资本结构的就业效应分析

Analysis on the Employment Effect of Capital Structure

理论上看,资本结构对就业具有抑制作用。基于我国制造业上市公司数据的实证研究表明,负债比率对就业规模具有抑制作用,但仅在高负债企业里统计上显著;同时,企业规模能够调节负债比率对就业规模的这种抑制作用,随着企业规模的扩大,负债比率对就业规模的负向影响变小。负债比率对就业增长的抑制作用不仅在高负债企业里统计上显著,在低负债企业里也统计上显著。

In theory,the capital structure has an inhibitory effect on employment.Based on the data of the listed companies in China’s manufacturing industry,the empirical research shows that,the debt ratio has an inhibitory effect on employment scale,but statistically significant only in companies with high leverage.At the same time,the scale of enterprises can adjust the restraint of debt ratio on employment scale.With the expansion of the scale of enterprises,the negative impact of debt ratio on employment scale becomes smaller.The debt ratio has an inhibitory effect on employment growth,statistically significant not only in companies with high leverage,but also in companies with low leverage.