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基于世界银行提供的中国企业调查数据,本文分析了融资约束和金融发展对企业雇佣的影响。研究发现:在缓解内生性问题后,融资约束对企业雇佣需求有显著负面影响,即在其他条件不变情况下,企业感知到的融资难度每增加1个单位,其正式员工的雇佣增长率将下降3.1%。以2003年中国人民银行对货币信贷过快增长进行调控为自然实验,发现紧缩性的货币政策操作对企业雇佣需求有显著负面冲击;金融发展可以缓解企业融资约束,且金融发展对企业雇佣的促进作用主要体现在制造业、大中型及发展成长中的企业。本研究为理解金融因素对劳动力市场的需求提供了微观经验证据。
Based on the survey data of Chinese enterprises provided by the World Bank, this paper analyzes the impact of financing constraints and financial development on the employment of enterprises. The study found that after the endogenous problem was alleviated, the financing constraints had a significant negative impact on the employment demand of the enterprises. That is, for every additional unit of financing perceived by the enterprise under the same conditions, the employment growth rate of regular employees Down 3.1%. In 2003, the PBC regulated the excessive growth of money and credit as a natural experiment. It was found that the tightening of monetary policy operation had a significant negative impact on the employment demand of enterprises. The financial development could ease the constraints of corporate financing and the promotion of employment by financial development The role is mainly reflected in the manufacturing, large and medium-sized enterprises and the growth and development. This study provides micro-empirical evidence for understanding the demand for labor in the financial sector.