| Full employment has practical significance to the economic development and social stability of a country.Enterprises are the main carrier of employment creation,and the change of employment at the enterprise level is often an important microscopic basis for understanding the dynamics of macro-employment.Since the reform and opening up,one important reason of China's economic success is making full use of its huge labor force advantage,taking the initiative to undertake the industrial transfer of developed countries,which has changed from a traditional agricultural country into a new industrial country quickly.The rapid rise of industrial enterprises(manufacturing-oriented)makes them becoming an important part of the national economy,creating a large number of employment opportunities while stimulating economic growth.Therefore,the in-depth study of employment changes in industrial enterprises not only contributes to a deep understanding of China's employment in the transition period,but also an important prerequisite of the future development of more targeted employment promotion policy.Due to the long-term lag of financial market reform and the distorting of the financial resources allocation brought by government intervention,there are big differences between enterprises in terms of financial availability.It has been shown that the financial availability of an enterprise has an important influence on its business behavior.In an imperfect financial market environment,if an enterprise cannot obtain financing at normal cost,it may not be able to make optimal investment decisions,which distorting its resource allocation and reducing productivity.So,for the transition of the Chinese industrial enterprises,what is the employment effect of its financial availability?In order to answer the above questions,this paper analyzes the employment effect of the financial availability of industrial enterprises based on the data of Chinese industrial enterprises.Firstly,it analyzes the financial availability and employment status of Chinese industrial enterprises,which lays a foundation for the follow-up research.Secondly,based on the theory of labor demand,this paper analyzes the employment creation effect of industrial enterprises' financial availability,discussing the sensitivity of heterogeneous enterprisesemployment creation to financial availability.Thirdly,based on the hypothesis of "capital-skill complementary",the paper analyzes the employment structure effect of the financial availability of industrial enterprises from the aspects of skills employment structure and skills female employment share.Finally,this paper analyzes the wage effect of the financial availability of industrial enterprises from the aspects of wage and skilled and unskilled labor wage gap.The main contents and conclusions are as follows:Part one:the current situation of financial availability and employment in China's industrial enterprisesBased on the data of Chinese industrial enterprises from 1999 to 2013,this part analyzes the financial availability and employment status of industrial enterprises in China during the transition period.The main conclusions are as follows:(1)In 1999-2003,the share of state-owned enterprises and collective enterprises decreased significantly,and the share of private enterprises increased significantly,which reflected the reality that China's market economy structure changed dramatically during this period.From the view of scale,the average scale distribution curve of the industrial enterprises in our country shows obvious left partial shape and the relatively small enterprises in the sample enterprises account for the majority.The above results show that the relatively small size of the private sector has become an important part of China's industry.(2)The average debt ratio of state-owned enterprises is significantly higher than that of private enterprises,which shows that the financial availability of state-owned enterprises is significantly higher than that of private enterprises.At the same time,the debt ratio of small enterprises is significantly smaller than that of large enterprises,and the average debt ratio increases with enterprises scale,which shows that the financing ability and the financial availability of large enterprises is higher than that of small enterprises.In addition,through the construction of working capital investment-cash flow sensitivity index(WKS)which measures the financial availability of enterprises,it shows that state-owned enterprises' WKS is significantly smaller than the private sector,while smaller enterprises'average WKS is significantly larger than the larger enterprises.Also,the WKS of the enterprises gradually decreases with the increase of enterprises scale,indicating that compared with large enterprises,small business' working capital investment is more dependent on its internal cash flow,and small business' financial availability was significantly smaller than large enterprises.These results are basically the same with the conclusions that got from the debt ratio,which shows that the above two indicators can be used as the proxy index of enterprises' financial availability in China.(3)Overall,the distribution curve of employment scale in industrial enterprises in China also shows an irregular normal distribution with left partial,indicating that compared to large enterprises,small and medium enterprises have become the main force to create employment opportunities in China.A further comparison of the employment scale of different financial availability enterprises shows that the higher the financial availability is,the greater the average employment scale is.In views of gender employment structure,China's industrial enterprises prefer to employ more male than female with gender discrimination.Further study shows that enterprises with lower financial availability hire fewer female;gender discrimination in employment is more severe in enterprises with lower financial availability.In views of education employment structure,enterprises with lower financial availability employ much labor force with lower degree,while enterprises with higher financial availability employ more highly educated labor.In terms of professional title,whether it is the proportion of senior labor force or technician and senior technician labor force,enterprises with lower financial availability are significantly smaller than the enterprises with higher financial availability,which reflects the enterprises with higher financial availability prefer to hire more skilled labor,while enterprises with lower financial availability employ more non-skilled labor.In terms of salary,whether it is generalized or narrow sense of the wages,wage level of workers per capita of China's industrial enterprises shows an overall trend of growth in 1999-2013.A further examination of the wages of enterprises with different financial availability shows that wages in enterprises with higher financial availability are higher than that in enterprises with lower financial availability.In addition,enterprises with higher financial