摘要
利用2007-2022年A股上市公司数据,检验企业市值规模对其雇佣决策的影响。研究发现:企业市值每提高1个单位,下期的劳动力雇佣量将上升0.43个百分点。机制分析表明,上述影响主要是通过融资约束缓解效应、投资规模扩张效应和生产规模扩张效应三个渠道实现的。异质性分析显示,公司市值增加对劳动力雇佣的促进作用在东部地区企业、劳动密集型企业和民营企业更加突出。
Using the data from A-share listed companies from 2007 to 2022,this paper examines the impact of firm’s market capitalization on employment decisions.The results indicate that a one-unit increase in firm’s market capitalization is associated with a 0.43 percentage point rise in the following period’s employment level.The mechanism analysis shows that this effect is primarily achieved through three channels:easing financing constraints effect,expanding investment scale effect,and expanding production scale effect.Heterogeneity analysis shows that the promoting effect of increasing market value on employment level is more pronounced in eastern regions enterprises,labor-intensive enterprises,and private enterprises.
作者
丁守海
陈雯雯
DING Shouhai;CHEN Wenwen(School of Applied Economics,Renmin University of China,Beijing 100872,China)
出处
《湖南大学学报(社会科学版)》
北大核心
2025年第1期35-44,共10页
Journal of Hunan University(Social Sciences)
基金
国家社会科学基金重大项目:强化就业优先政策、稳定和扩大就业研究(21ZDA098)。
关键词
企业市值
资本结构
融资约束
雇佣决策
market value
capital structure
financing constraints
employment decisions
