| Since the reform and opening up,the allocation of financial resources in China still tends to be over-allocated to state-owned enterprises,which leads to the difficulty in solving the financing dilemma of private enterprises,and then the phenomenon that the allocation of financial resources does not match the contribution of economic growth between state-owned enterprises and private enterprises appears.Unreasonable allocation of financial resources will affect the operating efficiency of the financial market,further increase the probability of enterprises facing financial risks,affect the future business development of enterprises,and be detrimental to the smooth operation of the economy and full employment.China’s economy is currently in a critical period of transition from high-speed growth to high-quality development.How to optimize the allocation of financial resources and promote full employment of the labor force is very important for achieving high-quality economic development and social stability.Taking A-share listed companies from 2011 to 2021 as samples,this paper examines the influence of financial resource mismatch on enterprise employment.It is found that the mismatch of financial resources significantly inhibits the employment of enterprises,and this conclusion is still valid after a series of robustness tests(replacing core explanatory variables,excluding nonlinear effects,excluding public events,tool variable tests,and propensity score matching).Further analysis shows that the mismatch of financial resources mainly inhibits the employment of highly educated employees;Mismatch of financial resources can inhibit the employment of enterprises by inhibiting industrial transformation and upgrading and promoting the financialization of enterprises;Mismatching of financial resources has a more significant inhibitory effect on the employment of enterprises in growth period,recession period,private enterprises,manufacturing enterprises and enterprises located in the eastern region.Based on the above conclusions,the article thinks that we should reduce improper government intervention,constantly improve the financial management system,simplify administration and decentralize power,give full play to the decisive role of the market in resource allocation,and improve the relevant policies to control overcapacity and eliminate zombie enterprises as soon as possible;Continue to deepen the reform of the financial supply side,promote the efficient use of financial resources in enterprises,continuously improve the capital market management system,strengthen the construction of the institutional system based on scientific and technological innovation,and realize industrial transformation and upgrading as soon as possible;Resolutely implement the employment priority strategy,improve relevant employment policies,constantly improve the public service system for labor employment,and provide employment guidance and skills training for the labor force.This study is helpful to reveal the influence mechanism of financial resources mismatch on enterprise employment,and provide important enlightenment for solidly promoting the rational allocation of financial resources,alleviating employment pressure and promoting high-quality economic development. |
