利率市场化、劳动力雇佣与“稳就业”效应——来自贷款利率完全放开的准自然实验  

Interest Rate Liberalization, Labor Employment and “Employment Stabilization” Effect——A Quasi-Natural Experiment Based on the Full Liberalization of Lending Rates

作　　者：杨来峰 熊家财[2] YANG Lai-feng;XIONG Jia-cai(School of Management,Shandong University,Jinan 250100;School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]山东大学管理学院,山东济南250100 [2]江西财经大学会计学院,江西南昌330013

出　　处：《山西财经大学学报》2022年第9期31-44,共14页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(72162019);江西省社会科学规划项目(21YJ30)。

摘　　要：基于2009—2017年A股上市公司数据,以2013年中国人民银行完全放开贷款利率管制为准自然实验,采用双重差分法系统考察贷款利率管制放开对企业劳动力雇佣决策的影响。研究发现,贷款利率管制放开有助于提升企业的劳动力雇佣增长率,且该提升作用在中小企业和劳动密集型企业中更为显著。进一步的机制分析表明,贷款利率管制放开有助于缓解企业融资约束、提升企业资金充裕度、扩大企业生产,进而扩大企业就业吸纳能力。同时,贷款利率管制放开也有助于优化企业资本投向,将更多资源投向劳动要素,进而提升企业劳动力雇佣规模。Using the data of A-share listed companies from 2009 to 2017, the paper took People’s Bank of China’s complete liberalization of loan interest rate control in 2013 as a quasi-natural experiment, and then used the difference in difference method to systematically examine the impact of the complete liberalization of loan interest rate control on enterprise labor employment decisionmaking. The results showed that the complete liberalization of loan interest rate control can help to increase the growth rate of enterprises’ labor employment, and the improvement effect was more significant in small and medium-sized enterprises, as well as labor-intensive enterprises. Further mechanism analysis showed that the complete liberalization of loan interest rate control was conductive to the alleviation of enterprises’ financing constraints, the improvement of corporate capital adequacy and the expansion of production, so as to further strengthen enterprises’ employment absorption capacity. Meanwhile, the complete liberalization of loan interest rate control can help to optimize enterprises’ capital investment, and more resources shall invest on labor factor, which can further increase enterprises’ employment scale.

关 键 词：贷款利率管制放开 稳就业 融资约束 产出效应 资本投向 

分 类 号：F241[经济管理—劳动经济]