| Nowadays,China’s financial industry is growing very fast.While continuing to inject fresh power into China’s economic development,the impact on real enterprises is also expanding.In recent years,funds that have emerged from the real economy have been vacated in the virtual economy."Phenomenon" has become a hot issue of social concern.Employment has always been the foundation of people’s livelihood and is the focus of our government’s attention.It is of great theoretical and practical significance to explore the impact and mechanism of non-financial enterprise financialization on labor employment.This paper links these two important factors in the economy and society,studies the impact of China ’s financialization on labor employment from the perspective of the microsubject of the enterprise,and uses domestic and foreign financialization and employment theory as the logical guidance for the full text.Different directions of financialization performance: financial assets,financial liabilities,and shareholder value orientation explain the mechanism of the company’s own labor and employment.Then use the relevant panel data of the China Taishen Database(CSMAR)and Wind database from 2014 to 2018 in China and Shenzhen A-share non-financial listed companies to collect data on the number of employees,financial assets,dividend payments,corporate borrowing and other indicators to finance equity,Company size,governance,income,and labor costs as control variables.The system’s generalized distance estimation(SGMM)method is used to test the impact of financialization of non-financial enterprises on the size of labor employment.Further study the impact of investment real estate assets,the heterogeneity of the nature of the enterprise and the heterogeneity of the position within the enterprise on the basic conclusions of the article.Finally,it is concluded that the financial liability channel of non-financial enterprises’ financialization has a significant positive correlation with labor employment.From the perspective of shareholder value-oriented channels,it has a significant negative impact on labor employment,and the negative impact mainly affects private enterprises;financial asset channels It has no significant impact on labor employment,and further empirical studies have found that the real estate investment behavior of non-financial enterprises and labor employment have a significant negative correlation.Therefore,in order to effectively promote the healthy and coordinated development of finance and employment in China,we can promote the financialization of non-financial enterprises in three aspects: deepening financial supply-side reforms,tightening supervision and control of corporate real estate investment behavior,and establishing reasonable internal mechanisms for enterprises.Positive effects of labor and employment. |
