职工董事与企业劳动力雇佣:基于人民民主的理论分析与实证检验

Employee Directors and Enterprise Labor Employment:Theoretical Analysis and Empirical Testing Based on People’s Democracy

就业是最基本的民生,如何“稳就业”“保就业”已经成为我国国家治理层面极为重要的研究话题。职工董事制度作为企业内部民主管理制度的重要组成,代表和维护着企业员工的利益,是全过程人民民主的体现,其如何影响企业劳动力雇佣决策逐渐成为社会关注的热点。基于中国2007年至2021年的A股上市公司数据,研究发现:设立职工董事能够促进企业劳动雇佣规模的提升;机制检验表明,职工董事能够抑制管理层机会主义行为、扩大企业生产规模以及提高企业声誉,从而提高吸纳劳动力就业的水平;异质性检验发现,上述效应主要体现在国有企业和劳动密集型企业中;经济后果检验发现,职工董事在发挥促就业效应的同时,还进一步提升了企业的全要素生产率。本文从企业内部治理的视角,揭示了职工董事对企业劳动力雇佣的影响以及作用机理,拓展了职工董事相关的研究文献,同时也为解决“稳就业”提供了新思路。

Employment is the most basic component of the people's wellbeing.How to“promote employment and ensure employment”has become an extremely important research topic at the level of national governance in China.As an important component of the internal democratic management system of enterprises,employee director represents and maintains the interests of enterprise employees,and is the embodiment of the whole-process of people's democracy,and how it affects the decision-making of enterprise labor employment has become a hot topic of social concern.Based on the data of China's A-share listed companies from 2007 to 2021,the study finds that employee directors can promote the scale of labor employment in enterprises.The mechanism test shows that employee directors can improve the level of employment by suppressing opportunistic behavior of management,expanding the scale of production,and improving their reputation.The heterogeneity test finds that the promoting effects are mainly in state-owned enterprises and labor-intensive enterprises.The economic consequence test finds that employee directors improve the total factor productivity of firms by playing a role in promoting employment.This paper reveals the impact and mechanism of employee directors on labor employment from the perspective of corporate governance,which enriches the literatures related to employee directors and provides new ideas for solving the problem of“stabilizing employment”.