availability have more welfare expenditures than others,which is an important part of staff wages.Part two:research on the employment creation effect of financial availability in industrial enterprisesBased on the theory of labor demand,this part analyzes the employment creation effect of enterprise financial availability,using the enterprise data from Chinese Industrial Enterprise Database from 1999 to 2013 with dynamic panel model,discussing the sensitivity of heterogeneous enterprises' employment creation to financial availability.Main conclusions are as follows:The estimated coefficient of financial availability measured by the long-term debt ratio is positive and significant at 1%level,indicating that the higher the financial availability is,the more labor will be employed.The improvement of financial availability contributes to the employment creation ability,which means that in the current stage of economic transformation and development,the industrial enterprises that have obtained the financing do not show obvious "capital-labor substitution".The influence of finance on the employment of industrial enterprises presents as "Scale effect".Then,choosing working capital investment cash flow sensitivity WKS as agent variables for financial availability shows that the estimated coefficient of WKS on quantity of employment is negative and significant at 1%level,indicating that the higher finance available is(the smaller WKS),the more the people employed,and the stronger the ability to create jobs,thus supporting the conclusion that financial availability promotes employment creation in industrial enterprises.Financial availability can influence the employment creation by influencing the level of capital deepening of industrial enterprises.It is found that the effect of financial availability on the employment creation of industrial enterprises in China is not affected by the ownership pattern,size and capital intensity.But the impact of the financial availability on employment creation is greater in private sector,small and medium enterprises and labor-intensive industrial enterprises.Part three:research on the employment structure effect of financial availability in industrial enterprisesBased on the hypothesis of "capital-skill complementarily",this part analyzes the employment structure effect of financial availability from the two aspects of skills employment structure and skill female employment share.Firstly,it analyzes the mechanism of financial availability which affects the employment structure by capital deepening,and then influences the skill female employment share.Secondly,it makes an empirical test using the enterprise data from Chinese Industrial Enterprise Database in 2004.The main conclusions are as follows:Financial availability has a significant positive impact on the proportion of skilled workers in industrial enterprises.In theory,the improvement of financial availability will increase the capital investment of rational enterprises.With a view to the complementarily of capital and skills,therefore,the demand for skilled labor will increased more than the demand for non-skilled labor,leading to an increase in the proportion of skilled workers.Financial availability can influence the employment structure by capital deepening in industrial enterprises.Based on the above conclusions,this paper explains the reason of the contradiction between the "shortage of migrant workers" and "the employment difficulty of college students" in the transitional period from the perspective of financial availability.Paying attention to the impact of financial availability on skilled female share in industrial enterprises,it founds that the increase in financial availability contributes to the increase in the share of skilled female labor.In theory,the increase in financial availability makes firms more inclined to increase capital investment,which makes the level of capital deepening enhanced,so that the relative demand for skilled labor is increased.Women usually have a comparative advantage in terms of skilled labor.Therefore,the improvement of financial availability leads to the employment of more skilled labors.Further study about the mechanism of financial availability which affects skilled female share founds that the improvement of financial availability can promote the increase in the share of skilled female employment through capital deepening.Most of the impacts can be attributed to the increase in the level of capital deepening brought by the increase in financial availability.Capital deepening is the main channel for financial availability to affect the female employment share.Based on the above results,this paper explains the reasons for the decline of female employment share in the transitional period from the perspective of financial availability.Part four:research on the wage effect of financial availability in industrial enterprisesThis part analyzes the wage effect of financial availability in industrial enterprise from the two aspects of employee's salary and salary gap between the skill and unskilled labor.Firstly,it analyzes the influence mechanism of financial availability on salary through the enterprise productivity,the scale of employment and the export.It also analyzes the influence mechanism of financial availability on salary gap between skilled and unskilled labor force.Then it uses the data of Chinese industrial enterprises to carry on the empirical test.The main conclusions are as follows:Financial availability has a significant positive impact on the wages of employees.Financial availability can improve the level of their employees' wages.Increased financial availability can raise the level of employee salaries by influencing the productivity,size of employment and exports.There is a significant positive correlation between financial availability and skilled and unskilled wage gap,and the increase in financial availability makes the wage gap between business skills and unskilled labor.Further study about the influence mechanism of financial availability on wage gap founds that it influence the wage gap between skilled and unskilled labor through capital deepening channels.Based on the above conclusions,this paper explains the reasons for the convergence of labor wages at different skill levels in the transitional period from the perspective of financial availability.In order to promote industrial enterprises creating more employment opportune-ties,improving the employment structure and the level of wages,based on the conclusions of the study,this paper argues that taking measures to improve the vast number of private enterprises' and small and medium enterprises' financial availability may be an effective policy option.Therefore,we should deepen the financial market-oriented reform,establish and improve the enterprises' credit management system,encourage financial institutions to adopt product and service innovation,so as to effectively improve the financial availability of small and medium-sized private enterprises in China. |
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