银行竞争增加如何影响企业劳动力雇佣--来自银行管制放松的准自然实验的证据

How Does the Increased Bank Competition Affect Firm Labor Employment:Evidence from a Quasi-natural Experiment of Deregulation of Banks

本文以2009年实施的银行管制放松政策作为银行竞争的外生冲击,研究了银行竞争增加对企业劳动力雇佣的影响。研究结果表明,银行竞争增加提高了第二产业的劳动力雇佣,并引起劳动力从劳动密集型的第三产业流入资本密集型的第二产业。机制检验表明,银行竞争增加降低了资金使用成本,有利于资本密集型企业的投资和扩张。异质性分析表明,银行竞争增加对企业信贷可得性的影响在大中型企业、低TFP企业、资本密集型企业、融资约束低的企业以及成立时间更久的企业中更明显。本研究不仅有助于提高企业就业水平,同时也为促进中国实现“稳就业”目标提供经验与启示。

This paper examines the impact of bank competition on corporate labor employment under the background of the banking deregulation policy implemented in China in 2009.The results show that bank competition significantly increases labor employment in the secondary industry,and leads to a shift in labor from labor-intensive industries to capital-intensive ones.We also find bank competition reduces capital costs,which benefits the investment and expansion of capital-intensive enterprises.Furthermore,heterogeneity analysis reveals that the impact of bank competition on credit availability is particularly significant for large and medium-sized enterprises,low total factor productivity enterprises,capital-intensive enterprises,enterprises with lower financing constraints,and those with a longer establishment history.This paper not only contributes to improving the employment,but also provides the experience and inspiration for China to realize the goal of stable employment.