Research On The Impact Of Debt Financing Structure On The Scale Of Labor Employment In Listed Companies

Under the world situation such as COVID-19,the impact of COVID-US trade frictions and global economic adjustment,China’s employment situation is not optimistic.Enterprises are the main source of absorbing social employment and the key factor to solve the employment problem.Increasing the labor employment demand of enterprises is conducive to alleviating the current employment pressure facing China and maintaining social stability.With the development of enterprises,their own funds cannot meet the needs of enterprise expansion,convenient external financing channels to rapidly expand the production scale and output level,so as to improve the demand of hiring employees,study the relationship between enterprise financing and labor employment demand of the current employment problem to solve the problem is of important practical significance.At present,the commonly used financing methods of enterprises mainly include listing,bond issuance,etc.,according to the theory of optimal financing,enterprises are more inclined to debt financing,different structures of debt financing will produce different financing costs,there are differences in the impact on the scale of labor employment,this paper tries to start from the perspective of debt financing structure,according to different terms and source structures,study the differential impact of different debt financing structures on the scale of labor employment,and divide enterprises according to labor intensity and nature of enterprises.With a view to determining the optimal debt structure for different types of enterprises and providing inspiration for increasing labor employment.In this paper,a fixed-effect model of the debt financing structure affecting the employment scale of enterprises,taking the data of Shanghai and Shenzhen A-share nonfinancial listed companies from 2010 to 2020 as a research sample,empirically studies the relationship between the debt financing structure of enterprises and the scale of labor employment,and further groups the samples according to the nature of enterprises and the degree of labor intensity,and analyze whether different types of enterprises have different degrees of impact on the scale of labor employment when obtaining external debt financing.Finally,the role of debt risk in regulating the impact of debt financing on the employment scale of enterprises is studied.Through empirical research,this paper finds that debt financing structure has a positive impact on the size of labor employment.From the debt term structure,compared with longterm debt,short-term debt has a greater impact on the scale of labor employment,and from the source structure,compared with bank credit,commercial credit has a greater impact on the scale of labor employment.From the perspective of enterprise heterogeneity,it is found that the promotion effect of debt financing on the scale of labor employment is stronger in laborintensive enterprises and private enterprises.The results of the adjustment effect show that debt risk has a negative adjustment effect in the impact of debt financing on the scale of labor employment,which is more consistent with the actual situation.Finally,based on the research conclusions of this paper and the background of China’s economic transformation,this paper puts forward relevant suggestions from the perspectives of policy makers,financial institutions and enterprises.Policymakers should introduce policies to improve the financing environment for enterprises,encourage enterprises to increase employee employment and focus on providing financing support to labor-intensive enterprises and private enterprises through credit compensation measures;Financial institutions should optimize their own risk assessment and control mechanisms,eliminate credit discrimination against some enterprises,and pay attention to the long-term development prospects of enterprises;Enterprises should rationally allocate the debt financing structure,prevent debt risks,improve the employment system,and optimize labor allocation.