供应链金融的“稳就业”效应研究——基于风险缓释视角  

Research on the"Stabilizing Employment"Effect of Supply Chain Finance——Based on the Perspective of Risk Mitigation

作　　者：朱莉[1] 付一凡 马露瑶 Zhu Li;Fu Yifan;Ma Luyao(School of Finance,Xinjiang University of Finance and Economics,Urumqi 830012,Xinjiang,China)

机构地区：[1]新疆财经大学金融学院,新疆乌鲁木齐830012

出　　处：《金融发展研究》2025年第2期3-15,共13页Journal Of Financial Development Research

基　　金：国家社会科学基金项目“数字金融赋能边疆地区乡村富民研究:机制、路径与风控”(23BJY166);新疆维吾尔自治区社科基金青年项目“财政金融协同提升新疆农业经济韧性的机制与路径研究”(2023CYJ040)。

摘　　要：供应链金融如何降低企业风险,是推动“稳就业”发展的关键。以2013—2023年沪深A股上市公司为样本,实证检验供应链金融的“稳就业”效应及其作用机制。研究发现:第一,供应链金融能显著扩大供应链核心企业的劳动雇佣规模。第二,机制分析表明,供应链金融通过信用风险缓释效应和操作风险缓释效应扩大企业劳动雇佣规模。第三,异质性分析表明,内部控制有效性较弱、股权制衡较低的企业更能发挥供应链金融扩大劳动雇佣规模的作用。同时,供应链金融对中小企业、非国有企业及高新技术企业劳动雇佣规模的作用效果更好。第四,进一步研究发现,供应链金融对核心企业人力资本发展,特别是高级人力资本发展存在推动作用,且能优化企业劳动力技能结构。通过供应链溢出机制,供应链金融也能扩大供应商和客户企业劳动雇佣规模。因此,提出企业应积极开展供应链金融业务、优化供应链金融工具、强化供应链管理的建议,以降低企业风险,促进就业规模的稳步扩张。How supply chain finance reduces enterprise risk is the key to promote the development of"stable employment".Taking the A-share listed companies in Shanghai and Shenzhen from 2013 to 2023 as samples,we empirically examine the effect of supply chain finance on"stabilizing employment"and its functioning mechanism.The study finds that,first,supply chain finance can significantly expand the labor employment scale of core enterprises in the supply chain.Second,the mechanism analysis shows that supply chain finance expands the scale of labor employment through credit risk mitigation effect and operational risk mitigation effect.Third,the heterogeneity analysis shows that firms with weaker internal control effectiveness and lower equity checks and balances are more effective in expanding the scale of labor employment by supply chain finance.Meanwhile,supply chain finance is more effective in expanding the labor employment scale of SMEs,non-state-owned enterprises and high-tech enterprises.Fourth,further research finds that supply chain finance has a catalytic effect on the development of human capital in core firms,especially the development of senior human capital,and that it can optimize the skill structure of the firm's workforce.Through the supply chain spillover mechanism,supply chain finance can also expand the scale of labor employment in supplier and customer enterprises.Therefore,it is proposed that enterprises should actively develop supply chain finance business,optimize supply chain finance tools and strengthen supply chain management in order to reduce enterprise risks and promote the steady expansion of employment scale.

关 键 词：供应链金融 风险缓释效应 稳就业 供应链溢出 

分 类 号：F830[经济管理—金融学]