供应链金融的稳就业效应研究  

Study on the Stable Employment Effect of Supply Chain Finance

作　　者：杨小伟 张娆 YANG Xiaowei;ZHANG Rao(School of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《中南财经政法大学学报》2025年第2期82-97,共16页Journal of Zhongnan University of Economics and Law

基　　金：教育部哲学社会科学后期资助项目“绿色发展视角下企业绿色并购的驱动因素及经济效应研究”(24JHQ034);国家自然科学基金面上项目“中间汇率制度为何长期存在:经验识别、理论解释与政策评估”(72173074);江苏省社科联社科应用研究精品工程课题“科技金融赋能江苏新质生产力研究”(24SYA-043);江苏高校“青蓝工程”(2022—2025)。

摘　　要：供应链金融蓬勃发展,正逐渐成为经济社会发展的重要力量,其是否以及如何影响就业值得深入探讨。本文以2013—2022年沪深A股上市公司为研究对象,分析供应链金融的稳就业效应。研究结果显示,企业参与供应链金融,尤其是作为融资方参与供应链金融,能显著扩大其劳动雇佣规模。机制分析结果显示,企业作为融资方而非核心企业参与供应链金融通过资金、收入和固定资产投资三个方面影响劳动雇佣规模。异质性分析结果显示,参与供应链金融对企业劳动雇佣规模的扩大作用在规模较小、银行短期贷款较少、市场份额较低和资本密集度较高的企业更为显著。进一步研究发现,参与供应链金融扩大企业劳动雇佣规模,进而提升了企业低技能劳动力占比,降低了企业劳动收入份额,该作用在非高科技行业企业中更为显著。本研究对政府制定政策和企业采取措施促进供应链金融发展以达到稳就业目标具有理论启示和现实意义。The booming development of supply chain finance plays an important role in economic and social development and it is worth exploring whether and how it affects employment.This paper takes A-share listed companies in Shanghai and Shenzhen from 2013 to 2022 as the research object,analyzes and tests the stable employment effect of supply chain finance.The results show that enterprises′participation in supply chain finance,especially as financing enterprises,can significantly expand their employment scale.The mechanism analysis shows that enterprises,as financing enterprises rather than core enterprises,affect the employment scale from three aspects:finance,income,and investment effect.Heterogeneity analysis finds that the possitive relationship between supply chain finance and the employment scale is more significant in enterprises with smaller size,fewer short-term bank loans,lower market share,and higher capital intensity.Further research finds that,after expanding the enterprise employment scale,supply chain finance has increased the proportion of low skilled labor and reduced the enterprises labor income share,and this effect is more significant in non-high-tech industries.This study has important theoretical inspiration and practical reference significance for the government to formulate policies and enterprises to take measures to promote the development of supply chain finance,and to achieve stable employment goals.

关 键 词：供应链金融 劳动雇佣规模 资金效应 收入效应 投资效应 劳动收入份额 

分 类 号：F830[经济管理—金融学]