劳动力要素资源配置中的决定性作用、进而推动经济和就业的高质量发展提供了理论依据及政策参考。

As a crucial input factor in the production and operation process of enterprises,the effective al-location of labor plays an important role in building the core competitiveness of micro enterprises and promo-ting high-quality macroeconomic development.Based on the expansion of commercial banks'branch networks caused by the relaxation of market access for commercial banks,this paper analyzes the impact and mecha-nism of financial supply services on labor investment efficiency of enterprises.The research finds that the ex-pansion of commercial bank networks can effectively improve labor investment efficiency of enterprises.It is meant that the more bank branches distributed around the enterprise,the higher the labor investment effi-ciency.The expansion of commercial bank branches mainly promotes the improvement of the labor invest-ment efficiency through the effects of credit availability and supervision governance.In addition,the impact on labor investment efficiency of enterprises is more tangible in labor-intensive private enterprises with low collateral value and areas with low market segmentation.The expansion of commercial bank branches im-proves the efficiency of labor resource allocation to enhance R&D innovation and total factor productivity,empowering corporate high-quality development.The research conclusion further leverages the decisive role of financial supply-side reform in labor resource allocation,providing a theoretical basis and policy reference for high-quality development of economy and employment.