【摘要】 要保持经济运行在合理区间就需要重点关注金融冲击对就业的影响,文章在金融摩擦视角下,从微观层面分析了金融冲击对公司就业产生影响的机制,并利用中国上市公司的数据进行了实证分析,研究结果显示:(1)中国发生的金融冲击有频率更高,来源及影响更加复杂的趋势;(2)金融冲击会对公司就业产生显著影响,而高负债率会加强这种效果;(3)金融冲击导致就业的下降会带来企业产出水平的降低,这是通过两个渠道导致的:一是劳动投入的下降,二是融资成本的上升;(4)金融摩擦的加剧会带来企业失业的增长;(5)金融冲击对就业影响制造业比非制造业的大,非国有企业比国有企业大。文章最后给出应对策略,金融冲击发生前要加强防范和预警金融冲击的制度建设,要进一步推进金融服务体系建设和企业财务柔性储备建设,发生后应采取货币和财政政策协作的应对方法。更多还原

【Abstract】 From the perspective of financial frictions, this paper analyzed the mechanism of financial shock on corporate employment from the micro-level. The analysis showed that(1) financial shock in China tend to occur more frequently, with more complex sources and effects;(2) financial shock have a significant impact on corporate employment, and high debt ratio strengthen this effect;(3) financial shock lead to the decline of employment and reduce the level of enterprise output, which is caused by the decline of labor input and the increase of financing costs;(4) The aggravation of financial friction lead to the rise of enterprise unemployment;(5) The impact of financial shocks on employment is greater in manufacturing than in non-manufacturing, and in non-state-owned enterprises than in stateowned enterprises. This paper suggested that policy makers should strengthen the system construction of preventing and warning financial shock, further promote the construction of financial service system and financial flexible reserve of enterprises,更多还原