地方债管理体制改革与企业劳动雇佣  

Reform in Management System of Local Government Debt and Corporate Employment

作　　者：曹策[1] 李逸飞 楚尔鸣[1] CAO Ce;LI Yifei;CHU Erming(Business School,Xiangtan University,Xiangtan 411105 China;Management World,Beijing 100026 China)

机构地区：[1]湘潭大学商学院,湖南湘潭411105 [2]管理世界杂志社,北京100026

出　　处：《浙江工商大学学报》2025年第2期122-136,共15页Journal of Zhejiang Gongshang University

基　　金：国家社会科学基金青年项目“数实融合提升地方财政韧性的理论机制及实践路径研究”(24CJY032);湖南省社会科学成果评审委员会课题“共同富裕的量化测度与实现路径研究”(XSP2023JJC038);湖南省教育厅优秀青年项目“数实融合赋能地方财政韧性提升的理论机制、实证检验及路径优化研究”(24B0140)。

摘　　要：就业是最基本的民生,已成为保障民生和维持社会经济稳定运行的首要政策目标。把2015年开始的地方债管理体制改革作为一项准自然实验,基于2010—2019年上市公司数据,运用多期双重差分法评估了地方债管理体制改革对企业劳动雇佣的影响。研究发现:地方债管理体制改革显著增加了企业的劳动雇佣,该结论经过了一系列稳健性检验后仍成立。机制分析表明,地方债管理体制改革缓解了企业融资约束,主要通过产出规模效应和投资互补效应促进企业劳动雇佣增加,且产出规模效应的影响更大。异质性分析表明,对于融资约束大、劳动密集度高的企业以及所在城市地方债规模较大和营商环境较好的企业,地方债管理体制改革对劳动雇佣影响更大。研究结论为地方债管理体制改革优化金融资源配置影响企业劳动雇佣提供了新的证据。Employment matters most in people's lives.It has become the primary policy goal for ensuring people's livelihood and maintaining social and economic stability.This paper takes the reform in management system of local government debt started in 2015 as a quasi-natural experiment,matches the data of listed companies from 2010 to 2019 as research samples.We use the multi-period difference-in-difference method to investigate the impact of reform in management system of local government debt on corporate employment.It is found that the reform has significantly increased corporate employment,and this conclusion still holds after a series of robustness tests.Mechanism analysis shows that the reform alleviates the financing constraints,and affects the corporate employment mainly through the output scale effect and investment complementarity effect,and the output scale effect has a greater impact.Heterogeneity analysis shows that the reform has a significantly greater impact on corporate employment with high financing constraints,high labor intensity,as well as cities with large local debt scale and good relationship between government and business.This paper provides new evidence that the reform in management system of local government debt optimizing allocation of financial resources affects the corporate employment.

关 键 词：地方债管理体制 企业劳动雇佣 融资约束 双重差分法 

分 类 号：F241[经济管理—劳动经济]