连锁股东与企业劳动雇佣  

Chain Shareholders and Labor Employment in Enterprises

作　　者：黄一松 王玉龙[3] HUANG Yisong;WANG Yulong(Postdoctoral Station of Applied Economics,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330013,China;Postdoctoral Research Station,China Investment Corporation,Beijing 100000,China)

机构地区：[1]中南财经政法大学应用经济学博士后流动站,湖北武汉430073 [2]江西财经大学会计学院,江西南昌330013 [3]中国投资有限责任公司博士后科研工作站,北京100000

出　　处：《财经论丛》2025年第3期76-86,共11页Collected Essays on Finance and Economics

基　　金：江西省高校人文社会科学研究项目(JJ23224);国家自然科学基金项目(72262017)。

摘　　要：在就业市场压力持续加大的背景下,如何稳定就业成为保障民生的重中之重。本文以2011-2022年我国A股非金融类上市公司为研究样本,理论分析和实证检验连锁股东是否以及如何影响企业劳动雇佣。研究结果表明,连锁股东能够显著扩大企业劳动雇佣规模。作用机制分析表明,连锁股东通过缓解企业融资约束、降低企业金融化以及促进企业创新进而扩大了企业劳动雇佣规模。异质性分析发现,连锁股东对企业劳动雇佣规模的扩大效应在资本密集型和技术密集型行业以及员工权益保护较好的企业中更为明显。进一步分析发现,连锁股东增加了企业对技术人员和销售人员的劳动雇佣数量,减少了企业对普通员工的劳动雇佣数量,并且连锁股东还增加了企业劳动收入份额。本文的研究结论有助于为我国监管部门鼓励和引导连锁股东发展以及实现稳就业的目标提供重要的政策参考。Under the background of increasing pressure in the job market,how to stabilize employment has become the top priority to ensure people s livelihood.This paper takes non-financial listed companies in China s A-share market from 2011 to 2022 as research samples to explore the impact and mechanism of chain shareholders on labor employment in enterprises.The research results indicate that chain shareholders can significantly increase the employment scale of enterprises.After a series of robustness tests and endogeneity tests,the research conclusion of this paper still holds.Analysis of the mechanism of action reveals that chain shareholders alleviate financing constraints,reduce corporate financialization,promote corporate innovation,and thereby increase the scale of labor employment in enterprises.Heterogeneity analysis that the promotion effect of chain shareholders on labor employment in enterprises is more pronounced in intensive industries,technology intensive industries,and enterprises with better protection of employee rights.Further analysis reveals that chain shareholders have promoted the labor employment scale of technical and sales personnel,reduced the labor employment scale of ordinary employees,and streamlined the employment scale of other personnel in the enterprise.Finally,this study finds that chain shareholders increased the share of labor income in the enterprise.The above research conclusions indicate that chain shareholders are an effective mechanism for stabilizing labor employment and promoting the upgrading of enterprise human capital.Compared to existing literature,the marginal contribution of this paper is mainly reflected in the following four aspects:First,from the perspective of the linkage relationship generated by the shareholder network of chain shareholders,enriches the research on the influencing factors of enterprise labor employment.Second,from the perspective of enterprise labor employment,this study enriches the relevant research on the economic consequences of chain shareholder

关 键 词：连锁股东 企业劳动雇佣 融资约束 金融化 企业创新 

分 类 号：F275.5[经济管理—企业管理]