摘要
当前,新冠疫情对企业经营与社会就业产生强烈负面冲击,金融发展要支持实体经济,尤其要缓解广大民营企业的融资约束,从而促进民营经济增长和雇佣更多员工。本文基于民营上市公司的面板数据,通过实证检验发现,民营上市公司在融资强约束下会需要流动资产的储备,这对企业就业规模增长造成了显著的负效应;地区层面的金融发展无助于缓解融资约束对企业就业的负效应,这可能是资本深化差别性和资本替代劳动在民营上市公司层面同时作用的结果;另外,融资约束对企业就业的负效应存在着明显的行业异质性。最后,从拓宽民营企业股权融资渠道、政策鼓励融资向其倾斜、因地制宜推进金融深化以及建立行业差异化信用评价体系四个方面,提出缓解民营企业融资约束与促进就业增长的对策与建议。
Under the background of the strong negative impact of novel coronavirus pneumonia on business operation and social employment,financial development should be conducive to easing the financing constraints of private enterprises,so as to promote the growth of private economy and enterprise employments.Based on the panel data of private listed companies,through empirical test,it is found that private listed companies will need the reserve of current assets under strong financing constraints,which has a significant negative effect on the growth of enterprise employment scale;financial development at the regional level will not help to alleviate the negative effect,which may be the result of capital deepening differentiation and capital substituting labor at the level of private listed companies;in addition,there is obvious industry heterogeneity in the negative effect of financial constraints on enterprise employment.Finally,to ease the financing constraints of private enterprises and promote employment growth,this paper puts forward the corresponding countermeasures and suggestions,such as broadening the equity financing channels of private enterprises,encouraging financing to incline to private enterprises,promoting the financial deepening according to local conditions and establishing industry differentiated credit evaluation system.
出处
《企业经济》
北大核心
2020年第7期145-153,共9页
Enterprise Economy
基金
国家自然科学基金青年项目“住房价格对就业结构的影响:理论、机制与实证”(项目编号:71703019)。
关键词
金融发展
融资约束
民营上市公司
企业就业
financial development
financial constraint
private listed companies
enterprise employment
