担保物权制度改革与企业劳动力结构  

Reform of the Security System and Enterprise Labor Structure

作　　者：马慧 陈胜蓝 刘晓玲 MA Hui;CHEN Shenglan;LIU Xiaoling(School of Economics and Management,Tongji University;School of Economics,Zhejiang University of Technology;School of Management,Xiamen University)

机构地区：[1]同济大学经济与管理学院,上海200092 [2]浙江工业大学经济学院,浙江杭州310023 [3]厦门大学管理学院,福建厦门361005

出　　处：《金融研究》2022年第10期153-169,共17页Journal of Financial Research

基　　金：国家自然科学基金青年项目(批准号:72102166);浙江省社科规划课题成果(批准号:21WZQH08Z)的资助。

摘　　要：本文以《物权法》出台为标志的担保物权制度改革为准自然实验情境,考察资本市场制度建设对企业劳动力结构的影响。结果发现:相比固定资产占比较高企业,固定资产占比较低企业在改革后高技能劳动力增长显著更多、高技能员工在全体员工中占比显著提高。机制检验表明,担保物权制度改革通过加大企业的先进机器设备投资及研发活动进而影响了劳动力结构,特别是对改革前信贷可获得性较低或融资约束较高的企业更明显,这使担保物权制度改革、资本技能互补及企业劳动力结构间的逻辑关系得以进一步增强。横截面差异检验发现,法律制度环境较差地区企业以及成长机会较高企业,其劳动力结构更可能受《物权法》影响。最后,担保物权制度改革对企业劳动力结构的改变能提高其全要素生产率及盈利能力。本文从劳动力结构视角为识别《物权法》实施后果提供了证据支持,对于理解法律制度建设的经济效益、破解我国劳动力市场难题具有启示意义。Legal system reforms are an important measure to intensify financial development to promote high-quality economic development;however,how legal system reforms affect labor employment has received limited attention.As a country with a large labor force,China faces constant employment problems and increasingly prominent structural problems in the labor market.Thus,our study of how the construction of the financial market legal system affects the enterprise labor force structure and the underlying mechanism not only deepens and extends the potential consequences of law and finance but also provides new insights into enterprises'employment decisions,labor market problems,and the improvement of peoples'livelihood.Theoretically,credit availability is an important factor affecting enterprises'labor force structure,for which capital-skill complementarity is a potential channel.When enterprises use advanced machines and equipment or perform technology research and development,they need to allocate highly skilled laborers who can operate the new machines and engage in research and development.However,once the availability of external financing is exhausted,enterprises pay more attention to short-term cash flow in their decision-making.For example,when purchasing machinery and equipment,enterprises are more likely to choose used or obsolete equipment with less cash outflow in the current period;however,are less likely to perform research and development activities with a larger initial cash outflow but longer payback period and higher risk.Thus,there is a corresponding reduction in the employment of highly skilled laborers.Moreover,during the process of labor allocation,timing mismatches between cost payment and cash inflow and the“quasi-fixed attribute”amplify the constraint effects of credit availability.Constraints on credit availability may therefore significantly reduce the allocation of highly skilled labor to firms.We use the implementation of the Property Law to conduct a quasi-natural experiment to overcome the

关 键 词：准自然实验 担保物权制度 信贷可获得性 劳动力结构 

分 类 号：F272.92[经济管理—企业管理] F832.51[经济管理—国民经济] F276.5[政治法律—民商法学] D923.2[政治法律—法学]